Financial risk check involves assessing the risk of onboarding an individual or entity that may pose to a liability to the business. It is a crucial part of the Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance processes.

Beyond verifying the identity of the customer, it also include assessing their creditworthiness, and evaluating their potential to engage in financial crimes such as money laundering or terrorist financing.

Why Is It Important?

• Maintaining the integrity of the financial system and preventing illegal activities such as money laundering and terrorist financing
• Protecting businesses from potentially comitting financial crimes and reputational damage
• Ensuring compliance with regulatory requirements and avoiding penalties
• Mitigating financial risks associated with customers and transactions

Available Checks

Innov8tif partners with several international and local risk intelligence providers to provide the following checks:

• Credit Score
• Bankrupt List
• Sanctions List
• Politically Exposed Persons (PEP)
• Adverse Media Coverage
• International Watchlists for money laundering / terrorist activities

This list is not exhaustive, and requirements will vary depending on the institution performing the checks, as well as regulations within their jurisdiction. For a more information, contact us at [email protected].

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