How to Evaluate a
Global Watchlist Solution:
A Guide for Financial Institutions
In today’s dynamic compliance environment, financial institutions face heightened regulatory requirements aimed at combating financial crimes such as money laundering, terrorist financing, and sanctions violations. Central to meeting these obligations is the implementation of a robust watchlist screening solution. This guide provides financial institutions with a structured approach to evaluating their current global watchlist solution and considerations for transitioning to a new platform designed for today’s challenges and threats.
In this guide, you will explore:
- Regulatory Requirements: Identify and comprehend the specific regulatory requirements applicable to your institution’s jurisdiction and the regions where it operates, including rapidly evolving regulatory expectations.
- Compliance Capabilities: Evaluate the breadth and depth of watchlists covered, screening accuracy, flexibility, and customization to ensure alignment with regulatory requirements and industry best practices.
- Data Quality and Governance: Assess the comprehensiveness of data sources, data validation, and the solution provider’s data governance framework, including data privacy measures and compliance with data protection regulations.
- Technical Infrastructure and Integration: Ensure the solution uses AI & ML for the highest level of precision and accuracy while assessing its compatibility, scalability, and API access for seamless integration with your institution’s existing technical infrastructure.
- Vendor Due Diligence and Support: Conduct thorough due diligence on the watchlist solution provider to assess their reputation, reliability, and commitment to customer support.
Download the Guide
About Socure
Socure is the leading platform for digital identity verification and trust. Its predictive analytics platform applies artificial intelligence and machine learning techniques with trusted online/offline data intelligence from physical government-issued documents, as well as email, phone, address, IP, device, velocity, date of birth, SSN, and the broader internet to verify identities in real time. Socure serves more than 2,000 customers across various industries, including four of the top five banks, 13 of the top 15 card issuers, and over 250 of the largest fintechs.