With BSMART™ you can continuously cross-reference your database against a number of datasets.
Key Features of BSMART™
BSMART™ (Batch Screening Monitoring and Reporting Tool) takes your customer records and performs routine, on-going screening and monitoring against the data sources of your choice such as:
- International Sanctions lists
- Senior Political Figures and Politically Exposed Persons (PEP lists)
- Global Negative Media
- Global Law enforcement notifications and wanted lists
- Disqualified Directors
- Regulatory enforcement actions
- Organised crime watch-lists and criminal gangs
The frequency of screening and matching thresholds can be configured based on your own requirement and any matches are highlighted via an automated alert notification system. Alerts can be allocated to specific system users. Databases can be segmented into different categories and can be screened against disparate, pre-determined data sources and at different frequencies depending on the risk profiles you apply.
Ongoing, perpetual screening and monitoring of your existing customer-base is essential since the initial KYC due diligence you conducted at the point of application and account opening is perishable as the information that was relevant at the time of customer acquisition may be passed its shelf-life and no longer be relevant.
Just screening or checking a new customer, staff member, partner or supplier once, at the start of your relationship, can leave you exposed without you even realising it. Should the information available about that individual or entity change throughout the time that you interact with them, you need to be able decide, almost immediately, whether or not you wish to continue that relationship based on the new risk that they may present. If you are not aware of such changes and events, the most obvious risk you run is that your business starts to be exposed to an individual or entity that becomes sanctioned by your government, or, could be likely to expose you to Fraud and Money Laundering. You could even find yourself linked, inadvertently, to the funding of Terrorism.
Keeping in line with the W2 ethos of simplicity, you can run multiple lists of data to be monitored through one, single sign-in application. You can move quickly and accurately through alerts, transfer alerts between users, add notes, pend investigations, tailor the matching thresholds on each data source independently and access a fully exportable suite of management information.
All records that are flagged, and the comments and decisions you make and subsequently input, are fully backed up from the day of deployment, 24 hours a day, 365 days a year. Records can even be routinely archived to your servers after a chosen period of time.