And by giving compliance officers complete and granular control of understandable matching rules, FinScan makes it easy for them to explain their results to regulators.”īased on its proprietary, crowdsourced AI technology, FinScan Focus reduces the reliance on transliteration functions by incorporating diverse naming conventions and culturally-intelligent parsing technology, thereby resulting in better matching outcomes and making it a global solution independent of language and alphabet. “These simulations remove the guesswork of how the changes will affect the number of alerts the organization can expect to clear. “FinScan Focus helps compliance professionals address growing screening challenges through its immersive, predictive-analytics-based sandbox simulations,” said Kieran Holland, FinScan’s head of technical solutions. Additionally, compliance officers must be ready to explain to auditors the configuration of their screening methodology and why matches do or do not occur. Implementing changes within tight timescales while trying to understand their impact on match rates, staffing, and overall alert volume, further strains an already over-burdened compliance workforce. Regulatory inspections often result in additional screening obligations, including the need to screen against wider list criteria, the testing and tuning of match rules to find acceptable results, and implementing a more comprehensive screening program during onboarding. FinScan Focus integrates advanced AI, linguistic analytics, cultural anomalies, and data insights to provide unprecedented levels of transparency and control to compliance officers looking to modernize their sanctions and politically exposed person (PEP) screening programs. Results are easily integrated into existing workflow tools such as client lifecycle management systems.Īll of this happens at speed and at scale creating many straight through processing possibilities – robo-onboarding, watchlist filtering, batch remediation or continuous KYC monitoring.FinScan’s new matching engine, Focus, uses revolutionary technology to produce explainable results for regulators and compliance officersįinScan, a global leader in anti-money laundering (AML) compliance solutions, today announced the launch of its latest screening engine, Focus.Role-based permissions and collaborative features such as maker-checker allow for joined-up work processing and all activity is logged in forensic detail for audit purposes.All sources are robotically analysed, with semantic precision, in the native language and alphabet so that every linguistic nuance is captured – providing the same confidence in conducting foreign language due diligence as in English. This is presented in the form of pertinent facts rather than endless pages of raw material. smartKYC’s technology applies AI to extract precise open source intelligence (OSINT) from these vast corpuses of structured and unstructured information.Multiple identifying attributes are used to ensure the right individual or organisation is being profiled, even in news and web articles, minimising time wasted and analyst frustration.
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