What is DigiShield ?
DigiShield is Digio's Risk and Compliance suite of solutions. It includes Name or Account Screening, Continuous Monitoring, Risk Rating & Assessment, and Transaction Monitoring solutions built and empowered by AI/ML capabilities. The system helps organizations meet their Anti-Money Laundering (AML-CFT) and KYC Compliance requirements with adequate control, efficiency, and transparency.
What is DigiShield AML Screening?
The DigiShield AML Screening API is a robust solution designed to screen users against predefined lists and search criteria. It helps detect and manage risk by returning alerts based on risk levels and match scores. The system is designed to assist organizations in meeting their Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance requirements efficiently, effectively, and accurately. Firms generally use this solution to detect if any of their onboarding clients have similarity to entities listed on any of the restricted lists as published by responsible government bodies.
Key Features
- Comprehensive Screening: Screen individuals against multiple risk categories, including sanctions, watchlists, PEPs, and adverse media; Also maintain your own company-specific private lists to reduce your compliance burden.
- Alert and case generation: Any suspicious event or risk is known as an alert across the system, and multiple such alerts are combined into a case before linking to a particular client.
- Risk-Based Approach: Generate and obtain risk scores associated with each alert and case using detailed matching information to prioritise these alerts and cases and make informed decisions.
- Flexible Configuration: Customize screening parameters for search, tweak match score thresholds, and response formats to meet your firm’s requirements
- Ongoing Monitoring: Option to automatically monitor individuals for changes in values or risk status. As soon as a client detail is updated, it is marked for reverse monitoring and automatically screened against the entire set of lists. Simultaneously, if any list entries are updated all customers are screened against those updated records.
- Detailed Analytics: Access match data, fuzzy matching scores, and source information. Risk scoring is based on risks identified as an input to your risk assessment.
Use Cases
DigiShield AML API can be integrated into various business processes such as:
- Customer onboarding and verification
- Pre-onboarding checks before acquiring the customer
- Transaction monitoring systems
- Periodic customer risk assessment
- Third-party vendor screening
- Employee screening
- Investment and portfolio risk assessment
Data Sources
The API screens user information against multiple data sources, including:
| Source Type | Description |
|---|---|
| Sanctions | Check user's name against global sanction lists by comparing their names, name variants, or aliases (UNSC, OFAC, etc.) |
| Watch Lists | Identify matches against any watch list or entities under warning from financial authorities (NHB, IRDAI blacklisted agents, SEBI debarred, etc.) |
| Crime Lists | Identify individuals listed on INTERPOL and other criminal databases |
| Politically Exposed Persons (PEPs) & Relatives & Close Associates (RCAs) | Identify PEPs based on your risk appetite, as well as their known relatives or close associates |
| Adverse Media | Monitor special interest persons and negative news across a wide range of categories |
| Private Lists | Maintain company specific lists internally to manage or identify customers who need enhanced due diligence |