FinScan® presents Focus, a next-generation filtering mechanism for Money Laundering Prevention, powered by Artificial Intelligence (AI).

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FinScan® presents Focus_ a next-generation filtering mechanism for Money Laundering Prevention_ powered by Artificial Intelligence (AI).

FinScan, a global leader in anti-money laundering (AML / PDL) compliance solutions, today announced the launch of Focus, its new filtering mechanism. FinScan Focus integrates advances in Artificial Intelligence, linguistic analysis, cultural peculiarities and data insights to offer unprecedented levels of transparency and control to compliance officials seeking to modernize their Sanctions, Politically Exposed Persons (PEP) and Negative News screening programs. .

Regulatory inspections often result in additional obligations in the screening process such as the need to analyze based on broader criteria, adjusting matching rules to improve results, and implementing a more comprehensive screening program during the screening process. registration / on-boarding of new clients.

Implementing changes quickly while trying to understand their impact on match rates, staffing for reviews, and overall alert volume puts even greater pressure on an already overstretched compliance workforce. In addition, compliance officers must be prepared to explain to regulators and auditors the configuration of their filtering methodology and the reasons why matches or not occur.’

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“FinScan Focus helps compliance professionals solve growing filtering challenges through its predictive analytics-based simulator,” said Kieran Holland , Director of Technical Solutions for FinScan. “The simulator takes the guesswork out of the impact of changes to the number of alerts the organization will need to resolve. And by giving compliance officers complete and granular control over understandable matching rules, FinScan makes it easy for them to explain their results to regulators. ”

Based on Artificial Intelligence technology, FinScan Focus becomes a global filtering solution completely independent of the language and the alphabet used. Focus reduces reliance on transliteration functions by incorporating various naming conventions as well as culturally context-sensitive parsing technology, generating excellent overall results.

“We are very excited to offer our customers a unique and highly innovative combination in both Artificial Intelligence and data comparison technology,” said Randal Skipper , president of Global Operations for FinScan.

“FinScan Focus combines our data quality heritage with our computational linguistics skills to offer customers a solution that models human behavior. Focus’s highly intuitive and configurable dashboards allow advanced monitoring and management of filter alerts. , which represents a huge advance over traditional technology and workflows. ”

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