Global Watchlist Updates - July 2016

Watchlist checks have been improved, returning more relevant information to make meeting regulatory compliance guidelines easier with more robust data! Socure can be the single-source solution for KYC/CIP and AML Compliance solutions, with global watchlists checks for sanctions and enforcements in over 140 countries. Learn more in this blog.

As ID+ version 2.5 was rolled out, Socure released a new watchlist capability, to aid organizations who require checks against known entities that are precluded from participating in the banking systems, such as those covered under the various lists of sanctions and enforcements maintained by governments and municipalities around the world.

These lists are used to keep out known ‘bad actors’ to meet regulations in the US and other territories to cover things such as Anti-Money Laundering (AML) compliance.  In the past, Socure included checks against some of the mandatory US watchlists, such as the US Office of Foreign Asset Controls (OFAC). With the release of version 2.5, this capability was greatly expanded to be more global in coverage and broader in scope, covering not just the US OFAC lists but also 1200 global lists that cover sanctions and enforcements lists, terrorist and arms dealer lists, AML lists, PEP lists, and Adverse Media lists.

Socure ID+ has addressed this with the introduction of three tiers of increasing watchlist coverage:

• Global Watchlist Standard

  includes OFAC lists in the US and 12 more watchlists that cover basic US and international AML requirements

• Global Watchlist Plus

  includes all of the above plus an additional 1200 global WatchLists that cover all of the globally available Sanctions and Enforcements lists for over 140 countries.

• Global Watchlist Premier

  includes all of the above-tier components plus all of the globally available Adverse Media lists, Politically Exposed Persons (PEP) lists, and State Owned Entities lists.

Now available in the July 2016 release of ID+ version 2.5, the watchlist response has been expanded to provide more information to the requestor. If an identity is matched to a watchlist, ID+ will return the name of the watchlists matched, as well as a score indicating the strength of that match. In addition, data elements that were a match (e.g, DOB, SSN, Name) and data on the type of offense (if provided) will also be returned.

It’s important to note that even clients who don’t perform Know Your Customer (KYC) checks can subscribe to and use any of the 3 tiers of watchlist checks. Watchlist checks are an optional service of ID+, and are provided at an additional charge – contact your representative or salesinfo@socure.com for more information.