Compliance Alerts have been added to our business reports to show the user if a company has a possible hit on a Legal Enforcement List, Sanctions, PEPs (Politically Exposed Persons), or AML (Anti-Money Laundering) relevant negative media. The alerts can relate to the legal entity itself or known Directors/UBOs or Ultimate Holding Company (if there is no UBO) for the legal entity. To determine if these alerts are relevant to you, and you may click on the alerts within the report to view more details. To do this, you will need a subscription to Protect, our AML screening service.
An alert will guide you on where to potentially focus their in-depth checking and not whether a problem definitively exists. If an alert appears on a Creditsafe report, you will have the option to investigate this further with a subscription to Creditsafe Protect. If there are no reported alerts in the Creditsafe report, you may not need to do further checks.
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Regulated firms undertaking certain financial activities are required to apply risk-based customer due diligence measures to prevent their businesses from being successfully targeted by money launderers or terrorist financiers. Some of these firms include:
Accountancy
Banking & Finance
Credit Institutions
Crypto
Gaming & Gambling
Insurance
Investment
Legal
Real Estate
No. A Compliance Alert will not directly or indirectly impact a company's risk score, international score, credit limit or contract limit. A Compliance Alert is a possible hit on the name and not whether an issue definitively exists. Credit Management should be dealt with separately.
In the report header, there is a ‘Compliance Alerts’ tile that states whether there are alerts to be viewed or not. There is also a new ‘Compliance Alerts’ tab. There are a few different scenarios for this new tile and tab.
Yes, there is. When the number of parties to be screened in a single report exceeds 50, the tile for Compliance Alerts will show “Not Available” as shown in the screenshot below.
The business report will show the message 'no alerts' in the report header. It will also be highlighted in green if no alerts are found for the legal entity or its parties. The user will have the option to save the report for audit purposes, however it is advisable to use Protect to get a full audit trail of the searches that have been made.
A full list of Compliance Alert FAQs can be found on our help hub by clicking here.