The practice of carrying out adverse media checks is an essential element of the customer due diligence (CDD) process, which is a mandatory requirement under the federal decree law on anti-money laundering.
Adverse media check is the final move in combing out criminals convicted, involved, or even merely associated with predicate offences, leading to money laundering, terrorism financing of terrorism, or proliferation financing. That name screening or sanctions screening is carried out to identify if a prospective customer has their name appearing in any of the watchlists, sanctions lists, or terrorist lists.
However, merely name screening or sanctions screening may not contain names of criminals or entities whose status as to the actual involvement in predicate offences is unclear due to ongoing investigation. This is where adverse media helps!
Adverse media check enables businesses to identify if their prospective customer has an ongoing investigation, is under trial, or has been involved in major crimes because it was mentioned and covered by digital or print media/news.
Check out RapidAML’s video on the Benefits of performing adverse media checks, which will help you gain important insights into how adverse media checks aid and enhance AML compliance requirements.
