Name screening in KYC Process

Business Challenge
  • According to BSA, USA PATRIOT Act, International FATF recommendations and US legislative regulations, A financial institution is required to conduct diligence on a potential client prior to engaging in a business relationship
  • A banking client wanted KYC Remediation and name screening of the India domiciled accounts
Solutions
  • Identified the customers & beneficial owners on the basis of documents, reliable independent sources
  • Performed name screening on all applicable entities as per bank’s processes
  • Identified gaps and recorded requirements in pre-defined templates
Impact
  • Facilitated the bank to know who they are doing business with in a bid to prevent the bank from inadvertently facilitating money laundering
  • Identification of Risk rated entities based on screening results