Compliance Alerts have been added to our business reports to show the user if a company has a possible hit on an Legal Enforcement List, Sanctions, PEPs, or AML (Anti-Money Laundering) relevant negative media. The alerts can
relate to the legal entity itself or known Directors/UBOs or Ultimate Holding Company (if there is no UBO) for the legal entity.
To determine if these alerts are relevant to the user, the user may click on the alerts within the report to view more details. To do this, the user will need a subscription to Protect, our AML screening service.
Compliance Alerts guide users on where to potentially focus their in-depth checking and not whether a problem definitively exists. Only users can decide if the hit/flag is relevant or not. To do this, users should read the details behind the alert by clicking the View Alerts button. To access the details, the user must have a Protect subscription. Additionally, some names may require much lower screening thresholds to catch a potential hit, depending on the user’s customer base and risk appetite.
The match threshold set for Compliance Alerts is 90%. If the user wants to use a different threshold, the user will need a Protect subscription as the threshold of Compliance Alerts cannot be changed by users. Therefore, the user should have a Protect subscription to view the detailed reports and adjust the thresholds and search parameters, if necessary.
The user must also take account of their company’s compliance policy for KYC when deciding whether to do business with the entity/person in question. Each company has its own compliance policy and levels of tolerance. The settings to generate Compliance Alerts are global platform settings and cannot be changed by individual users - e.g., fuzzy matching set to 90% match rate.
Compliance Alerts only use the data available in the Creditsafe business reports for screening. The user may have more/different data about the entity/person under review. In that case, the user can enter these data elements when screening via Protect.