Screening an Entity
Screening an Entity
Embedded Files
Screening is an imperative part of AML/KYC and is therefore a pivotal action to perform as part of the AML/KYC process on any of your entities.
You may screen an entity in KYCMATIC directly from:
In each of the above screens, you shall find the screening icon which when selected, shall bring about the Screening Module as shown in the figure below.
When in the screening module, a compliance user may be able to (provided the necessary access and privileges are provided) review the:
Screening & Monitoring tab: This tab contains returned entities coming from 3rd party sources. Each of these entities may be viewed (by selecting them) and provided with a match type (No Match / Possible Match / Full Match). Furthermore, within the result screen, KYCMATIC provides the compliance user with a text-box field enabling you to enter information pertaining to your decision on the match type.
Warnings: A tab used solely for local Maltese individuals which would list court or freezing orders. This list is manually updated by Diligex periodically (updates would only be provided if the KYCMATIC instance you use is on Diligex's cloud service).
Search Engine: KYCMATIC is linked to Google through their API, therefore here you shall receive the top 10 results from google on the entity. Please note that when the search criteria is initiated to Google, terms such money laundering, terrorism, and many other terms are used as part of the search, in conjunction with the entity name and surname.
Sanctions: KYCMATIC is linked with a sanction standalone solution which would return a list of hits provided that there are results available on the entity.
Screening Features
Screening Features
Ongoing Screening
Ongoing Screening
The ongoing screening checks is imperative throughout the business relationship between a subject person and entity.
Ensuring that this toggle is set to 'ON' implies that screening for the entity is set to Ongoing - therefore receiving updates as they are made available by the third-party provider.
End Date
End Date
Specifying a date within the end date field shall automatically toggle off the ongoing screening from 'ON' to 'OFF', thus deactivating the ongoing screening for the entity when the date elapses.
Toggles
Toggles
The toggle switches may be controlled from the match types (when discounting hits) or even controlled manually.
Selecting a match type as Potential or Full Match would turn on the toggles associated with what was found within the searches of the entity. Example, Adverse Media, PEP, etc.
Toggle History
Toggle History
As updates are made available on entities, compliance users would be able to acknowledge the said changes. In doing so, a history would be created which would be exposed once the 'Toggle History' button is selected - being able to identify when changes had been made, and acknowledged by the compliance user.
Match Types
Match Types
Throughout the screening module, within Screening & Monitoring, Sanctions, and Search engine tab; all compliance users would be able to discount the hits that would have been received. With the exception of the Search Engine, the match types would either be:
No Match
Potential Match (contributing to the toggles when discounting a hit using this match type)
Full Math (contributing to the toggles when discounting a hit using this match type)
Screening Status's - Required vs Has Updates
Screening Status's - Required vs Has Updates
Screening is an imperative part of KYCMATIC. Currently, KYCMATIC is integrated into two third party providers (besides the Google API). The two providers available may provide:
Sanction Checks Only
Sanction, PEP, Adverse Media Checks
When a customer is created, the icon with the red '!' within a circle would be shown, depicting that screening is still required to be done for the entity, or has missing hits that have as yet not been discounted.
With regards to the yellow '!' within a triangle would imply that updates are available for the entity and would therefore require a person from the compliance team to review and acknowledge the changes made, potentially even requiring further discounting of hits.
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