Sanctions Screening
Sanctions and Watchlist Screening: Avoid risky relationships and know who you are doing business with
Sanctions and Watchlist Screening: Avoid risky relationships and know who you are doing business with
Recent cases and settlements brought forth by many financial regulators highlights the need of financial institutions (and other organizations like casinos, universities, manufacturers and multi-nationals) to have a robust sanctions screening program in place.
Not only should organizations be using updated lists, they should also have procedures in place to screen clients regularly (including PEPs), investigate and remediate any potential suspicious relationships, and finally automate the reporting of suspicious activities.
Allows users to evaluate the risk of an entity by entering their information
Promptly identify changes in risk profiles for the entire customer base
Allows onboarding and transaction monitoring systems to assess the risk of an entity
Know who you are doing business with and whether you should do business with them
Realistic assessment of risks based on entity profile and activity that is configurable
Workflows, dashboards and case management tools for metrics & investigations
When a name is sent to the screening process, Alessa analyzes its inherent structure and performs AI-based comparisons using natural language processing (NLP) techniques including neural networks, Markov models, transliteration rules, and word embedding vectors.
These key capabilities mean Alessa will match entities by factors like name, date of birth and names in native characters. When potential matches are found, the alert includes a score which represents a strength of the match.
To reduce the number of matches and ease the screening process, Alessa is configured to only return alerts above a certain confidence score.
Alessa creates a unique user experience for investigators by presenting a triaging interface to easily confirm or dismiss a prospective match and log decisions for future audits and investigations.
Depending on the sources and lists, prospect details may include:
Alessa’s AML solution includes due diligence, sanctions screening, transaction monitoring and screening, regulatory reporting, advanced analytics and workflow automation and case management.
Monitor every financial activity to get a holistic view of customer activities. The solution generates alerts for suspicious activity and sends them to the appropriate personnel for investigation and reporting.
When combined, Alessa and World-Check offer customers the power to screen in real time during onboarding and for transactions to block potentially high-risk situations.