Frequently Asked Questions
Q. What is the primary function of CubeIQ AML On-Line™?
A. CubeIQ AML On-Line™ provides information about Sanctioned Parties, terrorists, money launders and fraudsters as well as potential high-risk parties such as politically exposed persons. The objective of this service is to deny access to the services or goods for parties that could bring high risk with them.
Q. Who will benefit from CubeIQ AML On-Line™ service?
A. The governments and international organization issued new regulations in order to exclude misuse of the financial system by criminals, terrorist and their supporters. Regulators require businesses to demonstrate due diligence in the checking of the customer profiles and compliance management. Service of the Sanctioned Parties could damage financial reputation and bring regulatory investigations and fines.
Q. How does CubeIQ AML On-Line™ work?
A. CubeIQ AML On-Line™ uses a powerful name-matching algorithm. The algorithm first evaluates, then compares and matches names, keywords, and terms against the integrated database of Specially Designated Nationals (SDN) and Blocked Persons lists. CubeIQ AML and Compliance Solutions is very much focused on all aspects of regulatory compliance. We take the standard lists provided by government organizations and enhance them in a variety of ways to ensure that the data will be most effective for use in filtering applications. We take great care to perform quality assurance on every list and update, in order to meet our high data quality standards.
Q. What are the primary sources of the information for AML On-Line™?
The primary sources of information are the international Specially Designated Nationals (SDN) and Blocked Persons lists and also Private and Proprietary Blocked Persons lists. AML On-Line™ can also use FIS's Prime Compliance Databank which compiles information on designated individuals from a number of sources (databases).