What is the difference between a hit/alert?
Although used interchangeably, on the API, we've used the words ‘hits’ for AML Screening results, and ‘alerts’ for KYC Monitoring changes.
What is the difference between creating a schedule for search and adding a profile to KYC Monitoring?
Create Schedule for Search: This refers to adding a search to AML Monitoring so that you can continue to receive AML Monitoring alerts for the companies/individuals you have screened across various datasets (sanctions, enforcement, PEP, etc.)
Add Profile to KYC Global Monitoring: When you add a profile to KYC Monitoring, you're subscribing to receive alerts related to KYC changes in the company your profile is based on.
The API documentation has three sections, can you explain the meaning of each section?
- KYC AML Screening – Profile Management: We recommend linking searches to a profile for better workflow management. Eg., If you have a profile created for ABC Limited and have executed an AML Screening for the same business, we suggest you to link this search to the profile so that the related searches sit at one place in your workspace and you can further assign the search or profile to your colleagues, add notes, assign it a risk rating etc.
- KYC AML Monitoring Management: On KYC Protect, it is a mandatory step to link an AML Search to a profile if you want to add the search to AML Monitoring. This is to ensure better alert management of all businesses/individuals related to the main entity your profile is based on i.e., updating the monitoring criteria, assigning the monitored search to your colleague or deleting it.
- KYC Global Monitoring: KYC Monitoring is only supported for the profiles that have a safe number or company ID associated with them. When you add a profile to KYC Monitoring, you're subscribing to receive alerts related to KYC changes in the company your profile is based on.
Is there any way to add a schedule (or monitor) a search without having to add it to a profile?
No, we require the searches to be linked to a profile before being added to a schedule/monitoring for better management of alerts.
What workflow do you recommend to retrieve all search hits for all of our customers/suppliers in one endpoint with KYC Protect?
For UI users, we recommend using the Monitoring screen that returns a snapshot of the number of open AML and KYC Alerts for each profile on your account. The API will be deployed to production soon.
At the moment, you can utilize:
- GET https://connect.creditsafe.com/v1/compliance/kyc-protect/profiles/{profileId}/amlAlerts to retrieve a list of AML Alerts for a specific profile
- GET https://connect.creditsafe.com/v1/compliance/kyc-protect/kycMonitoring/profiles/{profileId}/alerts to retrieve a list of KYC Alerts for a specific profile