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FinScan rolls out NextGen and AI-based AML Screening Engine, Focus

FinScan rolls out NextGen and AI-based AML Screening Engine, Focus
FinScan rolls out NextGen and AI-based AML Screening Engine, Focus

Leading anti-money laundering solution provider, FinScan, has recently unveiled Focus, its newest screening engine, deployed with revolutionary technology to offer explainable results for regulators and compliance officers.

Regulatory inspections habitually lead to additional screening obligations. These include the need for screening against broader list criteria, testing and tuning of match rules to discover acceptable results, as well as adopting more comprehensive screening programs in onboarding. In addition, applying changes within the tight timescales whilst understanding their impacts on staffing, match rates, and overall alert volume, is expected to further strain an overburdened compliance workforce.

FinScan Focus will integrate advanced AI, cultural anomalies, linguistic analytics, and data insights to deliver unprecedented levels of control and transparency to assist the officials in modernizing their sanctions as well as the PEP (politically exposed person) screening programs.

In a statement offered by the Head of technical solutions of FinScan, Kieran Holland, Focus would help compliance professionals to address the growing screening challenges with the help of its immersive, and predictive-analytics-based sandbox simulations. He also claimed that the company would provide compliance officers with an easy way to explain their results to regulators, by giving them a complete as well as granular control of the understandable matching rules.

Sources also confirm that through its crowdsourced, proprietary AI technology, FinScan Focus will limit the reliance on transliteration functions by employing numerous naming conventions as well as culturally intelligent parsing technologies. This move will supposedly give rise to better matching outcomes and assist in making the engine a global solution that is independent of languages and alphabets.

According to the President of Global Field Operations of FinScan, Randal Skipper, the firm is excited to provide its customers a unique combination of the best-in-class innovations in AI and data matching technology. He also revealed that FinScan Focus will combine the company’s Data Quality heritage with its skills in computational linguistics to offer clients with solutions that model human behavior.

Source Credits

https://www.prnewswire.com/news-releases/finscan-unveils-focus-its-next-generation-ai-powered-aml-screening-engine-301290395.html

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Nandita Bhardwaj

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