Customer Due Diligence - Automated Google Web Scraping for Negative News
The Five Pillars of Anti-Money Laundering and Bank Secrecy Act compliance program (collectively “AML”)
(1) Written policies and procedures on AML and compliance (2) A designated AML compliance officer (3) Independent testing of the institution’s AML program (4) Implementation of an adequate employee training program (5) The establishment of a risk-based, customer due-diligence procedure
The fifth pillar invloves a customer due-diligence procedure that includes making online searches for potential negative news. This example shows the automation of a google search and results of that search using the following key words:
- fraud 2) fraudulence 3) cheating 4) swindling 5) embezzlement 6) deceit 7) deception 8) double-dealing
- chicanery 10) evasion 11) illegal 12) offshore 13) money laundering 14) unlawful 15) illicit 16) illegitimate
- criminal 18) felonious 19) gulity
This list can be customized based on the users needs and the customer's risk profile.