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White Paper on Best Practices in AML/CFT Screening

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Conducting an effective AML/CFT screening has never been an easy task for financial institutions (FIs). Moreover, the current sanctions landscape has become a real minefield for FIs due to the multiple loopholes that exist in the majority of the screening systems out there on the market. Empowering screening solutions to better tackle this challenge has become more important than ever.

Regulators worldwide are applying tougher requirements upon FIs to adopt when performing customer onboarding, periodic Know Your Customer (KYC) reviews, ongoing batch screening, and transactions processing. This paper draws on the supervisory expectations of major institutions, such as the Monetary Authority of Singapore (MAS), UK’s Financial Conduct Authority (FCA), based on their thematic inspection of selected FIs’ screening processes. It also brings particular examples of how Polixis, a Swiss RegTech company, specialized in developing automated AML/KYC solutions, tackles these types of screening challenges.

To read the full paper, download the PDF file.