FinScan®

Lose the false alerts. Gain focus on real risk.

Get your false positives under control and review only high quality matches through accurate and efficient anti-money laundering (AML)/Know Your Customer (KYC) screening.

The Challenge

The ultimate goal of any watchlist, 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 sanctions or any regulatory 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 and can jeopardize your organization, as evidenced by recent OFAC enforcement actions.

Our Solution

Innovative Systems’ FinScan is a proven, state-of-the-art AML/KYC screening technology that 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.

Learn More about FinScan Premium
Learn More About Our Next Generation Watch List and PEP Screening Platform
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Benefits

  • Minimum false positives and reduced risk of missing real hits
    • FinScan offers the lowest match rate and false positive rate without increasing risk – as much as 10 times lower than competitive solutions
    • FinScan is built on 50 years of experience in developing data quality and data matching technologies, providing you with the highest accuracy in the industry
    • Our built-in data quality capabilities help you address data issues as part of the screening process to achieve the highest accuracy in the industry
  • Complete control of the matching criteria for greater matching accuracy
    • FinScan’s sophisticated matching algorithm provides you with the granularity and transparency you need to configure your matching rules to your risk appetite
    • You can apply different matching rules by regulatory list, geography, product, and internal data source
    • The predictive analytics capability of our algorithm helps you simulate your match rates and the required resources
  • Unrivaled scalability & proven speed
    • FinScan processes any volume, up to hundreds of millions of records, in a timely way
    • Organizations switch to FinScan when their volume outgrows their existing solution
  • Seamless integration
    • FinScan integrates with any application, database, or CRM system
    • FinScan provides flexible deployment options, including on-premise, SaaS/cloud, or hybrid
  • Data agnostic
    • FinScan is configured to integrate with your internal black lists and any third party sanctions, PEP, negative news/adverse media, healthcare exclusion, or industry-specific lists
    • FinScan also integrates with major providers of enhanced risk intelligence data sets such as Acuris, Bureau van Dijk, Dow Jones, Refinitiv World-Check, and Thomson Reuters CLEAR
  • Regulator-ready
    • Unlike black box approaches, our transparent, granular match patterns expose the reasons for the match, providing an audit trail to help you explain your rationale for every decision you make
    • You can clear alerts and defend your decisions with confidence
  • Industry-leading customer support
    • FinScan consultants are among the industry’s most experienced in implementing compliance solutions
    • Support is available 24/7 to handle all potential issues
    • Our customer satisfaction is ranked #1 by leading IT analyst firm, The Information Difference
On-Demand Webinar
On-demand Webinar:
Challenges and Best Practices of AML Sanctions Screening, Part 2: Fine Tuning Your Matching Rules
View webinar recording

 

FinScan Screening Process

Step 1:
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. 

Step 2:
Aliases, nicknames, and multiple names within a record are detected and included in the screening process.  

Step 3:
Records are then accurately matched, despite anomalies including misspellings, transpositions, missing information, nicknames, acronyms, and initials. 

Step 4:
Personnel time spent reviewing potential matches is minimized through the use of FinScan’s sophisticated case management tool, which includes efficient workflows, audit trails, reporting, and management dashboards. 

These steps allow the proper balance between reducing risk and controlling cost.

 

Applying a Risk-based Approach to watch list screening:
customizing match rules based on risk level

Tight vs. Loose Matching Rules

You can implement your risk-based approach by applying different matching rules across sanctions, PEP, and adverse media list data.

On-Demand Webinar
On-demand Webinar:
Challenges and Best Practices of PEP and Sanctions Screening, Part 4: Alternative Ways of Implementing the Risk-based Approach
View webinar recording

Learn how easy it is to migrate to FinScan!

Our unique migration methodology will enable you realize immediate ROI when you migrate to FinScan.

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