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Version: 17

Periodic screening

Periodic screening is a compliance process where an organization re-checks its customers, vendors, or other counterparties against relevant watchlists, sanctions lists, politically exposed persons (PEP) databases, and adverse media sources at set intervals (e.g. quarterly, annually). Usually, depending on the risk, other intervals apply.

The difference with perpetual KYC lies in the fact that periodic screening is based on fixed schedules, whereas perpetual KYC is real-time.

Key elements​

  • Detect New Risks: identify if a customer has been added to a sanctions list, PEP list, or appears in new adverse media since the last check.
  • Stay Compliant: fulfill legal requirements from regulators who mandate ongoing monitoring for AML (Anti-Money Laundering), CFT (Counter-Terrorism Financing), and sanctions compliance.
  • Update Risk Profiles: adjust a customer's risk rating if new information emerges.
  • Catch Hidden Issues: sometimes, initial onboarding screening misses data that appears later (e.g., new aliases or changes in ownership).

Periodic screening in Harmoney​

Within Harmoney periodic screening can be configured based on the specific requirements of the customer. After a scheduled amount of time, the dossier will be brought to a designated dossier status, usually OPEN to flag an outreach needs to be re-initiated to receive the latest up-to-date information from the end client to perform a subsequent compliance review. Several filters can be applied, to allow eg. different dossier risks to reopen on different schedules.

Implementing a lifecycle field, also allows filtering on these specific dossiers, eg: PERIODIC_REVIEW_LOW_RISK to allow management of priorities.

The history of the information provided by the customer is stored under PROFILES on the respective dossier. However, a full history of the (former) final state of the dossier is available in the dossier summary. A feature currently only available in custom code.