Global Watchlist Coverage for KYC/CIP & AML Compliance

Organizations of Any Size Able to Meet Regulations, Enforce Sanctions Worldwide in a Single Source Solution Integrated with ID+ Digital Consumer Verification

Global Watchlist Compliance

Expanded coverage for global watchlist filtering and sanctions compliance. The move enables organizations to meet regulations set by the US and other nations to interdict known or suspected money launderers, terrorists, criminals, politically exposed and other persons considered high risk.

Socure has been helping organizations reduce the complexity and boost the efficiency of Customer Due Diligence (CDD), Know Your Customer (KYC), Customer Identification Program (CIP), and Anti-Money Laundering (AML) processes for some time now. The company said it has made three tiers of global watchlist solutions available to provide the additional screening, at graduated levels of coverage:

Global Watchlist Standard: Identity checks using the Socure Global Watchlist Standard solution search reason codes and return data from US, Canada, UK and European Union and United Nations lists, including US OFAC, AML and Specially Designated National (SDN) persons and entities, to name a few. This solution is ideal for organizations concerned with screening identities in major developed nations for standard compliance regulations.

Global Watchlist Plus: In addition to matching entities as outlined in the Global Watchlist Standard solution, Global Watchlist Plus adds over 1,000 additional sanctions and enforcements lists from countries around the world. This solution is intended for those firms transacting businesses in a global environment, where diligent watchlist screening of sanctioned or illicit individuals or entities is required.

Global Watchlist Premier: The most comprehensive coverage in the industry, the premier offering comprises over 40 countries and 1,500 lists, including sanctions and enforcements, as noted above. It also includes Adverse Media, Politically Exposed Persons (PEP) and State-Owned Entities data for further verification requirements. This solution is intended for global organizations with the highest requirements for screening individuals and entities who may pose a broad range of potential risks.

Global Compliance

“Organizations large and small are confronted with the need to protect themselves, their clients and their assets from sanctioned individuals” said Sunil Madhu, CEO of Socure. “Expanded watchlist capabilities mean that Socure can be a single-source provider for digital identity verification, fraud prediction and watchlist filtering/sanctions compliance, all within our simple interface/API with a consistent user experience. Combining technology, data and scoring analytics, Socure helps our clients to address risks while upholding security and privacy standards.”

The expanded offering is a result of a robust research process and daily updates, made by industry-leading data partners who are the foremost experts in global compliance. Meeting these requirements globally has grown to be a substantial challenge. Not only do large financial institutions need to meet these regulations, the innovative businesses that are reshaping banking, remittance and payments worldwide need to assess these risks and protect themselves and their clients as well.

Law Regulations

Socure watchlist products include best-of-breed Gramm-Leach-Bliley Act (GLBA) and Driver’s Privacy Protection Act (DPPA) regulated data as well as three watchlist products that enable compliance with regulations like the USA Patriot Act, US Office of Foreign Assets Control (OFAC), and the 4th EU Money Laundering Directive.  Watchlists also cover identities with adverse media and PEP. These robust databases of high-risk individuals and entities enable fortification of screening-out bad actors in the identity verification process with authoritative sanctions data.

More information on the expanded global watchlist capabilities can be found on the Socure website: http://www.socure.com/watchlists