Watch List Maintenance: Achieve Next-Gen KYC using STP of OFAC/UN to Achieve Operational Excellence

Updated: Aug 28, 2019

The screening of customers against all the key international sanctions and watch lists including OFAC and PEP lists is an integral part of the KYC process to identify individuals who are involved in money laundering, terrorism, narcotics and other disreputable activities.


The traditional KYC process is manual and resource-intensive which often leads to high compliance cost and frustrating delays. The adoption of RPA will shave hours per month off the process, reduce the process error rate, ensure KYC (Know Your Customer) data integrity, and enable an estimated “upper five-figure” cost savings on an annualized basis.

The Bot in a Nutshell:


At first, the OFAC update data is saved and uploaded onto the internal KYC platform. The bot then feeds test data into the KYC platform. After that, the bot automatically compares test data against OFAC data to ensure hits were raised based on predetermined business rules. To finish, the bot logs successes and exceptions and filters false positive hits before escalation to the Compliance team when the data validation process is completed. With the use of RPA, the manual processes including data aggregation, data screening and notification generations can be automated to achieve operational excellence, delivering process efficiency benefits and enabling issues to be escalated in a timely manner for review.


Main Functions:

  • The Bot can increase productivity with the potential of operating 24/7

  • Replace manual screening and reduce human error

  • Eliminate a monotonous task to increase staff satisfaction


High-Level Plan


Main Benefits:

  • Cost & scalability

  • Process reliability


Hands-On Considerations


Pain points targeted:

  • Time-consuming process

  • High error rate (heavy reliance on manual processes)

  • Growing compliance costs


Challenges to expect:

  • Changes in regulatory requirements

  • To ensure adequate training is imparted on a timely basis to the users


What will the bot do?