Pittsburgh, PA, September 30, 2024 – FinScan, a solution of Innovative Systems, Inc. and leading provider of AML and KYC compliance solutions, has won the A-Team Data Management Insight - USA Awards 2024 in the Best Data Solution for Regulatory Compliance category for its FinScan Enhance data quality solution, which provides match-ready data for anti-money laundering (AML) compliance.
The A-Team Data Management Insight - USA Awards recognize established solution vendors and innovative newcomers providing leading data management solutions, services, and consultancy to capital markets participants across the USA. Winners were determined based on voting by readers, customers, and industry peers.
For decades, organizations have faced challenges with data quality. Conventional data management methods typically involve using different vendors for data quality, anti-money laundering (AML), and sanctions compliance, resulting in data that may be well-suited for business operations but not fully optimized for compliance needs. Now, the pressure on compliance professionals is growing as they bear responsibility for the repercussions of poor data quality.
FinScan brings decades of data management experience to address the issue of questionable customer data quality by exposing hidden risks lurking within organizations. FinScan Enhance provides clean, match-ready data to help them realize the full potential of their AML compliance and KYC onboarding by increasing data accuracy, minimizing false positives and negatives, and saving valuable time and resources by eliminating data-related roadblocks. FinScan Enhance provides:
Data profiling: Analyzes the condition of customer data to uncover gaps that would hamper risk detection or false positive volumes.
Continuous monitoring for sanctions breaches: Monitors for sanctions breaches even when errors exist in customer data feeds.
Entity resolution and resolving duplicate alerts: Identifies duplicate records across databases and allows organizations to apply the same remediation decision to resolve duplicate alerts.
In addition to this latest award, FinScan was also recently named:
Winner of Datos Insights’ 2024 Fraud & AML Impact Awards in the Best Sanction/Watchlist Screening Innovation category for FinScan Enhance
A solution leader in Quadrant Knowledge Solutions’ SPARK Matrix Report on KYC Technology
One of the world’s most innovative RegTech companies in FinTech Global’s 2024 RegTech100 list
A trailblazer in the fight again financial crime in FinTech Global’s inaugural FinCrimeTech50 list
A Top 25 Governance, Risk and Compliance company by Financial Technology Report
Press contact:
Chanda Shingadia, The Comms Crowd
+44 (0)7951163615