Fincom Earns Spot on FinCrimeTech50 List by FinTech Global with Its Multilingual Sanctions Screening

Fincom leads the way with innovative efficient solutions that address the challenges posed by the ever-evolving regulatory landscape. As such, it is honored to be recognized as one of 50 most innovative tech companies providing efficient solutions to combat financial crime. FinCrimeTech50, organized by Fintech Global, has acknowledged Fincom’s efforts by including it in their prestigious ‘Top 50’ list.

One of Fincom’s breakthroughs that sets it apart is the capability of screening sanctions directly in multiple languages in original alphabets (scripts).

Regulators are pushing towards multilingual sanctions screening

In recent years, the regulators are pushing towards multilingual sanctions screening, which would replace the historically accepted, yet problematic practice of transliterating names into Latin characters (romanization). Transliteration poses a significant risk for potentially inaccurate screening due to the lack of standardization.

“The need to translate to or from non-Latin languages creates inherent difficulties, arising from the potential for numerous, varying translations.”

(K.J. Nunnenkamp & J. Guo, from Morgan Lewis)

There is a clear global trend towards screening names in original scripts. The regulating authorities are increasingly emphasizing the importance of using precise original name representations for more functional AML compliance.

For this purpose, OFAC has introduced advanced XML file format that allows for providing names of sanctioned parties in the original scripts:

“The advanced xml files provide OFAC with the capability to provide sanctioned parties and their aliases in other languages and character sets.”

If you’re looking to replace your AML screening system, make sure the new one can screen and match names directly in their original scripts.

Using the proprietary Phonetic Fingerprint technology, Fincom’s AML sanctions screening system processes data, screens, and matches names directly in their original languages/alphabets, i.e., not using Romanization Transliteration or search lookup tables.

Dozens of US Banks, among them Federal Banks and Tier 1 National and Global Banks are now using Fincom’s systems. The banks report exceptional performance and emphasize unprecedented accuracy, fast smooth deployment, and great service.


Learn more about Fincom’s AML Sanctions Screening Solutions at www.fincom.co

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