The task of checking whether a subject has any potential matches on PEP lists, Sanction lists, or any related Adverse Media is such a tiny step in the whole process of due diligence. And yet, it is one of the most costly and time-consuming!
KYC Portal allows for integration with any third-party data provider on the market. This gives compliance teams the ability to use one central system for all the processes of due diligence instead of having to work across separate interfaces. Users are able to run manual searches on subjects and see the results in real-time within KYCP. The data is all presented to the user within KYCP, allowing your team to set decisions (with comments) on false positives. All of these actions, including what was searched, what data was used for the search, the user and the timestamp are all added to the audit of each subject in the system itself. This is a very important feature for regulatory processes in which such audits become a necessity.
In the Central Console of Compliance
of an application, when you open the Screening Services tab, the panel on the right shows information relating to the status of screening on the subject; details such as whether if monitoring is enabled or auto searching, the date this subject was last screened, the status of the matches as well as the audit of what has happened on this subject.
All the above works fine when you are on a single subject however, when you are handling applications of counterparties with numerous related parties, one would ordinarily need to go through each individual party to get the full picture.
KYC Portal now has an overview panel at Application level showing the overall status of each related party in the application. Clicking on the application level, the Screening Services tab will show the following screen.
This screen allows the user of KYCP to see the status of all the related parties in this application at a glance. This shows the overall status of OPEN, MATCHed, or NO MATCHed records across the application without having to delve into each one in detail. For each related party it also shows the date that party was last searched. This ensures that KYCP is monitoring such subjects based on the rules you configured in the system itself. This overview feature allows the user to see the overall picture of screening without having to click on each and every related party in the structure of the application.