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In the past checking a customer's identity has been a long and cumbersome process involving the transfer of highly valuable personal documentation from customer to organisation and back again. Not only is the process costly interms of both time and resource, but it is one that is wide open to abuse from the very people the organisation hopes to block - the fraudster and money launderer.
On 15th December 2007 the 3rd European Money Laundering Directive came into force in the UK. One of the implications of these changes is the requirement for businesses to be able to highlight a greater degree of association and coverage with individuals identified as 'politically exposed'. As a result, the GB team has been working with our partners at Complinet to introduce an Enhanced Sanctions Check that significantly enhances URU’s capability as an anti-money laundering tool as outlined below.
Sanctions & Enforcements
A much wider range of data sources is now available, covering over 100 regulatory, law enforcement, and sanctioning bodies. This enhanced check accesses a much more comprehensive number of lists and covers over 250,000 names including information available from OFAC and Bank of England Sanctions. It significantly extends the range of data available to URU and a full list of the data coverage is available on request.
PEP Intelligence
Given the nature of the customer screening process, many organisations will deem the PFA (Public Figures and Associates) database to be too extensive and the CIA list (current PEPs lists) too restrictive. The new PEP Intelligence check within URU comprises approximately 160,000 names from over 200 countries. Data is drawn from only the most reliable sources, with a fully documented audit trail of content description and review dates. This database contains historical information going back to 1989.
Improved user functionality
URU clients who upgrade to the new Enhanced Sanctions Check can:
For full integrations to URU, we can configure an end-to-end sanctions process (using ID3® ProcessManager) allowing the whole process of screening, investigation and decision-making to happen automatically and within a matter of seconds.
For clients still using the browser version of URU, we also offer batch screening to ensure that you are fully compliant going forward.
The Enhanced Sanctions Check is available upon application and it is recommended that all clients using URU for anti-money laundering purposes should consider upgrading immediately if you haven’t already done so.To discuss your anti-money laundering requirements in fuller detail:
To find out more about reducing cost of AML compliance with ID3 technology, please click here.