Technology moves fast and in order for you to keep pace with ever-increasing Compliance requirements, Datanomic can improve the accuracy and operational effectiveness of your AML/KYC screening systems while reducing costs.

Download our Risk & Compliance Screening Co-existence brochure

The Problems of Legacy AML/KYC Screening Solutions

Like most regulated companies, you already have AML/KYC customer and payment filtering (screening) systems in place. Also, like many companies, you have probably found that those systems:

• are not as accurate as you would like
• produce far too many false positives
• are often unable to cope with the complexities of diverse customer data held across multiple systems or databases
• cannot deal with foreign language or name data, especially if it is held in non-Latin alphabets such as Arabic, Cyrillic, Chinese and others.

Regardless of how old or unconfigurable your system is, or how many false positives it throws up every time the screening is run, it’s likely that the increasingly sophisticated criminal and terrorist threats mean you are under pressure to increase the organisation’s level of protection, and do so whilst also reducing costs.

A New Option

Accepting the limitations of your existing systems, or replacing them entirely, are not the only options.
Datanomic’s award-winning Risk & Compliance Screening solution can flexibly co-exist with your existing customer screening and payment filtering applications by:

• auditing/profiling, validating and restructuring inbound customer/payment data streams to identify and eradicate data problems that might impact your screening accuracy and effectiveness
• applying deep-level data scanning technologies to identify potential risk customers, prohibited countries and other risk artefacts hidden within data records
• applying the industry’s most advanced foreign name and language transliteration processing capabilities to ensure the same high levels of accuracy are applied throughout your global operations
• ongoing monitoring of underlying customer data to detect material changes where they occur, with automatic re-alerting of AML/KYC cases where appropriate
• dramatically reducing the number of false positives produced by your AML/KYC compliance monitoring systems – saving valuable staff resources and directly driving down the costs of compliance

The result is screening protection that is:

• more effective – by reducing time-consuming false positives, your team is more able to apply its collective expertise to conducting detailed investigations of the matches that present the greatest threat to the organisation
• more efficient – by reducing the resolution time of each alert through faster routing of cases and effective workflow and reporting management, the team is able to make better decisions, faster

By using Datanomic in co-existence with your current system, you can take advantage of the technological advances in AML/KYC screening and improve the accuracy and performance of your screening protection whilst also reducing operational overheads.

Discussing Co-existence

The first step towards increasing your AML/KYC screening performance is to identify and quantify the improvements that can be made through a co-existence deployment of our dn:Director for Sanctions & PEP Screening solution. To do so, Datanomic offers a complimentary Screening Review Workshop, in which a sample of your customer data is analysed by our software to assess its fitness for screening, and then is reviewed against a range of regulatory and commercial risk data sources.

To arrange a Screening Review, or to request more information about Datanomic’s dn:Director for Sanctions & PEP Screening, please call us on +44 (0)1223 228450 or email us at info@datanomic.com.