Restricted Party Screening
Kewill offers an easy, reliable and affordable tool for compliance with the US Patriot Act and other homeland security and regulatory initiatives.
The US Patriot Act, among many other security and regulatory initiatives, stipulate the requirement to “Know Your Customer.” Our Restricted Party Screening (RPS) system allows you to maintain compliance with these ever-increasing security and government regulations. RPS quickly screens contacts to identify those with whom you should not be doing business to help you avoid risks, penalties and sanctions resulting from doing business with restricted or denied parties.
Our consolidated restricted parties database allows you to screen in the method that best suits your business requirements. Screening can be done:
• Manually, through a Web-browser
• Batch processing, with our text CSV Adapter
• Seamlessly integrated, with your business operations systems
Compliance Tool for Section 326 of the USA PATRIOT Act
Federal regulation Section 326 of the USA PATRIOT Act requires financial institutions and others to implement a comprehensive risk-based Customer Identification Program (CIP). Failure to comply with this important new legislation can result in fines up to $1 million.
Your CIP must include procedures to determine whether a customer appears on any list of suspected or known terrorists or terrorist organizations issued by any Federal government agency, including those designated as such by the Treasury Department in consultation with Federal functional regulators. Matching against complex, government lists can be challenging, costly, and time-consuming, because they typically include mixed individual and corporate records, names in both first/last and last/first name order, aliases, lower and upper case text, multiple names embedded in the same record, and other anomalies.
Benefits of Kewill's RPS System Include:
• A single uniform resource to access government-provided lists of restricted parties, along with many
other recommended watch lists (domestic and international), including the flexibility to choose which lists to
screen against, customizing the system to internal business compliance policy
• Daily database updates ensures compliance with current government list information
• Comprehensive auditing/reporting capabilities meet record-keeping compliance requirements
• ASP or Web-based system means: (1) no additional hardware required to house government lists internally; (2) no dedicated IT personnel resources necessary
• Ability to integrate with existing business systems allows for automatic screening of parties individually or in batch processes
• Hosted at a secure data center with secure connection to ensure system integrity & protection
• Auditing/Reporting capabilities to meet record keeping compliance requirements
• Available 24 x 7 from anywhere
• Scalable and capable of handling high volumes of transactions
• Excellent technical and customer support services available for optimum performance
• Helps to protect your commercial interests and corporate image
Whether you process 1000 new clients a year or a million, Kewill makes it affordable!