Screening

Checking persons and companies against sanctions lists, PEP databases and negative media reports.

In practice

In practice, screening covers not only the family members but also companies, foundations, trustees, board members and authorised signatories. Lists change frequently, so the existing client base is re-screened automatically when they are updated. Each hit is assessed – same person or not, relevant or not – and the decision is recorded with date, reviewer and reasoning.

Distinctions and common mistakes

Many hits are false positives caused by similar names; dismissing them without documentation is a frequent weakness in reviews. Another mistake is screening by name only, without date of birth or nationality, which multiplies false hits.

Related terms

Politically exposed person

A person who holds or has held a prominent public function, as well as their family members and persons known to be close associates.

Adverse media

Publicly available reports about a person or company that point to money-laundering, corruption or other risks.

Mentioned in these guides

• The risk-based approach in a family officeHow the risk-based approach under Swiss, German and Austrian AML law and the FATF works: risk factors, risk classes, graduated due diligence and documentation.
• Suspicious activity reports to MROSWhen Swiss financial intermediaries must or may report to MROS, how reports are filed through goAML, and what follows: tipping-off ban, freezing, termination.
• The KYC process in a family office: from onboarding to periodic reviewThe full KYC process in a family office: pre-screening, identification, risk rating, approval, ongoing monitoring, event reviews, periodic review and exit.
• Building the risk profile of a business relationshipStep by step to a robust risk profile: business profile, risk factors, weighting, reasoning and the triggers for a reassessment in a family office.
• The KYC file: structure, contents, auditabilityHow an audit-proof KYC file is structured in a family office: outline, mandatory contents, keeping it current, retention periods and typical audit gaps.
• Sanctions lists: SECO, EU, UN and OFAC at a glanceWhich sanctions lists apply to family offices in Switzerland, Germany and Austria – and when US OFAC sanctions become relevant all the same.
• PEPs: family members and close associatesWho counts as a family member or close associate of a politically exposed person, how long the status lasts and what it means for due diligence.
• Software for private client law firmsWhat law, notarial and tax firms with private client mandates need: structures, board mandates, due diligence obligations, deadlines and confidentiality.