AML TRANSACTION SCREENING

REAL-TIME PAYMENTS WHILST
PREVENTING MISSED HITS,
AVOIDING FINES
AND REDUCING FALSE POSITIVES

Fincom's AML screening offers better compliance with lower operational costs. It is the most effective and efficient solution with 'accurate name screening' across 40 languages for real-time transactions, onboarding, and ongoing monitoring.

As anti-money laundering regulations become more strict, lower amounts must be verified, more industries must comply and fines are getting bigger, causing personal liability. Risk officers are confronted by the need for name screening in a wide funnel, over many name variations, whilst assuring there are no false negatives or too many false positives.

Manual processes under anti-money laundering (AML) compliance consume enormous resources, resulting in high operational costs. Additionally, payments and other financial transactions are becoming immediate, demanding real time verifications.

HOW IT WORKS

Fincom.co’s AML screening solution has an ‘accurate name matching’ ability using a Phonetic-Linguistic engine with the phonetic fingerprint core-technology to verify data in real-time within and across multiple data sources and 40 different languages, considering transliterations, pronunciations, and spelling variations. Designed to search names in a wide funnel and guarantee a high level of efficiency and accuracy. The solution’s mathematical decision-mechanism is transparent, traceable, and explainable, as per regulatory and operational requirements.

The solution resolves the AML compliance obstacle for real-time payments and performs a precise screening in under 200 milliseconds, enabling financial institutions to screen any name or entity, unique names, or combination of names against the largest Sanction and PEP databases such as Dow Jones Factiva, Refinitiv World-Check, with over 170 million associated entries.

The results from various data entries are transferred into a Phonetic Fingerprint ID using Advanced Phonetics, computational linguistics and advance mathematics, transforming the data to mathematical code and performs calculations, matching the entries between databases by over 44 algorithms accurately and efficiently. This process ensures the accuracy and integrity of the information in the databases. Fincom.co’s AML screening app may be integrated with any existing payment system, providing an end-to-end solution of compliance screening for real-time transactions.

Why Fincom’s AML screening?

Leverage accurate name screening and provide a wider name screening coverage.

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Use phonetic fingerprint technology to check name composition and resolve the difference between names that are spelled or sound alike.

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Screen and verify transactions in real-time in under 200 milliseconds.

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Filter False Positives applying artificial intelligence and machine learning engines.

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Validate changes in watchlists daily, while reducing the workload on compliance teams based on past approvals data, using Machine Learning trend analysis.

Fincom.co’s AML screening solution uses an ongoing monitoring automation method that leads to over 30% savings in the human resources operational costs. It also supports rapid growth in volume of transactions and customers.

KEY BENEFITS

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INCREASE EFFICIENCY

Using computational linguistics, phonetical mathematics, machine learning and artificial intelligence Fincom.co provides the most advanced, accurate solution for name screening. It maximizes effectiveness and efficiency with consistent and transparent results and reduces false positive rate by over 33%.

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IMPROVE SCREENING ACCURACY

Screen any name or entity against the largest sanction or PEP databases with over 170 million associated name-entries. Enable real-time transactions and provide more accuracy by automatically resolving different transliterations, pronunciations, and spelling variations, as well as similar nearby names and ‘name distance’ thresholds.

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TRANSPARENCY & EXPLAINABILITY

Using computational linguistics, phonetical mathematics, machine learning and artificial intelligence Fincom.co provides the most advanced, accurate solution for name screening. It maximizes effectiveness and efficiency with consistent and transparent results and reduces false positive rate by over 33%.

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IMPROVE SCREENING INTEGRITY

It enables comparison of entities in a very wide funnel with more name combinations, languages and transliterations. Filter false positives, false negatives and provide a wider name screening coverage while looking at the frequency of names, weighing and differentiating common names, unique names or combinations of names.

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REDUCE COST & RISKS

Leverage Fincom.co’s solution to save systems’ database for ongoing verification, thus eliminating the risks of whitelisting of alerted entities. This automation method leads to over 30% savings in the HR operational costs and removes the possibility of negative consequences. It also supports rapid growth In volume of transactions and customers.

Thank you for your interest!
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