• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Our Services
  • Contact Us
  • Newsletter
  • Top Nav Social Icons

FindBiometrics

FindBiometrics

Global Identity Management

  • Biometrics
    • What are Biometrics?
    • FAQ
    • Biometric Associations
    • Companies
    • Premier Partners
  • News
    • Featured Articles
    • Interviews
    • Thought Leadership
    • Podcasts
    • Webinars
    • Year in Review
  • Applications
    • Biometric Security
    • Border Control and Airport Biometrics
    • Consumer and Residential Biometrics
    • Financial Biometrics
    • Fingerprint & Biometric Locks
    • Healthcare Biometrics
    • Justice and Law Enforcement Biometrics
    • Logical Access Control Biometrics
    • Mobile Biometrics
    • Other Biometric Applications
    • Physical Access Control Biometrics
    • Biometric Time and Attendance
  • Solutions
    • Behavioral Biometrics
    • Biometric Sensors and Detectors
    • Facial Recognition
    • Biometric Fingerprint Readers
    • Hand Readers & Finger Scanners
    • Iris Recognition
    • Biometric Middleware and Software
    • Multimodal Biometrics
    • Physiological Biometrics
    • Smart Cards
    • Vein Recognition
    • Voice and Speech Recognition
  • Stocks
  • Events
  • Companies
  • Podcasts

Socure Offers Advice for Sanctions Compliance

March 8, 2022

Socure has released a brief primer for organizations that need help navigating the current geopolitical environment. The company noted that watchlists have expanded in the past few weeks, as governments have imposed economic sanctions in an effort to both punish and discourage the individuals believed to be responsible for recent conflicts.

Socure Offers Advice for Sanctions Compliance

The problem is that most businesses were probably not anticipating an international conflict when they implemented their own screening programs. As a result, they may not be prepared to deal with situations that move as quickly as recent events. New names can be added to watchlists on a daily or even hourly basis as new connections come to light, and that makes it far more difficult for businesses to stay on top of (and prevent) sanctioned activity.

For its part, Socure argues that its Global Watchlist with Monitoring platform can help organizations that want to stay up to date with the latest sanctions lists. The platform offers continuous monitoring capabilities, and will send an alert in real time if anyone on a watchlist tries to open an account. It will also notify administrators if a current customer is added to a sanctions list sometime after the fact.

Socure’s Global Watchlist platform draws on more than 1,100 global sanctions lists, and can help businesses keep tabs on more than 10,000 politically exposed persons (PEP). In doing so, it can help businesses comply with screening and Know Your Customer requirements laid out by the Office of Foreign Assets Control’s (OFAC) and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCen), amongst other regulatory bodies.

According to Socure, securing the onboarding process should be a top priority for any company that does business with the public, since blacklisted individuals may seek out new channels to get around their sanctions. Company executives should similarly be briefed on the current state of affairs so they can take the appropriate response if an incident does occur. Finally, organizations are encouraged to perform a risk assessment to make sure their security infrastructure is up to date.

For businesses that want to learn more, Socure will discuss sanctions screening and compliance in greater detail during a webinar at 2pm ET on March 8. The company noted that while the OFAC is ultimately responsible for administering sanctions, businesses will likely face more regulatory scrutiny in the coming months to ensure compliance in the heightened political environment.

–

March 8, 2022 – by Eric Weiss

Related News

  • Jumio Warns About Escalating Cost of AML Non-Compliance in Financial IndustryJumio Warns About Escalating Cost of AML Non-Compliance in Financial Industry
  • Crypto Exchange Turns to iDenfy for Biometric OnboardingCrypto Exchange Turns to iDenfy for Biometric Onboarding
  • Mitek Verified Identity Platform Delivers Versatile, Easy OnboardingMitek Verified Identity Platform Delivers Versatile, Easy Onboarding
  • Shufti Pro Approved for Use in Louisiana and West Virginia Gaming IndustriesShufti Pro Approved for Use in Louisiana and West Virginia Gaming Industries
  • Onfido Gears Up for Fintech Nexus 2022Onfido Gears Up for Fintech Nexus 2022
  • Shufti Pro Picks Up a Pair of International Business Magazine AwardsShufti Pro Picks Up a Pair of International Business Magazine Awards

Filed Under: News Tagged With: Biometric, biometrics, facial recognition, know your customer, KYC compliance, regulatory compliance, selfie onboarding, Socure, Socure Global Watchlist with Monitoring, watchlists

Primary Sidebar

Identity is Shaping Air Travel – Time to Invest

Sponsored Links

facetec logo

FaceTec’s patented, industry-leading 3D Face Authentication software anchors digital identity, creating a chain of trust from user onboarding to ongoing authentication on all modern smart devices and webcams. FaceTec’s 3D FaceMaps™ make trusted, remote identity verification finally possible. As the only technology backed by a persistent spoof bounty program and NIST/iBeta Certified Liveness Detection, FaceTec is the global standard for Liveness and 3D Face Matching with millions of users on six continents in financial services, border security, transportation, blockchain, e-voting, social networks, online dating and more. www.facetec.com

TECH5 logo

TECH5 is an international technology company founded by experts from the biometrics industry, which focuses on developing disruptive biometric and digital ID solutions through the application of AI and Machine Learning technologies.

TECH5 target markets include both Government and Private sectors with products powering Civil ID, Digital ID, as well as authentication solutions that deliver identity assurance for various use cases. 

Learn more: www.tech5.ai

Mobile ID World Logo

Mobile ID World is here to bring you the latest in mobile authentication solutions and application providers. Our company is dedicated to providing users with the best content and cutting edge information on technology, news, and mobile solutions for your mobile identity management needs.

Recent Posts

  • Another Big BIPA Ruling, Paris Olympics Legislation, NEOM Airlines, and More: Identity News Digest
  • FacePhi Co-founds Social Impact Project With Spanish University, Investment Group
  • The NSA and CISA Highlight On-device Privacy: Identity News Digest
  • On-demand Webinar: Building a Passwordless World
  • Webinar: Building a Passwordless World with Prove’s Bill Fish

Biometric Associations

IBIA and fido

Tweets

Footer

  • About Us
  • Company Directory
  • Advertise With Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • Archives
  • CCPA: Do not sell my personal info.

Follow Us

Copyright © 2023 FindBiometrics