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.