Regarding so-called high-risk entities (e.g., offshore companies), a standard scenario, within AML solution Mantras, was identified, that could be used to close the existing risk gap. Based on this scenario, by matching these high-risk entities with watchlist entries, offshore companies, that were involved in transactions can be identified. In order to implement this watchlist, two essential process steps need to be aligned and established. A first step had to make sure, that potential offshore companies, stemming from various sources, are merged in a single list, whose date quality needed to be examined and the list itself be centrally stored.
In a second step accountable personnel had to be nominated and enabled, to consign the list in an agreed upon format in the transaction monitoring system. Following a test phase, further tuning activities, as the calibration of threshold values, to create hits ensued.