AML Sanctions Screening Solution for
Banks &
Credit Unions
with over 80% reduction of operational costs
A New Era in AML Compliance
Sanctions compliance is complex and costly for financial institutions, posing risks of reputational damage, unsatisfactory regulatory examinations, and penalties for non-compliance. Additionally, outdated and inefficient sanction screening systems worsen these challenges, leading to high false alert rates, increased operational costs, heavy workloads for compliance teams, and a lack of transparent audit trails. Hence, financial institutions are adopting modern, efficient AML screening solutions that help to reduce complexity, mitigate risks, lower costs, and ensure compliance with evolving regulatory requirements. Addressing the challenges, numerous U.S. financial institutions have already implemented Fincom’s advanced AML Screening Solutions for domestic and international wire transactions, ACH, instant payments, KYC, and more.
Recognized for its revolutionizing impact on the future of Banking AML Compliance
"Our current vendor required lengthy updates several times weekly and a very high false positive rating. We requested a demo from the Fincom team and were incredibly impressed with its behavioral analytics, ease of use and the customer service of its team. ...Fincom did testing and implementation in an accurate and efficient way! I am very pleased with Fincom and would recommend it to any financial institution as a more effective way to scan wires for OFAC violations with very few false positives."
“We decided to go with Fincom and with a very short window of time from date of introduction to end of contract with our [former] vendor, Fincom went into action! This is highly uncommon with most vendors, but Fincom did testing and implementation in an accurate and efficient way!” (Connie D. Rettig, The National Bank of Indianapolis)
With minimal alert rates and workload, the banks benefit from an over 80% reduction of operational costs.
“With an alert rate as low as 5-7%, there is no need to ever replace the system.” (Head of Sanctions Screening, Top Tier Global Bank)
Based on advanced mathematics and computational linguistics, the technology is fully transparent and explainable. Every process is time stamped and logged, providing clear and traceable Audit Trail, accessible at any time for internal or external audit.
No need to deal with numerous suppliers and different platforms. The system’s Case Management supports multiple teams managing screening for different payment rails: Wires, ACH, SWIFT, RTP, FedNow, and others.
“…before we started using your system, I’d roll into the office and dive straight into a mountain of alerts. It was like my never-ending jam. But just a few days in with your tool, and I’m breezing through the few alerts we get in like 30 minutes. Now I actually have time for other stuff. Super cool – thanks a ton!” (Compliance Officer at one of US banks that started using Fincom’s system)
Compliance made easy with
AML Suite for Financial Institutions
The Automated sanction lists update ensures access to the most current sanctions data at all times. The system’s intuitive case management with color-coded graphics provides a comprehensive view and valuable insights. Information is presented clearly, making the case review process fast and simple.
The Audit Trail is transparent and fully traceable.
Why Fincom
Reduces operational
costs by >80%
Screens in
44 Languages
Centralized
Screening Hub
Explainable
& Traceable
STP Rate
over 95%
Explainable
& Traceable
Extensive
Reporting
Intuitive Case Management System
