Ensuring consistent outcomes, increasing efficiency, achieving significant reduction in operational costs and risk of errors; The automation engines also create the ability to dynamically meet changing requirements and levels of ‘Surge capacity’.
FinC.AML Level-1 & Level 2 Filtering Automation is an Advanced ML/AI Engines – easily integrated into the existing computerized systems as well as a natural part within the work-flow process of your Compliance Team.
In the process of Name Screening, it is not uncommon that 90% out of the list of “potential name match” suggested by the various AML systems, does not represent a real match between the “Searched Entity Name” and the “Names on Alert”.
In standard Manual Level 1-2 Screening processes, a human eye will immediately detect that those 90% cases are not a real match to the Searched name.
So , whilst human logic can easily filter out most irrelevant cases, this is exactly the main cause of unnecessary workload. So, as an example: If a search will end up with over 100 results, it can take more than 2 hours for a compliance personnel to resolve all False Positive Alerts.
Moreover, in the case of Transaction Screening, this method of manual resolution, is a major obstacle to Realtime Service.
Phonetic fingerprint is a mathematical representation of the pronunciation and phoneme of a name (individual person or other entity).
Using automated Real-time technology, supported by AI-ML layers, using over 48 mathematical algorithms, tracing phoneme & accurate name-matching across 38 different languages, transliterations and spelling variations.
ML TREND ANALYSIS & PERSISTENCE MECHANISM
An automated process, designed for ongoing verification resolving 60% of Potential Alerts, Automatically!
On each time there is a change in Sanction and PEP lists – changes will be verified automatically, and only real-alerts will be forwarded for further resolution; so unless there is a change of data the Compliance team will not be Alerted for no reason, whilst if there is a change it will not be missed.
AML Onboarding Sanction & PEP Screening – ‘Accurate Name Matching’ with minimal False Positive rate
Automating Ongoing Monitoring (RPA) – Re-check daily the entire customer database & past decisions
Realtime Transaction Screening – Real-time check of ALL Entities involved in a transaction: Payer-Beneficiary-FIs