Whether you’re running financial services and you legally have to ensure you’re not offering service to certain individuals or you’re just trying to reduce your risk for fraud, watchlist screening could be the best way to avoid providing service to the wrong people. Watchlist screening can keep your business safer, but it can also be a frustrating experience if you don’t have a process for watchlist screening. With a public records search engine, it’s easier to screen for individuals on many different watchlists.
Identifying Prohibited Individuals
Different industries have different prohibitions regarding individuals who can participate in the industry. In some instances, it may just be a list of individuals that you and other members of your industry have agreed upon. Being able to identify those individuals requires that you have a tool that can run through your list of customers or vendors, then match them against the watchlist. A public records search engine can do just that.
- There are many reasons someone might be prohibited from participating in a certain industry or service.
- To use watchlists properly, you need to be able to match your existing customers against the watchlist.
- With a public records search engine, it’s easier than ever to make sure you’re staying compliant with watchlists.
Maintaining Compliance With Regulations
Sometimes, watchlists aren’t just a method of avoiding financial fraud and other fraudulent experiences. Rather, they’re part of local or federal regulations that require you to look through these watchlists. For example, financial service regulations require that you check to see whether individuals who apply have connections to terrorist organizations. Staying compliant and avoiding potential legal repercussions is as easy as matching watchlists with a public records search engine.
- Although dangerous individuals can certainly damage your business, that’s not the only way they can impact you.
- If you legally have to match your customer list against a watchlist, the government may levy fines against businesses that don’t.
- Regulation compliance is easier when you handle your problems with a public records search engine.
Minimizing Your Exposure to Financial Crime
Financial crime is one of the things that can dramatically impact your business, even if you don’t notice it at first. That includes financial crime from both outside and inside your business; crime from inside your organization may end up unnoticed for many years, during which time you might lose thousands or millions of dollars. When you maintain safety through watchlist screening with a public records search engine, you can minimize your exposure to that.
- No organization ever wants to deal with financial crime, because it can be truly devastating for a business.
- Instead of just hoping financial crime doesn’t occur to you, you can take steps necessary to avoid financial crime.
- One of the steps you should take to avoid financial crime is to pass your customer list through watchlists with a public records search engine.
Managing the Reporting Process
Once you’ve uncovered a potential individual on a watchlist, you might need to then report the individual to certain organizations, including legal organizations and law enforcement. It’s important that this reporting process is as simple and easy to handle as possible so you don’t spend an undue amount of time on it. The best way to manage the reporting process is to craft an automated system using public records that works to fill out all the busywork without your input.
- Handling the reporting process after discovering a potential criminal can be just as much of a hassle as looking through a watchlist in the first place.
- The best way to make this reporting process even simpler and more effective is to minimize the amount of time your employees work on it.
- Using an automated public records search engine system, you can make the reporting process much simpler every time it’s necessary.
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Use Tracers to Make Your Business Function Better
Watchlist screening is generally a good idea for many business owners. Even if you don’t work in a high-risk industry, it’s a good idea to make sure you’re screening your customers for the appearance of potentially dangerous individuals when possible. However, it’s important that you’re able to perform watchlist screening as easily as possible.
When you use software from Tracers, you can more accurately pinpoint potential threats while also minimizing false positives. The batch processing tool even allows you to put batches of customers or vendors through Tracers data all at once. With these tools, it’s easier than ever to identify watchlist individuals and remove them from your clientele.