Customer screening

The screening of existing and prospective customers against watchlists of sanctioned and high-risk individuals / businesses is a key element in evaluating financial crime risk. This process, commonly known as customer screening, is used to understand prospective customers at onboarding as well as to monitor the risk of existing customers on an ongoing basis.

Screening processes that have not been optimised are likely to result in the generation of a large volume of potential matches, many of which are unhelpful in understanding customer risk. These potential matches all require human evaluation, leading to a time-consuming, repetitive, and expensive process. It doesn’t have to be this way, however.

In the following articles we delve deeper into the challenges associated with customer screening and the use of third-party watch lists, as well as some solutions to address these – including Baringa’s Watch List Optimisation solution, which reduces alert volumes by up to 40% by preventing the generation of worthless matches.