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Zoe Allen

Finance professional with extensive experience in Anti-Money Laundering (AML)



Published Date

January 4, 2024


Blog / Onboard with Assurance: Watchlists Screening for Business Triumph

14 min Read

Onboard with Assurance: Watchlists Screening for Business Triumph

Innovations in the financial field have given birth to multiple challenges. No doubt, every organization is trying its best to combat major challenges such as money laundering and all kinds of financial crimes. In the digital age, business organizations are stepping towards more secure and protective programs. In these circumstances, watchlist screening plays a major role in protecting the business environment. Global watchlist screening is the process of identifying all potential risks related to business elements. In this blog, we will discuss in detail how ongoing watchlist screening is essential for the maintenance of an organization’s reputation.

It has become essential for business organizations to explore robust techniques to evade financial crimes. The strength of the watchlist screening system is enough for the success of your business. Let us discuss it in detail.

Exploring the business world:

Since the birth of AI, business organizations have been struggling with the obstacles related to financial crimes. Financial crimes have taken place at almost every organization, especially finance-related businesses. Some business organizations are taking precautionary measures to combat and fight against money laundering crime. But on the other side, some of them are taking the potential risks lightly. They are unable to identify the danger related to these light risks. The regular monitoring of business elements specifically the finances has become an essential practice as the offenders are discovering the advanced ways to indulge in crime because of the innovation. This is the reason why most organizations are adopting watchlist screening services.

The initial step in the money laundering process is corruption. When corruption-related activities stepped into the organization. After some time, these activities take the form of money laundering.  When the offender processes an activity related to corruption. He/she will fear transferring the funds to the account because even the bank will raise multiple questions about the funds such as it might be possible that the bank confronts the offender to the authorities. Because of the fear of these suspicious activities, the offender mixed the illegal funds with the legal finances with the help of a middleman. That middleman could be someone from the organization holding a high position. Once the illegal gains are mixed with legal finances, the financial institutions will be unable to identify the illegal funds.

Importance of a protective business environment:

Organizations can elevate to the steps of business success with the help of a protective environment.

The sanctions and watchlist program helps make the business environment a protective and safe place. There are a great number of organizations that are going for different security-related programs. The question arises as to whether the compliance program is effective in fighting the money laundering crime. A research study was conducted to identify whether Anti-money laundering training is effective in alleviating corruption in the organization. The results of the study indicated that the Anti-money laundering training given to employees is the most effective step in combating corruption-related activities. The well-trained employees are more likely to reject the occurrence of corruption as compared to other employees who are not trained.

AI is not only helpful in conducting the crime. However, AI can also help with the solutions of these crimes. A research study was conducted to explore the role of AI in achieving the goals of Sustainable development. The results of the study declared that Artificial Intelligence plays a major role in the achievement of sustainable development. Furthermore, AI can play a great role in global efforts to improve the financial and economic development of the country.

It is believed that if the employees are aware of the penalties against financial crimes, it might be possible that they will avoid corruption-related activities. The organizations should create an example of an offender. Once the example gets set in front of all employees, they would know the aftereffects of the crime and would not indulge in it.

Illegal Financial activities(A rising crime):

Financial crimes have been on the rise because of the digital world which has given birth to multiple challenges and obstacles. Financial crimes always give birth to multiple crimes. Financial crime is growing at an astonishing rate after the pandemic. Because the digital world has taken place during the pandemic.  Organizations should adopt monitoring practices regularly. In this case, the organizations would be acknowledged whether their AML framework is robust enough to fight the money laundering crime. A research study was conducted to explore the AML framework of South Africa and Mauritius. The results of the study highlighted that the AML framework of these two countries needs some suggestions. After the suggestions, it was predicted that the improved AML framework would help in the alleviation of financial crimes.

According to the United Nations Development Program, one in five individuals globally is paying bribes to access civil services. Additionally, 124 states have a rising corruption level. Furthermore, the article stated that corruption gives rise to more challenges such as weakening law enforcement, increasing poverty, and giving hype to illicit gains.

According to the IMF, an article exploring the Anti-money laundering measures stated that money laundering is related to tax crimes and we should work to stabilize the monetary and financial departments. Countries should work and reevaluate their AML frameworks.

Benefits of watchlist screening:

Along with security, watchlist screening also provides other advantages.

The watchlist screening helps organizations avoid all financial crimes with the help of deep monitoring of all business elements. A research study was conducted to explore the grand challenges of corruption and whether the compliance programs are effective or not. The results of the study stated that the compliance regulatory measures are effective in alleviating the grand challenges of corruption. Let us discuss some more benefits of the watchlist monitoring service.

  • Watchlist screening helps in the eradication of money laundering. The advanced and innovative solutions help in the complete alleviation of all kinds of financial crimes such as money laundering. A research study was also conducted to explore the application of machine learning in watchlist screening.  The results of the study stated that applying machine learning to the watchlist screening applications helps in the effective management of financial transactions. Additionally, it protects against financial crimes.

  • Global watchlist screening helps in the deep monitoring of all business elements. This screening will help organizations in developing a strong lock against all illicit activities. Sometimes the poor efforts of the law are the reason for the rise of financial crimes. So, organizations should develop their AML efforts with full strength to avoid the rise of crime. This screening helps organizations with a deep level of monitoring at a global and international level.

  • The ongoing watchlist screening helps enhance the due diligence process of the organization. A research study was also conducted to explore the need for a due diligence process in the online world. The results of the study stated that enhancing the KYC and due diligence processes of the organization helps in the smooth running of an organization. The enhanced KYC process is helpful in the proper understanding of customer’s all business operations.

  • The watchlist screening helps the organization to keep up with the global AML rules and regulations. Once, all the illicit activities of the organization are prevented, following the international AML guidelines would become convenient for the organizations.

  • Watchlist screening helps in the eradication of all corruption-related activities. This screening is an indicator of the corruption monitoring process. According to a research article related to money laundering, the process of money laundering takes place in three steps that are defined as placement, layering, and integration. In simple words, this article has elaborated on the complete process of money laundering and how illegal funds get converted into legitimate finances.

  • Ongoing watchlist screening assists organizations in alleviating all risks and threats related to reputation. This screening ensures that organizations with protection from reputational damage. Whenever the organizations start to build a business relation, this screening ensures the deep monitoring of the customer organization or entity to avoid any risk and threats related to the new business relation. This screening also ensures the deep scanning of stakeholders and all business components. In simple words, it maintains the image of an organization in the public eye.

  • Global watchlist screening protects the organization from penalties. This screening helps in the eradication of all illicit and illegal activities. Ongoing watchlist further helps you in the smooth customer onboarding process. Organizations can explore the best customer onboarding experience with the assistance of AML Watcher.

  • AML Watcher provides the best services related to watchlist screening. Corruption is the initial and the main step in financial crimes. Corruption gives birth to money laundering crimes and it further takes the form of other financial crimes. A research study explored the effects of corrupt activities on the development sector. The results of the study stated that corruption has a very strong effect on the development sector. The study further stated that we should continually adopt anti-corruption behavior and develop more monitoring indicators.

Best services by AML Watcher:

AML Watcher provides the best services for watchlist screening. The global watchlist screening by AML Watcher is helping numerous organizations avoid penalties related to financial crimes. But the one-time screening cannot provide you with consistent benefits, to avail the long-term advantages, organizations need to go for ongoing watchlist screening. The watchlist screening ensures compliance and transparency in the organization. The advanced techniques in watchlist screening ensure to protection of the organization’s environment from all kinds of threats. Do not delay with the monitoring of your business and contact us today for a safe work environment.

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