International-level name verification data system, complying with customs regulatory and record-keeping legal requirements, helps prevent problems arising from transactions. Free screening and checking of international sensitive lists on behalf of clients, extensively covering the needs of global banks.
World-class systems include:
✔️ World Check
✔️ Accuity
✔️ Dow Jones
✔️ OFAC
What is Name Compliance Screening? |
A service provided by world-renowned suppliers to identify whether a name is involved in financial crimes or poses reputational risks.
Suppliers constantly gather news and case information from around the world to provide the most up-to-date and definitive name data.
This service complies with regulatory legal requirements worldwide and is adopted by many world-renowned banks, its credibility is beyond doubt. |
Name Compliance Screening Case Example |
Example of name compliance screening: Chen Shui-bian
Result of name compliance screening: HIT, Politically Exposed Person (PEP), Criminal, Country/Region: Taiwan |
If the result of the name compliance screening is a HIT, but the related transaction is still carried out, the possible consequence is that the bank may investigate and request proof of the payee and related transaction contract documents.
From the perspective of Hong Kong Customs, the money exchang has not performed due diligence properly, which involves suspected money laundering activities. The consequences are delicensing and facing criminal liability.
How does name compliance checking help in finding a money exchange? |
1. determine the risk of the transaction, reject and report suspicious transactions
2. request more detailed documentation from the customer if sensitive names are found
3. minimize the risk of an exchange being used for money laundering or terrorist financing activities
4. name compliance checking is the most effective way of identifying transactions where there is no other supporting documentation.
5. the name compliance check meets the requirements of the Customs and Excise Department and the laws of Hong Kong, and allows the swapper to fulfill its due diligence needs
6. the records of the checks kept can be used as evidence in law if necessary. |
