Watchlist Screening
Overview
Watchlist screening is the process of checking customer and transaction data against global, regional, and domestic lists of individuals or entities flagged for sanctions, terrorism financing, fraud, or other illicit activity. Lists include OFAC, UN, EU, Interpol, and local regulatory databases.Screening is performed at onboarding, during periodic reviews, and in real time for transactions. It is a cornerstone of AML/CFT compliance, as failing to detect watchlisted parties can lead to severe fines and reputational harm. Modern systems use fuzzy matching, phonetic variations, and transliteration handling to reduce false positives while ensuring accuracy. Institutions must demonstrate to regulators that their watchlist screening processes are robust, continuously updated, and auditable.
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