Get your false positives under control and review only high quality matches through accurate and efficient anti-money laundering (AML) screening.
The ultimate goal of any sanctions and politically exposed person (PEP) screening program is to reduce risk and comply with government mandates aimed at fighting money laundering and terrorist financing. Accurately screening customer data against compliance lists can be challenging and often requires a significant investment in personnel resources. Poorly structured data and inconsistent formats create questionable matches that must be manually reviewed.
Innovative Systems’ proven, state-of-the-art technology delivers unparalleled precision and efficiency to help clients achieve effective and accurate compliance. With a solid foundation in data quality, FinScan reduces the risk of missing real matches and minimizes the time and cost associated with researching false matches.
The name and address information of both customer and vendor records and the sanctions and PEP lists against which they are being matched are cleansed and standardized for consistent format comparisons.
Aliases, nicknames, and multiple names within a record are detected and included in the screening process.
Records are then accurately matched, despite anomalies including misspellings, transpositions, missing information, nicknames, acronyms, and initials.
Personnel time spent reviewing potential matches is minimized through the use of FinScan’s sophisticated case management tool.
These steps allow the proper balance between reducing risk and controlling cost.