In today’s regulatory environment, name checking against third-party lists has become a necessary daily task. SearchXpert verifies accounts, customers, account designated customers and transactions against government, third party or financial institution lists through four different search mechanisms.
Using a sophisticated matching engine that has been refined over time to find the most accurate match, the financial institution can rest assured that the search function being performed is dependable. Some of the sophisticated testing techniques performed with every search include removal of names from a “white list”, addition of names from a “black list”, word checks, letter checks, acronym recognition, character and cultural variations.
The different types of tests being required have led to the creation of various different search mechanisms. Each is uniquely valuable to the financial institution and may be utilized on a scheduled or on-demand mode.
Online Search provides an instant verification of any data field within the financial institution databases defined to work with SearchXpert’s online search engine. Using a proprietary Web Service, the compliance function has the ability to proactively verify accounts, customers, vendors and transactions that are added or modified to predefined databases and ensure that watch list match results are verified and documented in a user-friendly Web portal for final approval or denial.
Nightly Verification occurs automatically by the system against sources such as OFAC’s SDN List, WorldCompliance, World Check or any other source set up for nightly verification. This module verifies all new names in the system against the watch lists and all new watch list entries against the entire customer database. A report summarizing the results is available as documentation of the test including the details of the list and the matches designated as being valid and invalid by the reviewer.
On Demand List allows the user to upload a list in a predetermined format such as FinCEN 314(a) and verify that list against the entire account, customer, account designated customer and transaction databases using as close a match as requested. A report summarizing the results is immediately available as documentation of the test including the details of the list and the matches designated as being valid and invalid by the reviewer.
Quick Search allows the user to check a name on demand against OFAC or any other list available in the database at the click of a button, using as close a match as requested. Simply enter the name or portion of the name desired and click to find the details on the closest matches.
Automatic SDN List Updates are available so that whenever a change occurs to the Department of Treasury list, SearchXpert automatically integrates that update and tests the database against the new entries without any human interaction.