GOV & Regulators
UBO Check is mandatory in the EU (4th & 5th AML Directive) and in the US (FinCen Rules on UBO Reporting Requirements).
In carrying out the UBO Check, the organizations run into a number of challenges. Ownerships are subject to change; fraudulent entities tend to hide behind a long trail of cross-jurisdiction and cross-borders ownerships. In such cases the UBOs may be and are listed in different directories, each one of which has its own structure, data format, and language.
Fincom’s innovative core technology for data matching and entity resolution, is capable of tracing UBOs in 44 different languages in their original Alphabets. This allows implementing an accurate and efficient UBO search, and also building dedicated UBO directories, local and or global, serving governmental and regulatory needs.
Fincom’s AML Suite offers the most advanced screening tool for combating financial crime effectively and efficiently.
Money laundering, terrorism financing, and other types of financial crimes pose a growing challenge for legacy solutions, uncapable to cope with global changes, immigration, frequent updates caused by world-affairs, and so on. To cope with all these challenges, the solution must be far better equipped for matching names and transactions over multitude of transliterations, languages, data formats, etc.
Fincom advanced AML Suite provides screening in 44 different languages, in Real Time, ensuring compliance with consistent transparent results. The AML Suite includes validation tools, periodical reporting, compliance with 314a requirements, and more.
Digitization along with the growing ocean of data in organizations, require new tools for search, mapping and matching information throughout entities. Being able to find the information across databases, whether within the same organization or between different organizations/governmental institutions, is becoming even more challenging due to different data formats, broken data and duplications (even within the same database), not to mention strict privacy requirements in democratic countries.
Fincom’s Entity Resolution platform provides unprecedented ability to map, unify, search, and match data entries, resulting in a 3600 view of an entity (individual or company), with a unique anonymized identity search, providing a Unique ID (UID) without compromising privacy rules (GDPR and others), optimizing service automations in governmental organizations, and more.
DATA MAPPING & UNIFICATION
Evolving Governmental organizations’ databases, some of which are based on old legacy systems, combined with new technologies and new structures result in broken data, variety of formats, duplications, and other irregularities, creating ever growing challenges.
Fincom’s core technology for ETL, alongside advanced Entity Resolution technologies allow Data Unification processes, based on smart-mapping methods in over 44 different alphabets (languages).
The technology supports smart automations, deduplications, matching entries of different formats, and so on, all being handled in a multilayered process, creating a new unified dataset that can either replace the existing databases or be set with a unique unbreakable hash, anchored to the existing databases.
AML SANCTION SCREENING AUDITING TOOL & MODEL VALIDATION
Smart auditing tool for proofing and auditing AML sanction screening systems.
Fincom established an extensive repository of synthetic data, allowing a comprehensive test of all types of use cases in Sanction & PEP screening.
The tool allows automatic selection of a random dataset of a ‘representative sample’ (test pack), with customized selection of use-cases for validation.
The solution delivers a detailed ‘Comparison and Analysis’ report, allowing fine-tuning of AML systems, as well as providing clear indication on failure points.