With the growing number and breadth of international anti-money laundering (AML) and counter-terrorist financing (CTF) regulations, a Fortune 500 diversified life insurance and financial services company sought to implement a proven compliance screening solution that would help ensure their compliance and reduce risk. The company determined that the quality of the data would be as important to project success as the ability to match customer names to government-provided watch lists, such as the U.S. Treasury’s Office of Foreign Assets Control (OFAC) list or Politically Exposed Persons (PEP) lists.
The company identified four main selection criteria when evaluating solutions: performance; quality of the name and address cleansing process; accuracy, flexibility, and sophistication of the matching engine; and quality and stability of the software vendor. Innovative Systems' FinScan compliance software was selected because it was the only company that offered both the comprehensive data cleansing and matching capabilities that the company wanted and it met all four of the company's vendor requirements. FinScan was easily implemented and interfaced with seven different administrative systems, each containing millions of records, and now runs on a nightly, batch basis. Automated audit reports help support the screening program's efficacy to regulators.
FinScan's sophisticated cleansing and matching capabilities significantly reduced the number of false positives generated, allowing the company's compliance team to focus their review efforts on those matches that are truly suspect – saving significant time and expense in the process. With FinScan, the Fortune 500 company now has a high level of confidence that they are accurately and efficiently meeting their AML and CTF requirements.