Revolutionizing Financial Compliance: The Evolving Landscape of Watchlist and Sanctions Screening Solutions
Quadrant Knowledge Solutions has disclosed that the Watchlist and Sanctions Screening Market is anticipated to witness a Compound Annual Growth Rate (CAGR) of 16.50% by the year 2027. This market segment plays a pivotal role in Know Your Customer (KYC) protocols and solutions within Financial Institutions (FIs). Such protocols enable FIs to scrutinize customers against an array of data repositories including sanctions lists, Politically Exposed Persons (PEPs) databases, and regulatory watchlists during the onboarding process. This practice not only aids FIs in mitigating the risks associated with engaging sanctioned entities but also facilitates efficient and effective customer onboarding. Furthermore, it assists FIs in adhering to regulatory mandates and identifying potential threats which could tarnish their reputation. In order to uphold compliance amidst the evolving regulatory landscape, FIs must deter the onboarding of malicious actors by streamlining their global oper...