Regulations now require institutions to systematically screen new and existing customers for the presence of fraudsters, money launderers, Politically Exposed Persons (PEPs), terrorists, and other high and heightened risk entities and individuals. As such, automated screening has become of critical consideration for smaller institutions too that may currently, at best, only carry out manual screening.
World-Check is pleased to assist its smaller Data-File clients in making the move to automation by offering a stand-alone client-screening filter*.
The World-Check Filter is a fully compatible Windows application, capable of filtering a small customer-base (maximum 40,000 names) against World-Check's Data-File on a stand alone pc. Requiring minimal user and IT support, this automated system downloads and imports all the updates made to the World-Check Data-file. Institutions can as such be sure to screen against the most up to date World-Check intelligence which is of utmost importance when it comes to avoiding OFAC and other sanction list violations.In addition, customer reference information can be stored and scheduled customer screenings can be programmed for proof of due diligence and compliance procedures.
In addition, customer reference information can be stored and scheduled customer screenings can be programmed for proof of due diligence and compliance procedures.
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Key Features
- Automatic Screening
- Fully automated updates
- Allows for regular screening of new and existing customers
- Ability to screen 5000 customers in less than 30 minutes.
- Fully audited process for proof of due diligence
- Comprehensive reporting system
- Secure in-house screening solution
- Customer support
- Free training
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Step 1 – Filter Installation
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Filter application and components are downloaded directly from the World-Check Website. Technical assistance is available during the installation process.
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Step 2 – Importing your data
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By using the Customer Import feature in the filter navigation toolbar, select the relevant customer data-file to import into the World-Check Filter.
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Step 3 – Automatic Screening
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The Automatic screening option initially screens your customer data against the entire World-Check Data-file. In follow on screenings thereafter, the Filter identifies all updated information in both your customer data-file and in the World-Check Data-file and will include these changes in the next screening update. Customers can change the screening hit percentage ratio in order to reduce the total number of false positive hits or matches.
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Step 4 – Review and Decision Process
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The review process allows the user to manually evaluate and 'mark up' the risk weighting or relevance of the returned hits by reviewing the relevant World-Check profiles. Once the user has reviewed all 'the hits' the 'risk-relevant' hits will be moved to the Decision Process section. The Filter requires the user to set deadlines for the hits that require further investigation thereby forcing the user to comply with the Filter's fully documented due diligence procedure.
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Step 5 – Proof of Due Diligence
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The World-Check filter provides users with a number of record keeping options for due diligence purposes. An audit trail logs the Filter's entire screening history and reports are generated for each step of the screening process including the following:
- Customer lists or overview report
- Initial screening report
- Review and Decision report
- Relationship network report
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Access & Training
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The World-Check Filter is accessed from the World-Check website by secure password entry. An annual subscription gives you unlimited access, downloads and updates of the World-Check Data-file and in addition any filter software updates.
Our Customer Support team provides every new user with fully comprehensive training to ensure that the World-Check Filter is used to its full potential.
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*Note: The World-Check Filter was built for truly small institutions. As robust as this application is, it is not intended for institutions with a clientbase of more than 40 000. The Filter is only available in a stand-alone version.
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