Compliance Alerts guide users on where to focus their in-depth checking. Depending on the user’s compliance policy, if there are no reported alerts in the Creditsafe report, the user may not need to do further checks. If the user has additional information about the entity/director/UBO above what is in the Creditsafe business reports, the user may choose to check further. The Compliance Alerts service has pre-defined matching rules that are applied globally, so that the user can compare these rules to the user’s corporate policy or compliance process:
▪ Matching names where it is a 90% or higher match to the name
▪ Automatically discounting records that do not meet the search criteria
▪ Taking into account the following information when available: Country, DOB and Gender
▪ Directors are all automatically screened as individuals
When a Creditsafe report has Compliance Alerts, we recommend the user does further screening to determine if they should do business with them. Using Alerts shown in the user’s Creditsafe business reports as guidance of when and where to perform additional checks and screening, saves approximately 80% of the time a business would typically spend on KYC operations.