Socure Expands Global Watchlist Compliance Coverage

Socure announced a major upgrade to its digital identity verification solution, which now encompasses expanded compliance coverage and global watchlist filtering.

Socure announced a major upgrade to its digital identity verification solution, which now encompasses expanded compliance coverage and global watchlist filtering.

The update now puts the solution's adopters in a stronger position to meet American and international regulations for interdicting known or suspected money launderers, terrorists, criminals, politically exposed and other persons considered high risk, the company announced in a statement.

“Expanded watchlist capabilities mean that Socure can be a single-source provider for digital identity verification, fraud prediction and watchlist filtering/sanctions compliance, all within our simple interface/API with a consistent user experience. Combining technology, data and scoring analytics, Socure helps our clients to address risks, while upholding security and privacy standards,” said Sunil Madhu, CEO of Socure.

The New York-based company said that it is rolling out three new tiers of global watchlist solutions to extend additional screening that boosts the efficiency for Know Your Customer (KYC) and Customer Identification Program (CIP) requirements.

The first solution, called Global Watchlist Standard, helps organizations tackle problems with screening identities for standard compliance regulations. The solution searches and returns data from the U.S., Canada, U.K., European Union and various United Nations lists.

Global Watchlist Plus, an upgrade to Global Watchlist Standard, is another solution that also adds another 1,000 sanctions and enforcements lists from countries around the world. This solution, Socure said, is a match for organizations that run businesses in a global environment and require rigorous screening of sanctioned or illicit individuals or entities.

The third solution, called Global Watchlist Premier, is intended for organizations seeking the toughest stance on screening individuals and entities that pose a wide range of potential risks. It one-ups the other offerings with a total of 3,000 comprehensive lists, including sanctions and enforcements, for over 140 countries.

It also includes Adverse Media, PEP and State-Owned Entities data for further verification requirements, Socure said.



The September 2020 Leveraging The Digital Banking Shift Study, PYMNTS examines consumers’ growing use of online and mobile tools to open and manage accounts as well as the factors that are paramount in building and maintaining trust in the current economic environment. The report is based on a survey of nearly 2,200 account-holding U.S. consumers.

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