What to Watch for in Watch List Screening

  • Compliance

Boy Watching from Behind Fence
It may be tempting for businesses that are required to screen against watch lists to think that all <a href="/watch-list-screening">watch list screening</a> solutions are the same because the lists themselves are defined by the government.&nbsp; Contrary to this view, the solution you choose can make a difference to your operational efficiency, budget, and even compliance status.&nbsp; Here are a few things to look for in evaluating watch list screening solutions.<br /> <p><strong>Update Schedule</strong></p> <p>Sanctions lists are updated frequently, and changes to the list are effective immediately upon publication.&nbsp; The laws prohibiting transactions with sanctioned individuals place responsibility on the company performing the transaction, and checking against a stale list is not a defense for these violations.&nbsp; The solution you use should update sanctions lists at least daily to ensure that you are not performing transactions in violation of these laws. </p> <p><strong>Consolidation</strong></p> <p>Many organizations are required to screen against multiple watch lists, and manually checking against each list is extremely inefficient.&nbsp; The solution you use should allow you to check against all applicable lists with a single search.</p> <p><strong>Alias Search and Flexible Matching</strong></p> <p>Many entries within sanctions lists include multiple aliases for sanctioned individuals.&nbsp; Compliance with sanctions laws require checking against all referenced aliases.&nbsp; Similarly, compliance policies vary regarding how close of a match is required before triggering additional due diligence requirements.&nbsp; Watch list screening solutions must check against all aliases included within sanctions lists, and should provide a method of adjusting the degree of match required.</p> <p><strong>Cost</strong></p> <p>While the features provided by your watch list screening solution are important, they shouldn&rsquo;t bust your budget.&nbsp; EVS offers effective watch list screening with a solution that is cost effective for businesses of all sizes.</p>