Preservation of Records

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Preservation of Records

A typical name screening system will comprise of the following elements

• Database: The name screening software will scan the names against a database of derogatory lists, which the Bank will decide to use for scrubbing its customers or transactions. The lists may contain the following categories:
• Regulatory lists
• Politically Exposed Persons (PEPs) list
• Other high risk categories’ list

The Bank may decide to prepare and maintain its own list or subscribe to the lists provided by external vendors:

• Application: It refers to the software application which will consist of following components:
• Name matching engine
• Work flow tools
• Report generation utility for control and audit purposes
• Front end interface for users and administrator
• Interface with payment gateway or core banking system, etc.