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Watchlist and Adverse Media Screening

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Watchlist and Adverse Media Screening

There are several internationally recognised sanctions and other screening ‘lists’ that exist. These lists are governed by various intergovernmental and international bodies, such as the the United Nations (UN), The Office of Foreign Asset Control (OFAC), and the European Union (EU) to name a few.

These lists are a collection of names of individuals and juristic entities that have restrictive measures against them or their activities. These restrictive measures are in effect for many reasons, offenses or crimes that include Money Laundering (ML), Proliferation Financing (PF) and Terrorist Financing (TF).

The Financial Intelligence Centre (FIC) requires that you conduct sanctions screening on your clients against the United Nations Targeted Financial Sanctions (TFS) list that originates from the United Nations Security Council Resolutions 1267 It is a contravention of FICA to do business with an individual or entity who appears on the TFS list.

Screening your client against sanctions watchlists and adverse media is a critical element in determining a customer’s risk profile.

Watchlist Screening #

FICA requires Accountable Institutions to screen against the United Nations Targeted Financial Sanctions (TFS) list as it is a contravention of the act to enter into any transaction or establish a business relationship with persons or entities on the TFS List. Should a client be identified on this list, it is a legal requirement to freeze assets and to report the interaction to the FIC.

Screening can also assist in identifying Domestic Politically Exposed Persons (DPEPs), Foreign Politically Exposed Persons (FPEPs) & Prominent Influential Persons (PIPs) which is required under FICA.

DocFox’s Watchlist service provides ongoing, reliable and efficient screening of your client against a range of international lists that could indicate potential higher risks to you and your business, including the mandated TFS list.

DocFox is set by default to screen your client’s name using fuzzy matching logic upon application creation. On-going screening will take place behind the scenes and you will be notified via email if any new hits have been identified.

How to perform Watchlist Screening on your client #

  1. Navigate to Watchlich Hits.
  2. Investigate the returned hits under ‘Pending Review’ by clicking each line item.
  3. On the right-hand side panel you will see further information pertaining to that hit.
  4. You will have the option to mark the hit as ‘True’, ‘False’, or ‘Investigate’.
  5. Once you have classified the hits, they will fall under the subheads of ‘True Matches’, ‘False Matches’ and ‘Under Investigation’.

Note: You will not be able to Approve an application if there are hits still under ‘Pending Review’ or ‘Under Investigation’. If you mark a hit as ‘Under Investigation’ then the responsibility is on you to investigate further as DocFox does not perform further investigations.

What categories of information are available? #

You will now be able to review:

  • Details – Including name, gender, list date, when the hit was updated.
  • Countries – Countries that have placed the client on a sanction list.
  • Aliases – Alternative names.
  • Functions – Overall functions in government the client has been a part of.
  • Political Positions – Specific political positions the client has held.
  • Associates – Close relatives, colleagues, etc.
  • Programs and Other Sources – Specific sanction lists the client has shown up on.

    And much more!

Adverse Media #

Both the Financial Action Task Force (FATF) and the FIC recommend screening clients against any potential adverse media. This helps you formulate a full picture of the client when assessing their risk. Once you have loaded your client application, the Adverse Media search is conducted. The Adverse Media Search is a comprehensive collection of mentions and articles of your client. With Adverse Media, you may leverage curated results to quickly screen clients, without having to scan through broader search results. However,  you are required to conduct a deep dive if your client is high-risk. Media Search allows you to look at the broader search results to ensure there are no potential concerning activities.

How to review Media Articles on your client #

  1. Click on each article, a new tab is opened with the article displayed.
  2. You are encouraged to investigate each article that has been returned.
  3. On the right-hand side panel you will see further information pertaining to that article.
  4. You will have the option to mark the hit as ‘True’, ‘False’, or ‘Investigate’.
  5. Once you have classified the article, they will fall under the subheads of ‘True Matches’, ‘False Matches’ and ‘Under Investigation’.

Note: You will not be able to Approve an application if there are articles still under ‘Pending Review’ or ‘Under Investigation’. If you mark a hit as ‘Under Investigation’ then the responsibility is on you to investigate further as DocFox does not perform further investigations.

Media Articles #

Once you have loaded your client application, the Media search is conducted. DocFox returns up to the top 10 results and does an exact comparison of the client’s name inserted on the profile of the application. The search is done on the back of a list of keywords.

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