Global watchlist refers to a compiled list of individuals and entities that have been identified as high-risk, due to their suspected involvement in activities like terrorism, money laundering, violating government sanctions, or other financial crimes. These lists are used by financial institutions as part of their compliance, screening, and due diligence processes to improve regulatory compliance and minimize their reputational risk.
Use case/ examples for global watchlist
Applicant screening: Screening all new account applicants against available federal and state government data, including lists of countries that have received sanctions and politically exposed persons (PEP) lists. For example, a business headquartered in a sanctioned country or a person previously involved in money laundering activities might be flagged by these screenings. These watchlists allow financial institutions to identify high-risk individuals or businesses during customer onboarding.
