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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.
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