Viewing entries tagged
third party screening

Cutting Corners on Compliance Only Makes More Corners

Cutting Corners on Compliance Only Makes More Corners

Recent developments on the US and foreign law enforcement fronts, alongside signals of a potential shift in Bank Secrecy Act (BSA) obligations, renew pressure on entities to ensure that the quality of their beneficial ownership compliance and third-party screening practices meets rising expectations. 

Tangled Up in Third-Party Screening Knots?

Tangled Up in Third-Party Screening Knots?

The execution of a smooth third-party screening plan can quickly get tangled up in costly multi-vendor complexities. First, there’s the task of absorbing output from one vendor for initial, high-volume screening. Then, getting clarity on the output from the first screen about the subjects requiring a closer look. Next, securely handing off the data on subjects that require a deeper dive to a reliable diligence provider. Finally, monitoring all subjects going forward.