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Sanctions compliance is complex and costly for financial institutions. Improving the effectiveness of alerted cases investigations is critical to successful prevention of financial crime and reduction of operational costs.
Fincom’s AML Suite’s built-in case management system offers significant advantages for financial institutions. It streamlines the management of alerted cases across various transaction types, providing an intuitive user interface, insightful dashboards, comprehensive reporting, and clear documented audit trails, enabling financial institutions to achieve significant efficiency gains and focus resources on higher-value activities.
Role-based access streamlines workflows by equipping users with the information and tools tailored to their roles, boosting operational efficiency. Additionally, it tracks user actions, making audits simpler and ensuring compliance with regulatory requirements.
The system clearly organizes cases in queues based on their status, ensuring team members know which cases need their attention and who is responsible for each task, ultimately leading to more efficient and coordinated efforts in managing cases.
An intuitive investigation screen provides a comprehensive and detailed view of alerted cases. It facilitates smooth handoffs between Analysts and Supervisors, streamlining alerted transactions investigation and decision-making processes, and significantly reducing investigation time.
Dashboards are tailored to users’ designated roles and display cases in different statuses, providing clear cases processing overview helping identify bottlenecks, and ensuring timely processing.
Comprehensive audit trail reports provide details such as query-entry time, alerted fields, involved analysts and teams, reasons for decisions, uploaded documentation, timelapse, timestamp, and additional transaction information.
Fincom’s Sanctions/OFAC screening platform is powered by its distinctive Phonetic-Linguistic and Entity Resolution engines, leveraging advanced algorithms in phonetics, computational linguistics, and mathematics to deliver unparalleled accuracy and speed in payment transaction screening.
