By Legal Futures Associate Amiqus
It turns out, quite a lot, when it comes to the area of knowing your client and all things AML related. According to Neon Century, the global intelligence analysts, Google and other search engines have only indexed 5% of the Internet. Consequently, most businesses are deciding whether they should take on a new client (or indeed continue to act for a client long term) in a state of blindness. A google search simply doesn’t cut it when it comes to knowing your client and carrying out Due Diligence, on whether you should accept their instructions.
This is just one of the many areas that Amiqus can help you with. Our market leading Watchlist check brings you key information on whether your client is a Politically Exposed Person (PEP), has any global Sanctions against them, or any Adverse Media stories, all in real time.
Watchlist, PEPs, Sanctions and Adverse Media check
This check compares an individual clients’ details against a huge number of databases to provide screening and risk identifying capability globally, with the results coming back to you instantly.
Our Adverse Media check scans over 150 million articles from print and online media each month and uses AI and machine learning to identify and categorise articles in relevance order. Potential matches will show against the following categories: Financial Crime, Violent Crime, Sexual Crime, Terrorism, Fraud, Narcotics, and Other Crime.
Our PEP data is collected from government structure sources from around the globe. There are currently over 5000 sources used, each of which is monitored and updated every 30 days. Sources from countries where there is an ongoing election process are monitored and updated daily. PEP’s are then classified into four risk categories (1-4), with Class 1 covering positions such as Head of State or members of government and governing board members of central banks, and down to Class 4 covering positions such as Mayors or Heads of local assemblies.
Finally, our Sanctions check refers to lists of official government or internationally issued economic sanctions, such as the freezing of assets against entities on the list. A Google search would be a very difficult way of obtaining this information, and you would have to check every page, every day to make sure nothing had changed.
Our Sanctions check pulls information from a variety of sources, at both a domestic and international level. Examples include sanctions list from domestic sources such as HM Treasury Office of Financial Sanctions Implementation Consolidated List, and from international sources such as the EU External Action Service – Consolidated List of Sanctions, and Warnings Lists from sources such as United Nations International Criminal Tribunal.
This encompassing check (Watchlist, PEPs, Sanctions and Adverse Media check) has an option for Ongoing Monitoring, which means that the search will be re-conducted every day ongoing, and you will be notified of any changes. As a very simple example, you may take on a new client today and they check out ‘squeaky clean’. What if they appear on a sanctions list in a week or a months’ time before you settle a large-value transaction for them? With our Watchlist check, you will be alerted to any changes in real time so that you can act (or not act, as the case may be) accordingly.
For more information about what Amiqus has to offer and how it can help you further, get in touch with us at: amiqus.co/book-a-demo
Amiqus is a UK government accredited Identity Service Provider under the UK Digital Trust and Attributes framework, and the only provider in the market that allows you to comply with all AML compliance in one place – from complete client due diligence, to staff vetting.