AML Sanctions Screening Solution for
Payment Service Providers
The Power of Efficient Sanctions Screening in Payments
Protecting Payments with Advanced Sanctions Screening
Payment Service Providers (PSPs) must establish efficient sanctions screening processes to ensure compliance with regulatory requirements and mitigate the risk of facilitating illegal transactions.
Effective sanctions screening involves real-time screening of customer data and transactions against global sanctions lists, watchlists, and politically exposed persons (PEP) databases. Advanced technology and automated tools are essential to accurately identify potential matches, reduce false positives, and flag suspicious activities. By implementing streamlined and reliable sanctions screening, PSPs can enhance compliance, minimize operational risks, and maintain trust with regulators and customers.
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."
Fincom offers an effective OFAC screening system for PSPs
Efficiently process, review, escalating, and resolve alerts.
Ensure timely updates and sanctions and watchlists maintenance.
Real-time OFAC checks for effective instant payments processing and customer satisfaction.
Benefit from smart alert disposition to manage common false positive alerts, avoiding the risks of whitelisting.
Clear, transparent results and explainable audit trail for internal and external audit.
Ensure accuracy with screening data in 44 languages in original scripts, including non-Latin characters.
Comprehensive Approach to Screening
Addressing all aspects of risk management requirement, as per Wolfsburg, OFAC and FATF recommendations, Fincom provides comprehensive screening of all parties involved in the transaction, transaction details, including free text fields, and addresses, among other things.
Payment Service Providers can enhance compliance, minimize risks, and ensure adherence to international regulatory standards, safeguarding their operations and reputation.
Why Fincom
Reduces operational
costs by >80%
Screens in
44 Languages
Centralized
Screening Hub
Explainable
& Traceable
STP Rate
over 95%
Intuitive Case Management System
Extensive
Reporting
Insights
