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Financial services providers now have a duty to evaluate customers and beneficiaries with respect to their risk potential in order to prevent terrorism financing and money laundering. The 3rd EU Anti-Money Laundering Directive and the Swiss FBC Ordinance state that not only persons with terrorist or criminal backgrounds must be flagged but politically exposed persons (PEPs) must be as well. All are subject to the special due diligence requirements.
Regularly Check Customer Base
The high-performing Name Matching Customer software compares customer data to entries in sanction lists. New customers can be checked individually as soon as a new business relationship is opened, by using individual queries.
Which Sanction Lists are Used?
The most frequently used sanction lists contain up to 700,000 persons of risk and PEPs. They include:
How Many Hits are Found?
The experience of financial institutions shows that up to 2% of hits are found using these checks. These hits represent potential risk and must be clarified.