—what we do on a daily basis.
We screen our entire customer database, millions of clients, for any new hits that could arise, either on a sanctions list or in our current client database. We also review upwards of hundreds of thousands of transactions every day. Of those hundreds of thousands of transactions for list-based screening, we probably receive anywhere around 40,000 to 50,000 hits. These are potential matches.
My team doesn't do it. We have operational groups that do it. They do a first-level review to see if it's a true match, again because we're using fuzzy logic to catch all the variations of names. After that, it gets screened. It comes to my team, and they'll review it. We have to clear payments every day by a five o'clock cut-off because we don't want to interrupt the financial system. It is a burden, but we bear it. However, there significant costs to doing that.