TLDR: The article explains how to handle potential PEP, sanctions, or adverse media matches in Thirdfort screening reports. Users should verify matches using client details and seek internal compliance guidance if a match is suspected. Best practices include client questioning and internet research. The 'Dismiss' function creates an audit trail for ruled-out results, which are excluded from ongoing monitoring.
PEP, Sanctions or Adverse Media hits
All information provided by relevant sources are contained within the Screening report. You can also find web links here that take you straight to the original source material of the match.
Please check the list of potential PEPs and the further information provided on these flags to confirm whether or not your client is not a match to any of them. The name, date of birth and country fields can be especially helpful.
What can I do if I suspect my client has been matched?
If you think that one of the matches raised pertains to your client, you should seek guidance from your internal compliance team or Money Laundering Reporting officer and review your AML policy to ensure you adhere to your firm's policy, controls and procedures.
Thirdfort are unable to advise how you should proceed after a potential PEP or Sanctions hit has returned. Risk-based decisions lie at the discretion of you and your firm's compliance policies.
How do I tell if a match relates to my client?
If you are not clear whether the potential result on the Thirdfort report is a true match or not, some good practice points that you may consider when reviewing a potential match are;
- asking the client whether they are a PEP as part of client onboarding
- performing an internet search in order to discover further information pertaining to the match(es) found
All other information collected from the client should be reviewed to help you come to a conclusion.
How can I create an audit trail of results?
When viewing your report, you can use the 'Dismiss' function to rule out any results that you're confident are not your client. We'll then collect the information, such as who dismissed the result, the reason why, and the timestamp it was dismissed, and provide all this in an updated report for your review.
What happens to dismissed results?
Dismissed results are moved to a separate section of your report along with the audit trail. If you have set up Ongoing Monitoring on the client in question, we will not monitor any dismissed results.
This article is based on accessing Thirdfort directly via our portal. If you access Thirdfort via a partner or reseller, functionality may differ.