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third party screening
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.
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.
NEWS RELEASE: Two global risk management pioneers today announced a partnership that streamlines the delivery of high-volume compliance and third-party screening solutions to large and small corporates, financial institutions, private equity firms, and a host of other regulatory compliance consumers.