Data Quality for AML | FinScan | Innovative Systems

Data Quality for AML

FinScan®

Better data quality. Higher quality matches.

Enhance the accuracy of your matches so that you can focus on the real risks.

The Challenge

Every compliance department grapples with the question, "How can I lower my false hit rate?"

Our Solution

Front-ending your screening process with an AML-specific data quality solution will increase the accuracy of your matches as well as significantly reduce your review efforts. Additionally, it can provide you with a comprehensive view of your customer records when reviewing your hits to better support your due diligence efforts.

With our AML data quality solution you can:

  • Standardize your data and fix name and address errors

  • De-duplicate records based on rules pre-defined from your data condition and business situation

  • Identify extended relationships among your customers and tie individuals to an organization

  • Create a compliance-specific data repository that does not need to be uploaded to your source database

How It Works

FinScan's data quality for AML solution begins with a complete Data Quality Assessment.

Our Data Quality Assessment is a valuable diagnostic tool for risk management and regulatory compliance departments that are looking to improve their processes and make them more efficient. Through this diagnostic service, organizations can see that feeding cleaner data into their screening solutions can dramatically lower their false positive rates, which will ultimately result in a significant reduction in review time, resources, and costs.

FinScan's Data Quality for AML Solution

Benefits of a Data Quality Assessment

  • Identifies the true content and structure of all data elements and details anomalies specific to quality, duplication rates, and referential integrity

  • Identifies areas where data may be enhanced or improved

  • Delivers a final report that quantifies the impact of identified data quality issues on your review process and false alert rate

  • Develops the full ROI on the data quality solution by quantifying the savings in review time, resources, and costs

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