If you are a compliance officer tasked with Customer Identification Procedure at Account Opening at your bank, and you access a database of high-risk individuals & entities that contains over six million entries, how can you possibly be certain that many of them are stale, or not supported by a second source to verify that it is true and accurate, or the result of some third party's hidden agenda on the potential client?
The answer is that, given the way such databases are managed today, you cannot trust that all that information has been updated, verified, and is accurate. Your only recourse is to immediately perform your own extensive inquiry, which amounts to enhanced due diligence, and means you will be sending out inquiries via email, calling your sources and assets, and that can take a very long time to conclude.
I again am directing my comments to the compliance marketplace to create a usable database, which can be trusted, is always current, has a built-in verification feature, and is essentially a better mousetrap, a next-generation database service that compliance officers can rely upon and not fear that it is, by definition, obsolete, and not fit for its intended use.
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