Screening of your (potential) clients is one of the most important parts of KYC. In this article we will further explain the functions of our CDD-screening module and how you can make use of this in your own process.
Match statuses
What is a match status?
This is a tool that allows you to assess your entities based on the results of your search. Match statuses tell you and your organisation something about the hits that have come forth out of the screening of an entity.
How to use them?
The match statuses can be used according to your own interpretation. We do recommend however to, within your team, agree upon how the statuses are used. This so that it's clear to every team member, and there's a common understanding of how to interpret the statuses.
As we understand that at first this can be confusing, in the below overview we have shown the best-use scenarios for all available statuses:
No match | Use this when a result has no match at all. This status is available but it is often better to use the "false positive" status. |
True positive | Use this to mark that a specific entity is a match for the person you made the search for. |
False positive | Use this when a potential match has been investigated, but does not apply to the concerning entity. |
Potential match | Returned by default for all hits returned on a search. Use this status to track which hits have not yet been reviewed. |
Unknown | Use this for potential matches that have been reviewed, but where the review is inconclusive or more information is required before making a decision. Unknown is best used as a temporary match status. |
Risk levels
What is a risk level?
When the match status of a certain hit has been assessed, the next step is to asses the level of risk that is applicable to your client.
How to use them?
Again, as with the match statuses, these can be used according to your own interpretation. We have however set up another overview with our interpretation to help you on your way.
Low | Best used for false positives. This could also be used for true positives when the hit does apply to that entity, but the risk level is still determined as being low. |
Medium | Use this for true positives when you have assessed and determined their risk level as being medium. |
High | Use this for true positives when you have assessed and determined their risk level as being high. |
Unknown | When the risk level is still uncertain, this is best used as a temporary status. |