PITTSBURGH, May 13, 2021 /PRNewswire/ -- 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."