Case Report Resolution

Case Report resolution is a primary KYC/AML function facilitated by Veriscan.

In an Anti-Money Laundering (AML) plan, resolving sanction match reports means investigating and addressing alerts generated when a customer, transaction, or entity matches a name on a sanctions list, such as those issued by the Office of Foreign Assets Control (OFAC), United Nations, or other regulatory bodies. These lists identify individuals, organizations, or countries subject to economic or trade restrictions due to activities like terrorism, money laundering, or human rights violations.

Veriscan presents potential sanction and risk matches in the for of a Case Report.

Key Steps in Resolving Open Case Reports

1. Alert Generation: Veriscan screens customers, transactions, or entities against sanctions lists, flagging potential matches based on name, alias, or other identifiers and creates a new unresolved Case Report when a match is found. Veriscan can be configured to generate alert emails to specific assignees when this occurs, and also provides a Resolution view table that can be set to display open Case Reports assigned to the current user.
2. Initial Review: Compliance teams assess the Case Report to determine if it is a true match, false positive, or requires further investigation. This involves comparing details like full name, date of birth, address, or entity type to the sanctions list entry. Veriscan provides all details published by the sanctioning jurisdiction about the santion target as well as a Match Summary to quickly identify similarities.
3. Enhanced Due Diligence (EDD): If the match isn’t immediately dismissed, additional information is gathered, such as identification documents, business records, or third-party data, to confirm or rule out the match. Case Report Comments can useful in documenting this additional due diligence effort.
4. Decision-Making:
   1. True Match: If confirmed, the entity is subject to sanctions and the Case Report status should be set accordingly. Actions may include freezing accounts, rejecting transactions, or reporting to regulators as required.
   2. False Positive: If the match is unrelated (e.g., similar name but different identity), the Case Report can be set to cleared. This will be maintained within Veriscan to document and justify the decision.
5. Documentation and Reporting: All steps, findings, and decisions are recorded for audit purposes within the Case Report. If a true match is identified, reports may be filed with authorities, such as a Suspicious Activity Report (SAR) in the U.S.
6. Ongoing Monitoring: Even after resolution, entities may be flagged for continuous monitoring to ensure compliance with evolving sanctions. Important: Cases in Veriscan are continuously monitored by default, meaning no additional configuration is required.