Financial Crime World

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WALLIS AND FUTUNA: SANCTIONS SCREENING METHODS PROVE CRUCIAL FOR BUSINESSES IN THE ISLAND NATION

As global economies become increasingly interconnected, businesses in Wallis and Futuna are facing growing challenges when it comes to conducting sanctions screening on potential clients and partners. With thousands of watchlists worldwide and constantly evolving geopolitical environments, the stakes have never been higher.

The Biggest Challenges Involved with PEPs and Sanctions Screening

In an exclusive interview with a leading expert, we take a closer look at the biggest challenges involved with PEPs and sanctions screening in Wallis and Futuna, and how businesses can avoid common pitfalls to ensure compliance.

Three Main Hurdles:

  • Ensuring robust checks: Businesses must guarantee that their sanctions screening processes comply with regulators not only at the point of application but throughout the customer lifecycle.
  • Staying up-to-date with latest information: Keeping track of constantly evolving sanctions and PEPs lists is a significant challenge, especially for businesses that compile their own watchlists.
  • Maintaining a consolidated view: Having access to all relevant lists in a single, easily accessible location can be difficult.

Overcoming Challenges through Effective Solutions

Staying on Top of the Latest Information

For businesses that manage their own watchlists, manually cross-referencing each data source daily is necessary for verifying up-to-date information. However, with the help of third-party service providers, it’s much easier to ensure sanctions and PEPs lists are accurate and updated with the latest changes.

Handling Name Variations and Data Inaccuracies

To avoid issues related to name variations and data inaccuracies, using fuzzy matching is highly effective. This technique can flag subtle differences in spelling or people who use their middle name as their first name. By applying fuzzy matching, businesses can also check for common spelling variations.

Integrating PEPs and Sanctions Screening into Identity and Fraud Checks

With the right software solutions, it’s simple to conduct PEPs and sanctions checks as part of identity and fraud screening during onboarding. These checks can be integrated with other identity checks, such as document verification, to ensure a comprehensive view of the individual.

Experian’s CrossCore Watchlist Service

Experian’s CrossCore Watchlist Service offers real-time screening across a comprehensive global database of PEPs and sanctions lists, making it simple to integrate into onboarding systems. By connecting multiple fraud services within a single platform, businesses in Wallis and Futuna can proactively manage risk within a unified FRAML framework.

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