What is AML Name Screening?

AML Name Screening is one of the methods used for risk assessment of existing or potential customers of organizations under the AML obligation. In fact, a variety of related words are used in the literature. Sanction, PEP, and Adverse Media Screening, and AML Screening are some of them. In short, with the AML Screening process, businesses control their existing and potential customers in sanctions, PEP, banned lists, wanted lists, and adverse media data. This is the main component of Anti-Money Laundering compliance.

We have started to hear the word risk-based approach more in recent years. Regulators expect businesses to implement a risk-based approach in the AML compliance process. Businesses must plan a risk-based control process to identify crimes such as money laundering and terrorist financing. Thus, businesses can reduce false positives and false negatives by classifying their customers according to their risk levels.

Purpose of AML Name Screening

Name screening basically has two purposes. The first is to make a risk assessment. The second is that businesses avoid violating various sanctions. Customer Due Diligence (CDD), Know Your Customer (KYC) procedures are carried out for risk assessment. People in sanction, PEP and adverse media data are high-risk customer profiles for businesses. PEP, i.e., politically exposed persons, have to be specifically controlled as it has more financial crime opportunities such as corruption and bribery than normal people. Another purpose of AML Name Screening, businesses can protect themselves from regulatory penalties by performing name screening.

When is Name Screening Performed?

  • Businesses have to perform name screening in customer account opening processes.
  • The risk level of existing customers can change over time. Therefore, businesses should check their current customers periodically with name screening.
  • Protecting the company's reputation is very important. Therefore, companies must apply name screening in their employment processes.
  • Companies need to control their collaborators to maintain their company reputation. An AML obligation, "the ultimate beneficial owner check," is performed out by name screening. 

AML Name Screening with Sanction Scanner

Sanction Scanner's database contains sanction, PEP, and adverse media data from more than 200 countries. Also, Sanction Scanner updates all this data at fifteen-minute intervals. Sanction Scanner provides AML Name Screening Software. With the software, businesses can control their customers in seconds in sanction, PEP, and adverse media data.

AML screening process provides various features developed with the latest technology. One of them is the enhanced profile. Sanction Scanner algorithms match data from the same person on different lists and show all data in one profile as an enhanced profile. Also, API is essential for name screening. Sanction Scanner API supports all the features of Anti Money Laundering Screening software. Thus, businesses can perform all control operations automatically in the background.

You can contact us or request a demo to discover the AML Name Screening solution.