Ecosystem of data, fully integrated Holistic Screening Engine boost sanctions-screening efforts
Compliance in sanctions screening can be a dicey affair on an ever-changing dance card. AML Partners’ Sanctions Screening on the RegTechONE platform provides financial institutions an array of tools to navigate those challenges successfully.
RegTechONE’s Sanctions Screening relies on the Holistic Screening Engine to achieve screening that is faster and more accurate—and also fully integrated. Because it’s a part of the RegTechONE platform technology, Sanctions Screening in the AML ecosystem trades data seamlessly with the CDD/KYC onboarding and full transaction and behavior monitoring modules—and any other system required by the institution such as financial-institution block lists, SEC block lists, and adverse media.
Deloitte in a study of the challenges of global sanctions screening detailed a litany of obstacles faced by institutions—ever-longer and more varied lists, regulatory rigor and screening complexities, shifting regimes, floods of false positives, limitations in technology tools, the cost in time and money, and so on.
AML Partners has studied these challenges over the years, and we have challenged our AML experts and software engineers to make the tech match our customers’ needs. Initially, this meant striving for advances in the screening process itself—from the use of true Fuzzy Logic screening to the inclusion of five different algorithms, three of which are configured in-house by each institution based on its unique Risk-based Approach. We include Soundex, Levenshtein Distance, and Jaro-Winkler—and we also created two proprietary algorithms to catch deceptive tactics such as concatenation.
Mitigating the scourge of false positives was another priority. To that end, RegTechONE’s Sanctions Screening offers a whitelisting feature that provides for users the ability to designate a whitelist at the customer level. This has proved invaluable at saving time and effort while helping personnel home in on genuine risks.
Another of the issues that the Deloitte study highlighted was the challenge of compliance on a global scale in a world where global commerce and finance dominate. RegTechONE users configure their automated screening against over 100 watchlists—from OFAC to PEP to UN to DFAT to OSFI and EU and so many more.
Users may also leverage additional data via their preferred data-service providers, all of which can be easily integrated into the automated screening regimen. This high level of sanctions and adverse-media data becomes a part of the data ecosystem within RegTechONE, which can make that data available across the ecosystem and the platform. The result is a boost in transparency and horizontal governance that more accurately informs an institution’s risk-based decision making.
Leveraging platform technology to power Sanctions Screening has various other benefits as well. For example, with the additional platform-based features of the Event Library, users can set multiple parameter conditions to ease workload and boost efficiency by leveling workloads among all available analysts.
If you’re ready to learn more about AML Partners’ sanctions screening technology, our AML ecosystem, or the vast array of options available via the RegTechONE platform, contact us today.
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Global Software Ecosystem for AML/CTF and BSA/AML
The stakes of global AML Compliance for AML/CTF and BSA/AML are higher than ever. Contact us today to explore how our end-to-end AML Ecosystem on the RegTechONE platform can transform the efficiency and effectiveness of your unique AML Compliance efforts. RegTechONE includes fully integrated modules for CDD/KYC on-boarding, behavior/transaction monitoring, and sanctions screening. And AML Partners simplifies your end-to-end fully integrated AML Compliance efforts even further with an optional Subpoena Search module for FinCEN 314a and similar subpoena searches. Contact us today to learn more or schedule a demo of AML Compliance modules on the RegTechONE platform.
