Modernizing KYC: exploring the key challenges of ownership, data, and technology
Delve into the complexities of modern KYC practices and how to adapt your KYC strategies in response to increasingly sophisticated threats.
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Fact
The winner of the Datos Insights 2024 AML Impact Award for Best Sanction/Watchlist Innovation is FinScan and its FinScan Enhance innovation.
Optimize Your AML Compliance with Precise Risk Detection
Poor data quality is a principal contributor to eroding the effective performance of your AML and sanctions program, negatively impacting both risk mitigation and productivity. Individual and entity names hidden in joint accounts, address lines, and around noise words can impair the effectiveness of any matching technology and your ability to detect risk.
FinScan brings decades of data management experience to address the issue of questionable customer data quality—exposing hidden risks in your business. FinScan Enhance boosts risk detection and saves time by enabling you to discover hidden records and optimize reviews and allowing you to potentially apply the same remediation decisions to resolve duplicate alerts.
Continually Screen Data Feeds for Sanction Breaches
Uncovering the real entity from data errors in customer data feeds is essential to reduce false positive rates and the risk of missing a true hit. FinScan Enhance’s comprehensive data processing capabilities identify sanctions risk despite the following data conditions:
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Joint accounts
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Names hidden in address lines
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Noise words in name lines
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Multiple organizations Invalid and dummy data
Improve results
Screen customers despite data errors and inconsistencies, remediate duplicate alerts, and swiftly respond to potential sanctions breaches.
Expose hidden risk
Screen all names in joint accounts and address lines separately so that no potentially sanctioned individual or entity goes unchecked.
Reduce false positives
Noise words won't impact your screening outcomes, making you less vulnerable to the risk of false positives and negatives.
Enhance productivity
Apply remediation decisions to duplicate alerts to improve analyst review time productivity and eliminate redundant work.
Take the First Step to Enhance Your Data Quality
Getting started is quick and easy with FinScan Reveal, our diagnostic tool that assesses the quality of your underlying data and exposes data errors that may be preventing you from achieving better productivity and risk detection in your compliance program.
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