ID-Pal introduces PEPs & Sanctions Screening solution to “transform wealth management, investment and fund administration sectors”

by | Jun 13, 2023

Provider of digital identity verification, ID-Pal, has announced the launch of its PEPs (Politically Exposed Persons) and Sanctions screening solution. The company says it has been designed to empower the wealth management, investment and fund administration sectors as they explain below:

Companies in these sectors operate in a highly regulated environment, and they must comply with anti-money laundering (AML) and know your customer (KYC) regulations. Meeting these requirements involves thorough identity verification to prevent fraud, money laundering, and other illicit activities. The challenge lies in navigating complex and evolving regulations while ensuring a seamless client experience.

It is crucial for these organisations to accurately assess potential clients’ backgrounds, including their exposure to PEPs and Sanction lists. ID-Pal’s PEPs and Sanctions screening solution offers a comprehensive and efficient approach to client screening, streamlining the onboarding process while ensuring regulatory adherence, reducing risk and enhancing operational efficiency.

Key features of ID-Pal’s PEP and Sanctions solutions include:

  • Real-time Identity Verification: The solution utilises cutting-edge technology to automatically verify in real-time the authenticity of customers’ identities and documents, ensuring compliance and reducing the risk of fraudulent activity.
  • Advanced Client Screening: Leveraging advanced algorithms and vast data sources, the solutions perform robust screening against global PEPs and sanctions lists. This comprehensive screening process ensures organisations have access to accurate and up-to-date information, allowing them to make informed decisions while mitigating potential risks associated with regulatory non-compliance.
  • Streamlined and remote Client onboarding: Wealth management, investment and fund administration companies increasingly face the need to onboard clients remotely. Verifying the identity of clients who are not physically present requires robust remote identity verification solutions. ID-Pal’s solution seamlessly integrates with existing client onboarding workflows and systems, reducing administrative burdens and automates the screening process to enhance efficiency and deliver a seamless client experience.
  • Regulatory Compliance and Risk Mitigation: Compliance with stringent regulations is a top priority for the wealth management and fund administration sector. ID-Pal’s solution provide organisations with the tools necessary to fulfil their regulatory obligations and mitigate risk. By maintaining audit trails and conducting thorough screenings, firms can demonstrate their commitment to compliance, protecting their reputation and avoiding costly penalties.
  • Enhanced Operational Efficiency: By automating the client screening process, ID-Pal’s solutions streamline operations and free up valuable resources. Wealth management and fund administration professionals can redirect their time and efforts to more strategic tasks, improving overall productivity and enabling business growth.

James O’Toole, Chief Business Officer at ID-Pal, stated: “Wealth management, investment and fund administration companies often serve clients from various jurisdictions, which adds complexity to identity verification. Ensuring compliance with multiple sets of regulations while maintaining a consistent and reliable verification process across borders can be challenging. We understand the unique challenges these industries face, and our goal is to provide them with the best-in-class technological solution to simplify compliance processes while enhancing their clients’ onboarding experiences.”

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