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.
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.
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.