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
Challenges and Best Practices of AML Sanctions Screening, Part 2: Fine Tuning Your Matching Rules
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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
You can implement your risk-based approach by applying different matching rules across sanctions, PEP, and adverse media list data.
Challenges and Best Practices of PEP and Sanctions Screening, Part 4: Alternative Ways of Implementing the Risk-based Approach
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