Our solutions for the banking industry

Real-time screening & in-life monitoring to reduce risk

Banking remains one of the most “at risk” industries in terms of money laundering. Criminal organisations have for many years sought to launder money generated through their enterprises into the global banking system. With increased digitalisation, that risk is now at its highest ever.

In order to compete with Fintech firms, banks are coming under increasing pressure to facilitate fast and efficient customer onboarding and to enable immediate and unhindered access to funds, all whilst ensuring they meet ever evolving compliance standards and regulations. Traditional banks also carry the burden of navigating complex internal data landscapes, which gives Fintech firms without data legacy issues an advantage in terms of flexibility.

Following the leak of the FinCEN Files in September 2020, the banking sector faces renewed scrutiny as to the role banks play in facilitating financial crime, and in particular money laundering. It is more important now than ever before for banks to be able to access wide sources of information on entities they deal with, as well as any connected persons or entities, so that risks can be properly identified and handled.

In terms of AML compliance, FATF guidance emphasises a risk-based approach. This requires banks to be able to evaluate the varying risk levels of different customers and determine which controls are necessary for each relevant risk profile.

RiskScreen is able to offer solutions that facilitate frictionless internal data economies in which data held on customers can be used to maximum effect in the management of financial crime risk. Our technologies can help you to achieve compliance with money laundering and financial crime regulations efficiently.

The RiskScreen ecosystem

The RiskScreen AML platform provides an end-to-end solution for your management and protection against financial crime. Choose single or multiple modules, as your organisation requires.

Save weeks of work by conducting digital identity verification of individuals, as well as full KYC and KYB screening checks through your dedicated web portal and mobile app.

The risk levels you decided at onboarding can then carry through to your ongoing screening and monitoring.

AML screening against sanctions, PEP and watch list data – as well as adverse media – to establish your customer’s risk level.

Screen as a one-off at point of sale or pre-onboarding, then follow this up with ongoing scheduled batch screening across your customer base – so you’re alerted about changes, and can be confident in your exposure.

Revolutionise your decision making with RiskScreen’s in-life monitoring modules.

Turn your existing static and dynamic customer information into hot data for real-time risk analytics and reporting with our truly transformational approach to data and risk management.

Find out why RiskScreen is the smarter way to combat money laundering

Any screening technology is only as good as its underlying data. That’s why work to find the best providers, ensuring you get screening matches you can trust.

Resources

The latest news, commentary and events from RiskScreen. For industry insight, visit our AML insight hub, KYC360.

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Company

RiskScreen was founded by experts in financial crime. It’s because of this unrivalled subject matter expertise that companies choose to partner with us.