At the 2023 Banking Tech Awards USA, Fincom won in the AML & Compliance Tech of the Future category with its AML Sanctions Screening solution.
The essential regulatory obligation of anti-money laundering (AML) sanction screening involves the meticulous task of comparing names, addresses, and other details in financial transactions against various watchlists, including government sanction lists. It is a tedious undertaking that regulators insist on performing multiple times every day year-round. Whether it’s processing payments, granting loans, or updating sanction lists, AML sanction screening is mandatory.
Existing technologies and operational challenges
The primary reason for excessive operational costs and the tedious structure of sanction screening lies in the outdated nature of existing technologies. These technologies, even the new ones, are not designed to meet the current regulatory and operational demands, particularly the need to screen against huge and diverse multilingual databases of individuals and entities. Consequently, matching names accurately becomes a major challenge.
