Banks & FI's
Combat financial crime & ensure AML regulations compliance
In order to effectively combat money laundering and terrorism financing, comply with strict anti-money laundering regulations, and avoid exposure to significant legal penalties, banks need to make sure none of its existing or onboarding clients and/or companies appear in any of the sanction- or watchlists.
Failure to comply with the regulations is likely to result in substantial penalties and reputational damage to the bank.
By using Fincom’s AML technology, you will be able to comply with AML regulations and effectively combat financial crime while meeting clients’ expectations for immediate onboarding and service.
Demonstrate Social Responsibility & Improve ESG rating
Pursuant to FinCEN AML Act of 2020 and EU Payment Account Directive (PAD), FI’s must minimize the discrimination effect resulting from enforcing AML regulations.
Financial institutions are caught between the pressure to comply with AML regulations and the threat of extremely high fines on the one hand, and, on the other hand, customer complaints and penalties for discrimination, not to mention public pressure for social responsibility.
Fincom’s Anti-Discrimination Module (ADM) based on bias-free Advanced Mathematics & Computational Linguistics technology, helps banks eliminate the discriminative effect of today’s rule-based AML systems and significantly reduce the incidence of “Discriminating False Positives” by over 20%.
Resolve issues of broken data, incomplete or inconsistent data dispersed across multiple silos
Financial institutions incur considerable operational and reputational losses due to poor data management, broken or incomplete data, difficulty navigating across different data silos, and other challenges associated with raw data.
To improve and optimize data use and processing, organizations need a reliable technology for data cleansing, mapping, deduplication, unification, and matching.
Utilizing its unique phonetic fingerprint technology along with other proprietary algorithms, Fincom provides an ultimate Entity Resolution engine for GRC, customer management, and other applications.
Considerably reduce the rate of False Positives resulting from numerous alerts. Ensure accurate name matching against sanction and Pep lists, including complex structured names and variety of transliterations.
Match names in 40 different languages in their original or transliterated spelling.
AML regulations become more and more strict: lower amounts must be verified, more industries must comply, fines are getting bigger and personal liability is now official.
Meet updated requirements and market needs for Realtime Name screening verification in payment/transactions.
Inherent ethnical or other kinds of Bias are claimed to be typical in current AML solutions.
Financial institutions are caught between the pressure to comply with AML regulations and customer complaints on discrimination and public pressure for social responsibility and ESG scoring. Anti-discrimination tools are essential for resolving discrimination in payments and onboarding KYC.
BAV / COP
Bank Account Verification or Confirmation of Payee – Ensuring that intended payment beneficiary is the real owner of the bank account, reducing transactions error, fraud and closing a major loophole in AML by ensuring that sanctioned person is not a co-owner of a bank account.
Anonymized search across database silos.
An ability to search behind privacy walls, while not breaching privacy and GDPR/CCPA regulations.
Creating Data-maps, working through existing Data Infrastructure and in-between separate silos & data systems. Supporting database unification and enhancement.
Enabling FI’s better combat the movement of illicit proceeds by secure name & information sharing in compliance with sections 314(a) & (b) of the USA Patriot Act, BSA, and AML regulations.
Gather a 360° view of an Entity within and across data sources to create a unified view and data enhancement of the entity. Optimize decision-making processes, customer service, and communications.
Addressing governance, risk, compliance challenges, including privacy rules (e.g., GDPR & CCPA) and AML/CTF. Enables banks to accomplish their objectives while adhering to regulations, legal and ethical requirements, alongside social responsibility and overall ESG.