Adverse Media includes negative and bad information about customers, businesses, or brands. Information is discovered in many sources, and these negative news reveal whether a person is involved in any crime. Adverse Media data reveals crimes such as money laundering, terrorist financing, organized crime, financial fraud, human trafficking, and many more. Collaborating with people or companies with an Adverse Media profile carries some risks. A striking example is that doing business with individuals or businesses with Adverse Media data can expose companies to the risk of money laundering, making them part of a terrorist financing channel.
Companies should support AML compliance processes with Adverse Media Screening and Monitoring processes, as well as PEP and Sanction screening in Customer Onboarding processes. Adverse Media Screening, which is a very important part of Anti-Money Laundering (AML) and Know Your Customer (KYC) processes, allows companies to identify and protect their customers and partners from risks.
Adverse Media Sources
Adverse Media and Negative News have many sources where they can be found. All news channels should be scan when an Adverse Media Screening is made of individuals or companies. Since individuals or organizations with an Adverse Media profile are likely to be involved in crimes such as money laundering, terrorist financing, financial smuggling, companies need to know their Adverse Media resources to know these risks. Here are some Adverse Media resources:
It is known that organizations on the sanction lists are involved in suspicious operations or commit a crime. When businesses collaborate with another company, they can scan existing sanction lists and know who they're working with. The main sanction lists are OFAC sanction lists, HMT Financial Sanction Lists, UN consolidated lists, and EU consolidated lists.
Many financial authorities regularly publish a monthly press containing the disciplinary penalties of criminal organizations. These organizations publish these presses, and companies can access these data from certain sites.
The International Database (IDB) has been developed nationally for timely and accurate demographic measures for populations. Various US institutions regularly update the data contained in the IDB. IDB provides estimates and data for 228 countries and territories recognized by the US Department of State.
Special websites regularly post negative information caused by crimes such as fraud, money laundering, and terrorist financing. The main purpose of these websites is to build market trust.
Adverse Media Categories
We have mentioned that Adverse Media data comes from many sources. Besides, crimes belonging to a person or an organization are not of a single type. There may be many crimes involving a person or organization, and these crimes are included in Adverse Media data. Companies need to know which crimes people and organizations are involved in from certain sources. Some of the crimes involved in Adverse Media data are as follows:
Financial Crime: Financial crimes are very complex and grand crime. There are many types of financial crimes such as money laundering, financing of terrorism, fraud, bribery, arms trade, etc.
Terrorism: Every person and organization involved in terrorism or terrorism financing appears on all Adverse Media channels. This crime is enormous, and the risks created by the persons or institutions involved in these crimes are quite high.
Narcotics: Individuals and institutions engaged in the use, production, and trade of any drugs are included in Adverse Media channels if they are detected. Narcotic crimes can be related to financial crimes related to money laundering.
Cybercrime: Cybercrimes can be used to commit financial crimes. Cybercrime is a crime that usually involves a computer and a network. Cybercrime can threaten the security and financial health of a person or nation.
Fraud: Fraud, which can be done in the form of fraud, e-mail, message, call, is a criminal offense, and any person or business involved in fraudulent activities carries risks.
Adverse Media Screening
There are Adverse Media data about many different types of people and institutions in a day. Manually scanning this Adverse Media data is extremely difficult, and the risk of errors is high. Companies prefer to use Adverse Media Screening software to get an accurate Adverse Media scan and save their time. Adverse Media Screening is a service that allows searching for negative media and negative news about a person or business from different channels. Adverse Media Screening is an important part of Know Your Customer and Anti-Money Laundering processes because Adverse Media Screening enables businesses to identify and protect from risks.
Opening an account with a customer with a bad reputation and cooperating with a bad reputation company can expose companies to significant risks so that companies can suffer reputation. Sanction Scanner's global coverage of Adverse Media data includes negative news such as money laundering, terrorist financing, bribery, human trafficking, corruption, tax evasion. Through this data, businesses can easily scan their customers, partners, and employees and be aware of their risks.
The Importance and Benefits of Adverse Media Screening
We mentioned that it is almost impossible for businesses to manually check thousands of new news in different languages every day. At this point, Adverse Media Screening software provides a lot of advantages to companies. Adverse Media Screening software easily scans this daily news and categorizes negative news with artificial intelligence support. Using this software, businesses can scan their customers and partners on Adverse Media data in seconds. In this way, companies save a lot of time and get accurate results with artificial intelligence support. According to the Financial Action Task Force (FATF) recommendations and European Union Directives, Adverse Media controls play a very important role in detecting high-risk customers and business partners.
Powered by artificial intelligence, Adverse Media Screening speeds up scanning processes and also reduces false positives. Along with machine learning algorithms, it finds all possible connections of people such as Political Exposed Persons (PEP) and Ultimate Beneficial Ownership (UBO) to crime. At the same time, Adverse Media Screening data includes sanction data of many authorities such as OFAC, HMT, and Adverse Media data from similar sources. In this way, companies can check their customers' profiles and partners in global and national sanctions lists with this data.
Sanction Scanner's Adverse Media Screening Software
Our global Adverse Media data includes news related to crimes such as money laundering, terrorist financing, bribery, and drug trafficking. With the Sanctions Scanner, businesses can perform Adverse Media control in addition to PEP and sanctions in Customer Onboarding processes, and thus support AML compliance processes. Our globally comprehensive Adverse Media data can identify risks in companies' customer account opening processes.
Companies can easily perform Adverse Media checks with the customer's credentials. At the same time, companies can automatically check global comprehensive Sanctions, PEP, and Adverse Media data according to their risk levels with our solution. Moreover, using the Sanctions Scanner, businesses can perform their Adverse Media checks via the API, web, or batch files.
Strengthen AML Compliance With Sanction Scanner's Global Comprehensive Adverse Media Data