Legal Firms Accountancy Practices Property & Estate Agents Banking & Financial Financial Advisors Insurance Stockbroker & MSB
overview

AEDD is triggered whenever an individual's name is matched on a Sanctions or PEP list. This function uses the input data and matches this against the latest Watchlist Database.   When there is sufficient data to confirm the match is a "false positive", the standard MLRO alert is suppressed.  The AML certificate is updated automatically to confirm that EDD has been carried out.

The use of AEDD means that over 60% of all Sanction & PEP alerts are dealt with automatically reducing the number of records that require manual intervention to less than 1%, saving our clients considerable time and money.

If there is insufficient data for AEDD to deal with the alert, manual EDD is required and SmartSearch is unique in collating and displaying all the additional information to enable this process.  When manual EDD is required the following processes occur:

  • The user will receive an alert on screen and the MLRO and/or their Deputy will receive an email detailing the name of the individual, the type of alert and the unique SSID (SmartSearch ID) reference to enable the search to be retrieved.
  • The user can view the supporting biography, adverse media and photographic information to enable the user to make a judgement, “true match” or “false positive”?
  • The user can mark the record as a false positive and the AML certificate will be updated confirming that EDD has taken place.  That individual will only be monitored in future against new entries to the Watchlist Database.

This is another unique feature of SmartSearch and we would recommend you take a webinar demonstration to see how this works.

read more
Want to know a little more?

Please Visit www.smartsearchsecure.com

www.smartsearchuk.com is a promotional site. Please visit www.smartsearchsecure.com to login into the SmartSearch secure system.

Close Popup