We recently communicated that GBG will be removing the standard PEP and sanctions service provided as part of our core data set . In response to customer feedback we have extended the date to:

• TEST - 27 September 2023

• PROD - 1 November 2023

in due course. Please discuss options with your Account Manager.

Since the standard service was launched in 2016, AML regulations and customer service expectations have changed.  The standard PEP and sanctions service only searches a limited number of watchlists and only provides a basic yes/no match response, , and therefore we no longer feel this services meets the needs of our customers.  

FAQ's

Why is GBG discontinuing the standard PEP and sanctions service? 

After reviewing the service GBG has decided that it no longer meets the needs of customers looking to uphold a high standard of AML compliance.   

How will the standard service be discontinued? 

GBG will remove the service from greenID TEST accounts on 27 September 20223, and from PROD accounts on 1 November 2023.  

Will this change have a technical impact? 

The results for standard watchlist data will no longer be received.  Depending on how your business has configured the service or how it is using the results will determine whether you will need to make technical changes, process changes, or no change.  We highly recommend you test the change to identify any impacts to your system. 

What

Below are 2 XML samples - one with Standard Watchlists Results and one without.

What alternatives do I have for PEP and sanction checks? 

GBG offers a fully featured watchlist screening now offers a Basic Watchlist Screening service featuring industry recognised global data curated by Dow Jones.  As well as comprehensive data, the service provides extensive detail about matched individuals and tools to record investigated match decisions (e.g. true match, false positive). 

What are the benefits of the Watchlist Screening service using Dow Jones data? 

The Watchlist Screening service uses Dow Jones and Compliance database to search against 1000’s of global data sources to identify politically exposed or high-risk individuals to meet your AML and KYC obligations.  

If the identity is matched, the service will provide comprehensive information about the individual to help you assess the risk of doing business with them. 

The Dow Jones Risk and Compliance database includes the following types of profiles:  

• Politically Exposed Persons (PEP) — individuals holding prominent public positions.  

• Relatives or Close Associates of PEPs. 

• Sanctions Lists — persons associated with terrorism, terrorist financing, narcotics trafficking, war crimes

• Special Interest Persons — individuals implicated in specific types of criminal activity, such as terrorism, organised crime, financial crime, or corruption. 

If you upgrade to Watchlist Screening please contact your account manager for option.  

Note: the standard service only provides a Yes/No response limiting your ability to investigate the individual thoroughly.

For more details see /wiki/spaces/GREEN/pages/2261319691

PEP and sanctions data.   

Will there be any operational impact if I upgrade to Basic Watchlist Screening service?  

If you upgrade to the Dow Jones serviceBasic Watchlist Screening, you may find the comprehensive data returns a higher number of matches than the standard service.  We recommend that customers review matches to ensure that false positives and true matches are identified.  If you are using API there will be changes to the responses you receive, click here for more information.

What if I don’t want to upgrade to the Basic Watchlist Screening service? 

GBG recommends that you review your compliance obligations and AML risk program.  Some standard watchlist users may not have a requirement to do PEP & sanctions screening, or it may be duplication of other business processes.  For customers that do have a compliance requirement to do PEP and Sanctions screening, the Dow Jones basic service is fit for purpose and easy to add to your greenID configuration. 

Why do I have to pay for a service that I was previously getting for free? 

Dow Jones is an industry recognised provider of A nominal fee will apply for Basic Watchlist Screening as it gives you access to extensive global PEP and sanctions data and therefore has higher data supply costs.  GBG recognises this will have a commercial impact to customers and is helping by heavily discounting the transactions fees. 

Is Premium Watchlist screening still available? 

GBG will continue to support the Premium Watchlist screening service for existing customers. However, we encourage customer to consider our new Comprehensive Watchlist services that offer configurability and ongoing monitoring. Read more about it here.