Data quality is critical to effective customer screening
Any engine is only as good as the fuel that’s put into it and the same is true of customer screening technologies. RiskScreen is one of the few screening providers to offer customers a choice between Dow Jones and Refinitiv World-Check data, both of which, in our view, are unparalleled in their quality and scope.
You can learn more about each data provider here
What Makes Good Data?
Data should be well organised to enable the screening engine to utilise it in a consistent fashion to deliver accurate results
Data sources should be as extensive as possible including secondary sanctions ownership data
The data has to be constantly maintained and be as up to date and accurate as possible
Many 'bad actors' engage with businesses utilising aliases. The best data sets contain the most alias data
Images help users identify whether potential matches are true or false
The best datasets capture data across as many languages as possible
The penalties for dealing with a sanctioned entity can be very severe. Comprehensive and regular sanctions screening is vital.
Secondary sanctions relate to the ownership information of companies and their backers, individuals or organisations that have a link to a sanctioned entity.
Watchlists contain individuals that are suspected of a crime, that are pending arrest, and that have been convicted in the past and since released.
The screening of all customers for PEP status is essential to the management of bribery and corruption risk and compliance with the EDD provisions applicable to PEP relationships.
Special Interest Persons and Special Interest Entities are individuals or organisations that present a heightened level of risk due to their suspected or confirmed involvement in criminal activity.
Adverse media is unfavourable information that can be linked to an individual and that may implicate them in criminal activity – key to knowing your customer.
To learn more about what makes good screening data,
or how you can integrate Dow Jones or Refinitiv World-Check data into your screening processes
