Modernising Watchlist Screening and Data Integration for a Global Bank

A global bank was relying on an outdated version of Finscan for Watchlist Screening, which involved cross-checking customers and transactions against global watchlists, sanction lists, and politically exposed persons (PEP) databases. 

The system was no longer supported, lacked the latest features, and was not integrated with the bank's current source systems. The outdated system presented significant risks in ensuring compliance and maintaining up-to-date screenings 

DDS was engaged to design and implement a modern, efficient solution that would seamlessly integrate the bank's core systems with Finscan. The bank's source systems, including Microsoft Business Central, SAP Banking, Nexus, and SAP HC, needed to feed accurate, up-to-date data for screening. 

The challenge was to capture this data from multiple systems and send it to the Finscan portal via SFTP for screening, all while maintaining data accuracy and consistency.

DDS implemented the following solution:

• SQL Database & ETL Processes: A custom SQL database was created to capture data from the bank's source systems. ETL (Extract, Transform, Load) processes were developed to ensure that only the latest data was captured, with the system identifying deltas from previous data extracts to minimise redundancy.

• CSV Extraction & Data Transfer: A process was built to extract data into a standardised CSV format, ensuring it met Finscan's specifications. This data was then transferred to Finscan via SFTP, automating the screening process.

• Monitoring & Alerts: A robust monitoring process was put in place to track the entire data flow's ensuring that data was extracted, transferred, and received by Finscan correctly. Email alerts were set up for both business and technical teams to notify them if any issues arose during the process.

As the project progressed, it became apparent that the supplier database was becoming out of sync, leading to potential issues with the accuracy of data used for screening. DDs swiftly designed and implemented an additional solution to address this.

• Supplier Database Sync: DDs created a solution to import all records from the supplier database, identify any discrepancies, and automatically flag missing or extra records. This solution ensured that the data from the supplier database remained synchronised with the bank's core systems.

• Reporting & Reconciliation: To further ensure data consistency, DDs implemented detailed reporting to monitor and manage the synchronisation of data between all systems, flagging any differences that could impact the accuracy of the screenings.

By implementing this modern, integrated solution, the bank was able to:

✅ Enhance Compliance: The bank now automatically feeds real-time, accurate data from multiple core systems into Finscan, improving the efficiency and accuracy of their watchlist screening process.

✅ Minimise Risk: With automated data synchronisation and monitoring, the risk of outdated or inaccurate data impacting compliance efforts was significantly reduced.

✅ Operational Efficiency: The new system streamlined the process, reducing the manual effort required to extract, transfer, and monitor data, saving the bank valuable time and resources.

✅ Scalable Integration: The solution was designed to scale with the bank's growing operations, accommodating future updates and additional source systems with ease.

• Improved Compliance: Real-time, accurate data sent to Finscan ensures thorough and up-to-date screening.

• Increased Operational Efficiency: Automation of data extraction, transformation, and transfer significantly reduces manual intervention.

• Risk Mitigation: Enhanced monitoring processes identify and resolve issues before they impact compliance.

• Seamless Synchronisation: Advanced solutions to keep databases in sync, ensuring data consistency across systems.

With DDS's modern solution, the bank was able to meet compliance requirements, reduce risks, and ensure their data remained accurate and synchronised, allowing them to focus on growing their business with confidence.