Statfin | Solutions | Negative Database

NEGATIVE DATABASE

A Negative Database verification is necessary to prevent Fraud and Financial losses, ensure Regulatory Complaince, protect Business Reputation and Speed up Decision-Making.

About Negative Database

What is a Negative Database?

A Negative Database is a verification check to identify whether an individual or an organization has previous involvement in criminal and fraud practices by stacking them against authorized sources like PEP lists, Blacklists, Sanction lists and others. A Negative Database verification is necessary to prevent Fraud and Financial losses, ensure Regulatory Complaince, protect Business Reputation and Speed up Decision-Making.

Authenticity & Accuracy : Ensures identity and background details are verified against official government or regulatory databases.

Fraud Prevention : Helps detect forged documents, false claims, and identity fraud, reducing hiring and business risks.

Regulatory Compliance : Assists businesses in meeting legal and compliance requirements for hiring and onboarding.

Faster & Reliable Verification : Speeds up the verification process with automated checks, improving efficiency and decision-making.

Key Features

Comprehensive Screening

By checking people and organizations against a variety of negative databases comprehensive screening guarantees a full thorough and background check.

Real-time Data Checks

Real-time data checks regularly update records from worldwide sources to provide immediate verification.

Global Watchlist Monitoring

Data is cross-checked against international regulatory agencies like OFAC, Interpol, RBI, SEBI, and FATF for Global Watchlist Monitoring.

Fraud and Crime Detection

Fraud and Crime Detection finds people or groups engaged in identity theft, financial crimes, or other fraudulent activity.

Risk Scoring and Flagging

Risk Scoring & Flagging assists companies in prioritizing cases that need more research. Effective risk classification enables businesses to reduce dangers, safeguard their brand, and confidently make strategic choices.

Our Process

Data Collection & Input

Database Screening

Risk Assessment & Flagging

Verification & Review

Report Generation & Decision Making

Data Collection & Input

Gathers relevant details such as name, ID, or business registration.

Database Screening

Cross-check details against fraud lists, criminal records, and regulatory watchlists.

Risk Assessment & Flagging

Identify red flags and assign a risk score based on severity.

Verification & Review

Conduct additional checks to eliminate false positives and ensure accuracy.

Report Generation & Decision Making

Generate a detailed report to support informed decisions.

F.A.Qs

What is Negative Database Verification?

Why is Negative Database Verification important?

What types of records are checked in a Negative Database?

Who needs Negative Database Verification?

How often should Negative Database Verification be conducted?

What is Negative Database Verification?

Checking people and organizations against databases that hold information on fraud, criminal activity, defaulters, legal infractions, and blacklists is known as negative database verification.

What is Negative Database Verification?

Checking people and organizations against databases that hold information on fraud, criminal activity, defaulters, legal infractions, and blacklists is known as negative database verification.

Why is Negative Database Verification important?

It assists companies in spotting high-risk people or organizations, stopping fraud, making sure that laws are followed and safeguarding their brand.

What types of records are checked in a Negative Database?

Criminal histories, fraud lists, defaulters, sanction lists (OFAC, Interpol, RBI, SEBI), and employment blacklists are all part of the verification process.

Who needs Negative Database Verification?

NDB verification is used by companies in the banking, finance, recruiting, legal, real estate, and compliance industries to reduce risks and stay away from blacklisted businesses.

How often should Negative Database Verification be conducted?

It should be done during onboarding, background verification, financial transactions, and periodically for compliance monitoring to ensure updated risk assessment.