Consumer compliance requirements frequently require identity checks against lists of known or suspected money laundering, terrorist, or other persons considered high risk. Meeting Anti-Money Laundering (AML) 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.
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 organizations of any size to comply 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 Politically Exposed Persons (PEP). These robust databases of high-risk individuals and entities enable our clients to fortify screening in the identity verification process with authoritative sanctions data.
Socure helps organizations reduce the complexity and boost the efficiency of AML processes. Watchlist products provide the additional screening, due diligence and compliance checks required to meet global regulations. Socure seamlessly combines our ID+ digital identity verification and fraud prediction solution services in a single interface/API with a consistent user experience.
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.
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 screening of sanctioned or illicit individuals or entities is required.
The most comprehensive coverage in the industry, Global Watchlist Premier includes all of the components in the Global Watchlist Standard and Global Watchlist Plus lists. Over 140 countries and over 3,000 lists are included, including sanctions and enforcements, as noted above. It also includes Adverse Media, 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.
Socure watchlist checks have been optimally tuned and configured in accordance with best practices from our many client engagements. Checks look for exact and partial matches; results are returned alongside ID+ verification data (scores and reason codes), with the addition of global watch list checks including watchlist-specific assessments and scores, as well as applicable reason codes if a potential match is found.
Expanded watchlist capabilities mean that Socure can be a single-source provider for Digital identity Verification and Watchlist Filtering/Sanctions Compliance, all within our simple RESTful API solution. Combining technology, data and scoring analytics, Socure helps clients address risks while upholding security and privacy standards.
Socure watchlist solutions are the result of a robust research process and daily updates, made by our industry-leading data partners who are the foremost experts in global compliance.