A continuous compliance process ensures you never lag behind changes in screening against sanctions and PEP lists. ![]() Some of the challenges faced by compliance screening include:Ī sophisticated fraud detection process overcomes challenges in a timely and cost-efficient manner, turning the compliance obligation into a profitable risk analysis. False screenings can lead to high fines, damage to reputation, and in the worst-case scenario, to the cancellation of the license. The standard Know-Your-Customer (KYC) screening by financial institutions has often proven to be unsatisfactory, on top of which it takes a lot of time and money because it is often a manual process.
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