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The data goes stale after a while. The real value of World-Check, is that it’s constantly updated, and if you’re using LSEG’s KYC screening platform, you get no
by somelamer567 3y ago
The data goes stale after a while. The real value of World-Check, is that it’s constantly updated, and if you’re using LSEG’s KYC screening platform, you get notified in real time as soon as anybody you’ve screened gets a new hit or update in the datafile. That covers you when good customers turn bad.
- PeterStuer 3y agoTrue in theory but compliance is not a realtime businesses process. In my days as I remember we got updates 3 times a day which was more than enough (many if not most risk/compliance processes either run once every 24 hours overnight, or are triggered at events such as customer onboarding.)
- somelamer567 3y agoI’m not familiar with the minutiae of the current rules, but I know that the penalties around not screening for sanctioned entities are now quite severe. The funny bit, is that as soon as you SEE a hit against a sanctions list, the clock starts ticking, so you don’t want to check too often, to make sure you have enough analysts around to actually analyse the results. As with all things, there’s a balance to be struck.