SOLUTIONS — SANCTIONS SCREENING ALERT REVIEW

Streamline Sanctions Screening Alert Review

Keeping up with sanctions screening can protect organizations from high-risk individuals and organizations. However, sanctions lists are constantly evolving, making this a challenge. But failure to comply can mean large fines and reputational damage.

Across the banking and financial services industries, false-positive rates in alerts generated by sanctions screening tools can exceed 99%. To navigate this, banks directly employ or contract out dozens of hundreds of individuals to manually review these alerts.

But there is a better way to disposition level-one alerts with greater accuracy, efficiency and more comprehensive audit trails.

So many sanctions alerts to investigate, so little time

The growing importance of AML compliance, coupled with the inability to increase sanctions screening alert review capacity quickly due to the use of outdated technologies and inefficient processes, creates several challenges for financial institutions:

Rising costs
Operational inefficiency
Employee burnout
Poor customer experience
Stifled growth

There is a smarter way

AI Digital Workers automate up to 100% of the disposition of sanctions screening alerts from Name Sanction Screening, PEP Screening, List Screening, and Payment Screening software. Automatically clear poor-quality alerts and escalate high risk items to SMEs while keeping existing systems in place.

AI Digital workers enable analysts to capture real risk faster, with greater accuracy, and using less resources.

AML compliance made simple

AI Digital Workers augment AML compliance teams
for a more resilient and compliant financial institution.

Mitigate Risk

with higher quality,
consistent reviews

Increase Transparency

with thorough
audit trails

Scale with Ease

to accommodate
unexpected events

Expand Capacity

for higher value
investigative work

Meet your AI Digital Workers

Evelyn and Tara are ready-to-hire automation solutions that work with leading sanctions screening software, dispositioning L1 alerts with greater efficiency and more comprehensive audit trail than teams of people.

Evelyn helps you identifying sanctions risk, fast.

Risk is easy to spot when AI Digital Worker Evelyn takes 80% of false positives off your plate. Evelyn excels at:

Adverse media monitoring / negative news screening
Sanction watchlist screening
False-positives alerts disposition
Audit trail documentation

Tara keeps transactions risk-free 24/7.

Transactions run smoothly when AI Digital Worker Tara resolves 70% of false positive hits in real time. Tara excels at:

Payment activity monitoring to ensure compliance
Review and analysis of alerted payment messages/cases
Creating a detailed audit trail

Regulatory Initiatives and Acceptance

Regulators and industry groups desire innovation using technology and other process transformations. This is where an AI Digital Workforce becomes the perfect complement to existing teams.

Regulatory and industry desire for improvement:

2018 Joint Statement: “Some banks are also experimenting with [AI]… [The Fed, FDIC, FinCEN, NCUA, and OCC] welcome these types of innovative approaches…”
AML Act of 2020: “…strengthen, modernize, and streamline the existing AML regime by promoting innovation…”
FinCEN Innovation Initiative: private sector innovation can enhance BSA/AML compliance programs
Wolfsberg Group – 2022 Principles for Using AI and Machine Learning in FinCrime Compliance: Legitimate Purpose, Proportionate Use, Design and Technical Expertise, Accountability and Oversight, and Openness and Transparency

Tara and Evelyn meeting the regulatory challenge:

Explainable AI and ML model documentation and evidence aligning to the principles above and MRM standards, understandable to the financial institutions and regulators alike.
Allows FIs to meet internal model governance and validation frameworks, thus meeting regulator expectations and industry best practices in the deployment and ongoing use of AI and ML