Summary
Batch Screening, or bulk screening, is the process of screening large volumes of customer records simultaneously, against Sanctions, Politically Exposed Persons (PEP), and Adverse Media databases.
The main objective is to reassess existing customers periodically, identifying new risks from updated lists and keeping institutions aligned with ongoing due diligence requirements.
Batch Screening is important for regulated sectors, including banks, fintechs, payment firms, Money Service Businesses (MSBs), Virtual Asset Service Providers (VASPs), Designated Non-Financial Businesses and Professions (DNFBPs) that have large customer-bases trying to meet their Anti-Money Laundering or Counter-Terrorist Financing (AML/CTF) obligations. It provides for ongoing due diligence and can identify emerging risks across existing customers.
RapidAML anti-money laundering software provides an in-built batch screening functionality which helps carry out PEP, adverse media, and sanctions checks.
Batch Screening performs risk-based checks of customer data on a scheduled basis, while real-time screening identifies risk instantaneously while onboarding customers or during transactions.
It allows for high-quality, large-scale customer screening, which helps clear the backlog or migrate from one screening software to another.
No, Batch Screening, as on its own, cannot identify or mitigate any real-time risks, and should have ongoing/event-triggered controls around the screening process.
Batch Screening hits are reviewed for data accuracy, matched against the PEP, sanctions, and adverse media results, and then the details are escalated to the Compliance Officer for review purposes.
Related Terms
