Automate KYC checks to mitigate risk

Manual screening of customers and other third parties to identify potential compliance risks can be a cumbersome undertaking in terms of time and human resources—both of which are usually in short supply. Because there is no single repository for global sanctions and watch lists, just tracking down the relevant lists takes a frustrating amount of time—and since the lists can change, you have to repeat the time-consuming process frequently to have confidence in your results.

With an automated process in place, you can accomplish screening more quickly, enabling you to allocate your resources more strategically. For example, more efficient screening allows you to spend your time on more critical due diligence investigations when screening surfaces a potential risk.

How Does BatchNameCheck Help with KYC Compliance?

Designed to accelerate AML and ABC checks using a systematic approach, BatchNameCheck allows you to conduct ad-hoc or high-volume reviews of critical third parties. Here’s how it works:

1. Upload your contacts to verify companies and individuals against multiple data sources.
2. Lists are updated daily to ensure you are running name checks against the most current information for near real-time results that you can depend on.
3. Once your contact list is processed, verify any hits and identify potential areas of concern.
4. Flag any entities and individuals that warrant escalated due diligence or further monitoring, and run daily individual, detailed and global name check reports.

This proactive approach to screening—along with the audit trail it creates—helps to demonstrate your commitment to compliance to regulators.

Want to learn more?

Download the BatchNameCheck overview today.