Article 13 of the 4th Money Laundering Directive requires you to compare your customer data with external and reliable databases.
The information to be collected includes checking the authenticity of identification documents as well as searching for sensitive or even negative information about the person.
To fulfil these obligations, go to the “Watchlist” section. In this area, you can compare customer data with external and reliable databases. Simply click on the “Start a search” button and the system will search the databases for the identity of the person concerned.
After the system has examined all databases, the results may look like the following:
- No results found: the natural person is not in the database, so everything is fine.
- A result was found: By clicking on the red square with an eye in the middle you can see more details about the result:
- PEP: the person is politically exposed, has a political office or a position in the upper administration.
- PENALTIES : the person is on a list of sanctions
- RCA (Relative or Close Associates): The person is either close to a PEP or a sanctioned person.
By visualizing under the terms, it is easy to see if results have been found and if so, what nature they are. To see the results in detail, click on the button with the eye. A file with all the information found about the person will open.
In case the system finds more than one person, you either have to enter more information about the person to refine the system’s search criteria or you search manually for the right person.
Once you have found the right person, click on the green “Relevant result” button. Once you have clicked this button, all other results will automatically be set to “False Positive”.
The term “False Positive” describes all results the system has found under the name you are looking for, but which do not match the person you are looking for.
To manually set results to “False Positive”, simply click on the button with the cross.
The system checks the status of the people in your records against the databases on a quarterly basis. If the status of one of your customers changes, you are notified directly.
However, we have to certify that we are vigilant in accordance with the European Directives. Therefore, we will prepare a review report based on the risk level of your client. Translated with www.DeepL.com/Translator (free version)