Regulatory inspections often require compliance officers to incorporate additional screening obligations, including screening against wider list criteria, the broadening of match rules, and implementing a more comprehensive screening program during onboarding. Apart from the agility of their AML systems, compliance officers also struggle to implement these changes within tight timescales, as they need to understand how these changes will impact their match rate, overall alert volume, and their already over-burdened compliance workforce.
FinScan Focus takes an evolutionary step in our matching technology and provides even more granular coverage, functionality, and explainability to perfectly facilitate a regulatory audit and incorporate feedback. It puts total control into the hands of compliance professionals to apply different matching rules by risk level, internal data source, and compliance list to truly enable a risk-based approach.
User-driven, configurable dashboards for monitoring and managing your screening activities, and immersive, predictive analytics-based sandbox simulations remove the guesswork of how the changes will affect your match rate and the number of expected alerts there will be to clear.
- How to quickly incorporate model validation feedback from various regulatory bodies including DFS, FinCEN, OCC, DOJ, BSA/AML, OFAC, AMF, FCA and other national and international authorities
- Explaining your algorithm-based decisions to regulators through documentation that articulates the detection scenarios, underlying assumptions, variables, and thresholds
- Real-life examples of how missed hits and false positives result from matching without culture and language considerations
- The impact of internal productivity tools on centralized monitoring, audits, and oversight
- Frequently Asked Questions (FAQs) about our new Engine
Head of Technical Solutions