Products - RBA Essential FAQ

Sanctions

What is a sanction data source?
A sanction data source is a curated list of individuals, entities, vessels, and countries with whom regulated businesses are prohibited or restricted from transacting. These lists are issued by governmental and international bodies for the purpose of compat
- Money Laundering,
- Terrorist Financing,
- Financial Crime, and other threats to national security.
RBA Essential included but not limited to,
- UN Sanctions list (UNSC), and
- Office of Foreign Assets Control (OFAC; US Sanction), and
- European Union Consolidated Sanctions List (EU List), and
- His Majesty’s Treasury (HMT) Sanctions List (OFSI), and
- and more, you can find the detail list in RBA Essential Sanctions Data.
What is the update frequency for the sanction data sources?
Sanction Data Sources are updated on daily-based (every 24 hours).
Do you cover the Sanctions Lists issued by Singapore, Hong Kong and Europe?
Yes, RBA Essential also cover the sanctions lists from Argentina, Australia, Bahrain, Bangladesh, Belgium, Bulgaria, Canada, China, Cote D’Ivoire, Czechia, Egypt, European Union, France, Georgia, India, Indonesia, Iran (Islamic Republic of), Israel, Japan, Jordan, Kazakhstan, Kyrgyzstan, Latvia, Lebanon, Lithuania, Malaysia, Malta, Monaco, Netherlands, New Zealand, Nigeria, Pakistan, Panama, Philippines, Poland, Qatar, Saudi Arabia, Serbia, Singapore, South Korea, Sri Lanka, Switzerland, Taiwan, Tajikistan, Thailand, Trinidad and Tobago, Tunisia, Turkey, Ukraine, United Arab Emirates (UAE), United Kingdom of Great Britain and Northern Ireland, United Nations, United States of America, Uzbekistan, Vietnam (see details).

PEP

- What is a Politically Exposed Person (PEP)?
  A PEP is an individual who is entrusted with a prominent public function, either domestically or in a foreign country. Due to their position and influence, they present a higher risk for potential involvement in
- Bribery,
- corruption,
- Money Laundering.
Why are PEPs usually considered high-risk customers?
PEPs are considered high-risk because their official positions present opportunities to misuse public funds for personal gain or to accept bribes. Placing these funds in the financial system is a primary method of money laundering.
What is the key difference between a PEP and a sanctioned individual?
A PEP is not automatically prohibited from banking; they simply require due to their higher-risk status.
- Enhanced Due Diligence (EDD), and
- Ongoing Monitoring due to their higher-risk status.
  A sanctioned individual is on a legal blacklist, and transactions with them are generally frozen or rejected.
Who is typically included in the definition of a PEP?
- Foreign PEPs: Heads of state, government ministers, senior judges, and high-ranking military officials from other countries.
- Domestic PEPs: Individuals holding equivalent prominent positions within own country.
- International Organization PEPs: Senior executives of major international bodies (e.g., the UN, IMF, World Bank).
- More defintions of PEP (PEP definition).

Adverse Media

What is Adverse Media screening?
Adverse Media screening, also known as Negative News screening, is the process of systematically searching news sources, public records, and other media outlets for negative information about a customer or potential customer that may indicate a reputation or financial crime risk
Why is Adverse Media screening a critical part of KYC and EDD?
It serves as an early warning system. Unlike official sanctions lists, Adverse Media can reveal allegations, investigations, or convictions for financial crime (like bribery, fraud, or money laundering) before an individual is formally sanctioned, allowing a financial institution to proactively manage risk.
What kind of information qualifies as “Adverse Media”
Key indicators include:
- Involvement in financial crime (fraud, embezzlement, money laundering).
- Allegations or convictions for corruption or bribery.
- Links to terrorist financing or organized crime.
- Significant regulatory penalties or enforcement actions, for example,
  - Hong Kong Monetary Authority (HKMA), and
  - Hong Kong Police Force (HKPF), and
  - Hong Kong Securities and Futures Commission (SFC),
  - and more (see details).

AI Name Screening Enigne

What makes an AI Name Screening Engine different from a traditional rules-based system?
Traditional systems rely on rigid, pre-set rules for matching, which often leads to a high number of false positives. Our AI-powerened engine uses machine learning to understand context, relationships, and subtle patterns in data, resulting in a
- Lower False Positive Rate, and
- Higher Accuracy.
We run a Money Service Business (MSB). Which system is recommended to meet AML requirements?
RBA Essential is well-suited for Money Service Operators (MSBs) and the Payment sector. Our AML solution includes a transaction module that helps MSBs adhere to best practices in AML while conducting business.
We are Dealers in Precious Metals and Stones (DPMS). How can I meet CUSTOM requirements?
RBA Essential can support your Know Your Customer (KYC) and Know Your Business (KYB) processes when customers engage in transactions involving precious metals and stones such as diamonds, gold, jewelry, etc., valued at over HK$120,000.
We are a licensed securities broker under SFC types 1, 4, and 9, any recommendations for AML compliance solutions?
To mitigate identity risks, RBA Essential can support your compliance team in the Customer Due Diligence (CDD) process. RBA Essential is equipped with a premium data source and advanced AI name screening engine to ensure accurate and up-to-date results. Additionally, RBA Essential features an API module that seamlessly integrates with your current system, streamlining the IDnV onboarding process to offer round-the-clock onboarding services.
We are Money Lender (ML) and run a money lending busines, how RBA Essential can help?
RBA Essential integrates sanctions, PEP, negative news, gambling risk data, financial regulator data, and court data to assess credit risk, supporting the compliance team in identifying AML and fraud risks and aiding the operations team in evaluating business risks.