Best-practice compliance doesn’t stop after an initial screening. In fact, many global regulators require continuous monitoring to meet their standards for internal and third-party risk management. Governments and international organizations compile global watchlists to identify entities linked to crime, corruption, terrorism, money laundering, and other various forms of unethical behavior. Entities can include individuals, corporations, or even countries. Even if these entities aren’t actively committing a crime, they could be connected to suspicious activity. It’s crucial to be aware of these global watchlists and entities because engaging in business with suspicious parties can result in severe regulatory penalties, financial loss, and reputational damage.
The issue with traditional monitoring of global databases is that it requires significant resources and power, which can be an administrative nightmare. Manual screening leaves a lot of room for error because changes frequently happen, making it nearly impossible to keep up. This type of monitoring can lead to decisions that impact your business negatively. To optimize global watchlist and sanctions screening, Vital4 created a solution, Vital4Monitoring, that delivers an automated suite of compliance tools, offering more accurate data with less legwork.
Without an ongoing method of monitoring compliance data, your organization can be held responsible for any violations caused by employees, vendors, or other outside partners. Data breaches, money laundering, and other illicit activities can create costly financial consequences, tarnished reputations, and disruptions in business operations. That’s why we offer continuous monitoring for every Vital4 solution. Whether you’re screening for red flags related to AML/KYC issues, criminal records, or other compliance risks, our AI-powered platform offers the deep coverage and reliable reporting cadence you need – at a price you can afford.
Are you interested in learning more about Vital4’s Global Watchlist and Sanctions screening solution? Contact us today to request more information. We’d love to hear from you!