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Risk & Regulatory Compliance

Overview

This page will provide you with access to example use cases to power risk and compliance workflows using Refinitiv Risk APIs. At the bottom of the page you will find links to related APIs, with Overview, Quick Start Guide and more resources

Ensuring an effective strategy to manage governance risk, regulatory risk and compliance risk has never been more vital and necessitates comprehensive compliance risk management to reduce the likelihood of a major non-compliance event or ethical failure. Such events carry severe financial and reputational damage, whilst a solid risk management approach realised through processes and tools drives customer satisfaction and competitor differentiation

Designed with developers in mind to enable rapid integration development - The Refinitiv™ World-Check® One API enables developers and Python coders to manage regulatory risk and ensure compliance using the following features

  • Use either synchronous or asynchronous screening API requests 
  • Streamline the regulatory screening process for customer and third-party onboarding, Know Your Customer (KYC) and third-party risk due diligence
  • Use secondary identifiers to reduce false positives Key features
  • Integrate with existing third-party systems, such as a CRM system, to manage onboarding, KYC and third-party due diligence
  • Include our opt-in content sets such as Iran Economic Interest (IEI), U.S. SAM and Media Check
  • Save or screen a single name, including any secondary identifiers (e.g., date of birth)
  • Edit and rescreen an existing case
  • Screen names in different languages and scripts (using the World-Check One matching engine)
  • Optionality for ongoing screening
  • Screen across all or selected source types (e.g., sanctions only)

The World-Check One user interface, where the authorized user can:

  • Set up groups, roles and users
  • Configure groups and associated settings (e.g., auto-resolution)
  • View full match information, match remediation and audit trail
  • Delete and archive cases
  • Upload internal and third-party lists to screen against on the World-Check One platform using Watchlist Screening

The Qual-ID RDP API helps to automate your business processes by performing Identity Verification and Document Verification, so that you can be compliant with regulations and identify potential financial crime. You can onboard your customers faster and easier with robust API documentation, trusted and vetted data sources, normalized data fields, and an easy RESTful API integration.

  • The Qual-ID API is a stateless web service based on RESTful architecture. The production endpoint is supported solely on HTTPS.
  • The API uses built-in HTTP features, such as HTTP authentication, errors and verbs which are understood by standard HTTP clients.
  • Request and response body data are in standard JSON format

The Connected Risk Platform includes a set of tools you can use to configure the Audit Management, Compliance Management, Model Risk Management, Policy Management, Risk Management and Regulatory Change Management products. These products allow you to manage your risk incidents from capture to closure, record related issues, share information and analysis, and provide an audit trail with supporting documentation.

  • The Connected Risk API allows you to interact with the Connected Risk Platform without the need to open up the web browser and use the dashboard and other front end functionality. 

The World-Check One Zero Footprint Screening API provides, among other features:

  • The ability to screen entity names, with or without secondary fields such as date of birth for individuals.
  • The ability to retrieve the results of the screening process from the World-Check database (response payload).
  • Cloud-Based API
  • Remove the need to store data outside the IT Parameter/environment of the customer

The World-Check One Zero Footprint Screening API is delivered as a REST/JSON web service, accessible exclusively over HTTPS. An API schema is available that describes all features and data used within the API. This schema is in Swagger 2.0 format (also known as the OpenAPI specification format), so developers integrating with the World-Check One API can benefit from the many supporting tools, documentation and resources available within the Swagger/OpenAPI ecosystem.

World Check One API Use Case

The below covers a common use case for World-Check One API, in this case for an Online Payment Provider. Their plan was to integrate the API to their internal system to allow for automated name screenings on customer sign-ups to fulfil compliance obligations and meet their regulatory needs, enabling their customer onboarding and Know-Your-Customer processes, as well as trigger checks when certain transactions are made to comply with Anti Money Laundering and other regulatory risk requirements.

The CLIENT’s customers sign-up via their web portal or mobile application and are subject compliance risk assessments. These are self-service applications, allowing potential customers fast and convenient 24/7 access to the CLIENT’s other wide array of services, including those involving online payments and digital wallet. World-Check One API’s synchronous screening capability provide an almost immediate response to the single-name screening needs when the CLIENT’s customers apply for online payments and / or digital wallet services. The API’s synchronous screening endpoint allow the CLIENT to send all the key details of the customer, such as the name, along with secondary identifiers:

  • ·         Full name
  • ·         Date of birth
  • ·         Place of birth
  • ·         Gender
  • ·         Nationality
  • ·         Country Location

World-Check One’s next generation name screening technology uses fuzzy matching to find close matches against the World-Check database and optionally filter off those that do not match with the secondary identifiers provided.  Synchronous screening accept the input and return the results in the same API call:

The API’s JSON response provide a structured set of information that the CLIENT utilize to automate the approval or marking of the application for further review.  The response provide all matching entities from the World-Check database, along with details such as match strength, entity name that matched, and the match status of secondary identifiers.  World-Check One provide a long list of configurable settings and thresholds for the API CLIENT, both to help with pre-screening and post-screening filtering, which helps keep the false positives low, allowing for higher overall decision confidence by the CLIENT’s application logic or human analysts.

The full details of a matching entity can be retrieved via the World-Check One API.  The returned information is based on Refinitiv’s World Check Risk Intelligence database.  Among other items, the details include:

  • ·         Name or Organization name
  • ·         One or more aliases
  • ·         Names in native or non-Latin characters
  • ·         Gender
  • ·         Date of birth or Age
  • ·         Associated persons and organizations, along with their respective details
  • ·         Role details for Politically Exposed Persons
  • ·         Sources for these information
  • ·         Other relevant details about the person, organization, or vessel

The CLIENT’s system or compliance officers remediate the matches and assign values such as falsepossible, or true matches, based on the rich information provided by World-Check through the API and other non-World Check data sources that the CLIENT use for correlation.  Assigning remediation values and remarks can easily be done via the API:

When the CLIENT’s customers are approved and get onboarded with their online payment and digital wallet features, these customer records are optionally set to On-going Screening (OGS) via the World-Check One API.  This provides automated on-going screening with no further action required on the CLIENT.  Future updates to these matching records will trigger a notification on the CLIENT’s account.  The CLIENT’s internal system polls the API on a regular basis, ensuring that any OGS hit is immediately actioned and decided on:

World-Check One API has the capability for high throughput, multi-threaded requests that the CLIENT needs.  This allow the CLIENT to serve their very large client base without fail while constantly keeping with regulatory requirements.

You can find out more about the Refinitiv™ World-Check® One API here.