Most organizations initiate screening as soon as an account is created and sufficient information is collected, such as name, date of birth, and/or address. Early screening helps mitigate risks from the outset. If screening at account creation isn’t feasible, screening should be executed before any financial transaction.
For most organizations, there are three stages to screening, depending on your local regulatory requirements.
- KYC/KYB Onboarding: Screening during the account creation process or start of a business relationship when dealing with suppliers or vendors.
- Transaction Screening: Screening transactions executed on behalf of a client or partner.
- Periodic rescreening and ongoing monitoring: Screening customers, vendors or partners to identify changes in risk, or utilizing an ongoing monitoring system, such as Castellum.AI's Real-Time Monitoring for instant risk alerts.