FinScan(R) Unveils Focus, Its Next-Generation, AI-Powered AML Screening Engine
PR89493
PITTSBURGH, May 13, 2021 /PRNewswire=KYODO JBN/--
-- FinScan's new matching engine, Focus, uses revolutionary technology to
produce explainable results for regulators and compliance officers
FinScan, a global leader in anti-money laundering (AML) compliance solutions,
today announced the launch of its latest screening engine, Focus. FinScan Focus
integrates advanced AI, linguistic analytics, cultural anomalies, and data
insights to provide unprecedented levels of transparency and control to
compliance officers looking to modernize their sanctions and politically
exposed person (PEP) screening programs.
Regulatory inspections often result in additional screening obligations,
including the need to screen against wider list criteria, the testing and
tuning of match rules to find acceptable results, and implementing a more
comprehensive screening program during onboarding. Implementing changes within
tight timescales while trying to understand their impact on match rates,
staffing, and overall alert volume, further strains an already over-burdened
compliance workforce. Additionally, compliance officers must be ready to
explain to auditors the configuration of their screening methodology and why
matches do or do not occur.
"FinScan Focus helps compliance professionals address growing screening
challenges through its immersive, predictive-analytics-based sandbox
simulations," said Kieran Holland, FinScan's head of technical solutions.
"These simulations remove the guesswork of how the changes will affect the
number of alerts the organization can expect to clear. And by giving compliance
officers complete and granular control of understandable matching rules,
FinScan makes it easy for them to explain their results to regulators."
Based on its proprietary, crowdsourced AI technology, FinScan Focus reduces the
reliance on transliteration functions by incorporating diverse naming
conventions and culturally-intelligent parsing technology, thereby resulting in
better matching outcomes and making it a global solution independent of
language and alphabet.
"We are very excited to bring to our customers a unique combination of
best-in-class innovation in both Artificial Intelligence and data matching
technology," said Randal Skipper, president of global field operations,
FinScan. "FinScan Focus combines our Data Quality heritage with our skills in
computational linguistics to give clients a solution that models human
behavior. Focus's highly intuitive and configurable dashboards enable advanced
monitoring and management of screening alerts, making it a huge breakaway from
traditional technology and workflows."
To learn more about FinScan Focus, please watch our webinar, "Introducing
FinScan Focus - NextGen AML Screening" (
) on May 20, 2021. Or contact us (
) directly to speak with a FinScan specialist.
SOURCE: FinScan
CONTACT: Karin O'Sullivan
kosullivan@innovativesystems.com
+1-412-937-7678
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