PRODUCT NEWS

REAL-TIME SANCTIONS SCREENING

Fincom launches its ENHANCED AML SUITE FOR E-COMMERCE
WITH NEW MODULES & FEATURES

As the AML laws are tightening, they also spread to more and more business fields. Today not only financial institutions, but other types of businesses managing online transactions are required to comply to AML regulations, and e-commerce companies are no exception. On the contrary, due to the wide global customers coverage, the e-commerce platforms become pivotal for the international fight against money laundering, terrorism financing and other types of financial crimes.

Fincom has updated and enhanced its efficient AML-for-E-Commerce solution with new innovative features specifically tailored to cover all AML needs of an E-COMMERCE COMPANY.
This is to ensure full AML compliance and help e-commerce businesses avoid heavy fines imposed by the regulating authorities for the failure to conform to the said regulations.

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Fincom has enriched its Real-Time Sanctions Screening with new advanced features for real-time payments, smooth buyers/sellers onboarding, Case Management System (Dashboard & UI), and advanced Automations.

The System’s AUTOMATED FLOW conveniently merges into the customer- system interaction, ensuring SMOOTH REAL-TIME buyers & sellers onboarding and payment.

The e-Commerce AML Suite ensures:

  • Precise REAL-TIME sanctions screening for immediate onboarding and payment.
  • No Missed Hits – NO FALSE NEGATIVES – effectively resolving names transliterations, spelling variations, similar names, and ‘name distance’ thresholds.
  • Efficient screening of entities in OVER 40 LANGUAGES in their original Alphabets.
  • AUTOMATED ALERT DISPOSITION to minimize FALSE POSITIVES RATE: automated alerts resolution, using Phonetic Fingerprint combined with cross-referencing with supplementary user information (e.g., address, birthdate, etc.).
  • SMART AUTOMATIONS – including, among others, Automated Alert Disposition, Persistence Mechanisms, Ongoing Sanction Monitoring, Lists Synchronization, and more.
  • SMOOTH CASE MANAGEMENT to allow effective workflow. Supports multiuser compliance teams, includes semi-automated alerts processing system.
  • Proper INTERNAL AUDITING & VALIDATION testing performed automatically on an ongoing or periodic basis for internal and external auditing purposes.

The system includes a PHONETIC-LINGUISTIC ENGINE – an innovative technological solution capable of “understanding” the sound of each phoneme, overcoming the challenges of spelling irregularities and variations – the toughest task in AML cross-database screening within the global marketing ecosystem.

Fincom’s AML SUITE for E-COMMERCE’ major advantages:

  • Realtime Processing: <200 milliseconds
  • Screening in 40+ languages in original Alphabets
  • Assurance against Missed Hits
  • Considerable (over 30%) reduction of False Positives
  • Preventing AML-Discrimination
  • Automated Alert Disposition
  • Geolocation & Address Resolution
  • Ongoing Sanctions Monitoring
  • Batch Upload options
  • Smart Case and List Management
  • Frictionless Customer experience, and more.

REAL-TIME SANCTIONS SCREENING

SMOOTH & FAST ONBOARDING & PAYMENT PROCESSING

for more information, please visit

REAL TIME SANCTION SCREENIING FOR E-COMMERCE

@ FINCOM.CO

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