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