The challenge of sanctions and PEP list screening: Data volume
For insurers to meet due diligence obligations, they have to routinely compare their data against sanctions and PEP lists, as well as internal watchlists. But the enormous data volumes involved make the challenge equally huge.
It’s not just about customer data, but also contractual partners such as claimants or beneficiaries—against millions of records on official lists.
To process such volumes and identify matches reliably, a high-performance screening solution is crucial. Unfortunately, not all matches are genuine and many are false positives. And technically, despite allowing for such matches, AML officers still have to manually check them off. Any hit that proves a non-match wastes valuable time and limits any capacity to assess real threats.
A tailored approach can mitigate this. Configuring the system to the insurer’s risk profile and applying pre-filters to exclude irrelevant entries is key to streamlining the whole process.