How it works
Didit's AML Screening provides real-time risk detection by screening users against global watchlists and databases. The solution combines advanced data matching with AI-powered risk assessment to ensure regulatory compliance while maintaining a smooth user experience.
Data Extraction
- The system extracts relevant information from either user-provided data or uploaded identity documents.
- Advanced Optical Character Recognition (OCR) technology ensures accurate data extraction from documents.
- Fuzzy logic is applied to account for name variations and misspellings.
Watchlist Screening
- The extracted data is cross-checked against various global watchlists and databases, including:
- Sanctions Lists: Compiled from government and international bodies.
- Politically Exposed Persons (PEPs): Identifying individuals with prominent public functions.
- Criminal Records: Including global and local criminal databases.
- Adverse Media Mentions: News articles and media reports related to financial crimes and other risks.
- Custom Watchlists: Tailored to specific client needs upon request.
- Real-time updates ensure the watchlists and databases are current, reflecting the latest information available.
Risk Assessment
- Our AI evaluates the matches and categorizes them based on the level of risk.
- The assessment considers multiple data points such as name, date of birth, nationality, and more.
- Advanced matching algorithms employ fuzzy matching to catch slight variations in names or details.
Result Generation
- A detailed report is created, highlighting any potential matches or risks.
- The report includes a comprehensive analysis of the identified risks, with clear categorization.
Result Handling
- You receive and can review the screening results through our dashboard, webhooks, or API.
- The results are presented in an intuitive format, making it easy to identify and act on potential risks.
Key Features
1. Comprehensive Data Extraction
- Accurate Extraction: Extract data from user-provided information or identity documents using advanced OCR technology.
- Fuzzy Logic: Account for name variations and misspellings to ensure comprehensive data capture.
2. Extensive Watchlist Coverage
Screen against multiple categories including:
- Sanctions Lists: From government and international bodies.
- Politically Exposed Persons (PEPs): Individuals with prominent public functions.
- Criminal Records: Including global and local criminal databases.
- Adverse Media Mentions: News articles and reports on financial crimes and other risks.
- Custom Watchlists: Configurable based on specific client requirements.
3. Advanced Matching Algorithms
- Fuzzy Matching: Catch slight variations in names or details to ensure accurate matching.
- Multiple Data Points: Utilize name, date of birth, nationality, and other identifiers for thorough screening.
4. Risk Categorization
Categorize matches into different risk levels:
- True Positive: Exact match on multiple data points, indicating a high risk.
- Potential Match: Partial match that requires further review to determine the risk level.
- False Positive: Match that can be confidently dismissed based on additional data.
- Unknown: Insufficient data to determine the risk level, requiring further investigation.
5. Detailed Adverse Media Screening
Screen against a wide range of adverse media categories, including:
- Financial Crimes: Money laundering, embezzlement, and more.
- Violent Crimes: Assault, murder, and related offenses.
- Terrorism: Involvement in or support for terrorist activities.
- Narcotics: Drug trafficking and related crimes.
- Fraud: Various types of fraud and deceptive practices.
- Regulatory Violations: Breaches of regulatory compliance requirements.
6. Customizable Screening Parameters
- Adjustable Sensitivity: Configure the screening sensitivity based on your organization's risk appetite.
- Customizable Watchlists: Select which watchlists and categories to include in the screening process to meet specific requirements.
The Screening Process
Our AML Screening process is designed to efficiently and effectively identify potential risks while minimizing delays for legitimate users. The process involves several automated and manual steps to ensure thorough and accurate screening.
Initial Screening
- Automated Cross-Checking: All applicants are automatically screened against the selected watchlists, including sanctions lists, PEPs, criminal records, adverse media, and any custom watchlists.
Automatic Decisioning
- Clear Cases:
- Applicants with no matches or confirmed false positives are automatically approved, ensuring a smooth and swift onboarding process for low-risk individuals.
- High-Risk Cases:
- True positives on sanctions lists or other high-risk indicators are automatically declined, protecting your organization from potential compliance breaches.
Manual Review
- Potential Matches:
- Cases with potential matches or requiring further investigation are flagged for manual review.
- Your compliance team can access detailed match information, including the specific watchlist, risk category, and relevant details, to make informed decisions.
- Enhanced Analysis:
- Manual reviewers have access to comprehensive tools and data to further investigate and verify flagged cases, ensuring that all potential risks are thoroughly evaluated.
Our system is designed to minimize false positives while ensuring high detection rates for genuine risks, helping you maintain compliance without unnecessarily impacting user onboarding.
Continuous Monitoring
In addition to initial screening, our system can provide ongoing monitoring:
- Rescreening of your user base at regular intervals
- Real-time alerts for any new matches on existing users
- Ability to adjust monitoring frequency based on risk levels
Getting Started
To implement AML Screening in your verification process:
- Configure the AML Screening module in your Didit dashboard.
- Select the watchlists and categories you want to include in your screening.
- Set up your risk thresholds and automatic decisioning rules.
- Integrate the AML Screening API into your user onboarding flow.
- Set up webhooks to receive real-time screening results and alerts.
By leveraging Didit's advanced AML Screening features, you can ensure regulatory compliance and mitigate risks associated with financial crimes efficiently and effectively.