Sanctions Screening Meets Artificial Intelligence on Steroids
Sanctions screening is one of the most time consuming and complex aspects of Anti-Money Laundering compliance. In our continuing effort to remain one step ahead of our competitors and current with technology, we have deployed enhanced screening processes which include artificial intelligence (A.I.) and machine learning capabilities to support critical watchlist and sanctions screening processes.
This enhancement provides clients with immediate access to technology which results in immediate savings in time and cost. The real time savings are realized with the reduction of up to 80% of false positives while providing greater coverage of information and it increases the accuracy of financial crime detection and prevention. A real-world case from a global company processing over a million records monthly demonstrated a reduction in alerts by 76% with savings of over $250,000 annually.
The application also supports fuzzy logic based on phonetics in addition to exact match using the Metaphone 3 algorithm. Using a list of noise words customized for each search type increased the matching process while reducing false positives. A weighted system was also created to enrich the process of matching, giving the A.I. tool the power to identify true matches more accurately.
To further empower the A.I. a list of colloquialisms was incorporated with the system to create alternate version of a name for individuals and companies. This helps ensure that all aspects of names will be incorporated into the matching engine.
Finally, multiple versions of searches is created and searched using multiple matching methodologies to ensure that a name will be found by using different logic for a person, entity, or identification.
Against a backdrop of increased regulation and regulator focus on the London Specialty Market, Global RADAR has developed a tech led sanctions screening service that will help firms significantly increase the effectiveness and/or efficiency of their sanctions screening programmes.
In an industry where the majority of valuable and detailed information remains locked away in non-structured documents in formats such as PDF, Global RADAR ‘Sanction Compliance Service’ is designed to address this issue and significantly reduce the probability of dealing with SDNs by using these source documents.
With the ability to automatically identify all names, registration numbers and assets from any document format or type, screen these names against regulatory lists, clear all of the (obvious) false positives and then escalate highly likely possible matches to our customers. This is truly a service of finding those ‘needles in a haystack’ that are currently inadvertently missed.
With advanced machine learning at the heart of service, we have the capability to outperform the human by 1600% quantitively and 300% qualitatively, making this a unique proposition.
Contact us now for more details.
Screening against OFAC sanctions, adverse media, and PEP lists
Search Corporate Registries for ownership details
Customizable negative news and adverse media searches
Exclude search terms to reduce false positives
Real time screening through manual data entry or batch processing
Automatic information extraction and screening from PDF files
False positive suppression
Automated Daily list updates
Real-time screening of transaction details for trade finance, lending, funds transfers and SWIFT messages
Integration with the email system for automatic notifications on new matches
Search history and comprehensive audit trail detailing all interactions
No deployment needed. Sign-up and search!
Fully responsive, available for mobiles and tablets or via API
Export, share, and print search results directly from mobile devices
