Screening for counter-parties and directors
Published
Need to initiate screening on clients, counter-parties or other individuals but don't have their full address or birthday? We've added more flexibility to Lite screening, so you can screen individuals with less information. Stay compliant and spot higher risk individuals fast.
We've enhanced our AML screening product to give you more flexibility to screen different types of individuals. This could include
Directors - You may not have access to a director's full date of birth or residential address. With our new enhancements all you need to provide us with is the directors name, year of birth and country of residence. All of which is available on Companies House or Thirdfort's 'Know your business' tool.
Counter-parties - As with directors, you probably only have limited information on a counter-party involved in a transaction. But did you know the Solicitors Regulation Authority guidance says that not screening counter-parties leaves you open to breaching the sanctions regime in certain circumstances?
From the Solicitors Regulation Authority guidance
"The sanctions regime is strict liability, and the Office for Financial Sanctions Implementation (OFSI) does not prescribe the level of checks needed in any particular case. Relying on the other side or third parties to have effective systems in place to screen for designated persons again is unlikely to provide you with a complete defence if you breach the sanctions regime.
Transferring the following to a designated person, for example, could be a breach of the sanctions regime if no licence is in place:
An award of damages.
Completion funds in conveyancing.
Shares.
Real property."
With an individual's name, year of birth and country of residence we will screen against global lists relating to:
Sanctions
Politically exposed persons
Regulatory warnings
Fitness & probity
This will leave no footprint on the individual's credit report. You can see how it works here.
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