Fincom’s AML Suite is based on the latest and most advanced technology and data screening capability providing the most accurate, and efficient solution for AML sanction screening on the market to date. It is designed to accommodate all business needs and requirements while adhering to stringent and ever-evolving regulatory requirements.

The AML Suite is designed to support your core business - ensuring optimal flow of payments, reducing the amount of time researching alerts and providing better overall service to your clients. The system is ISO27001 and SOC2 Certified.

AML Services covered by Fincom’s AML Suite include:

Payments - Screening all payment rails – Wires, ACH, FedNow, RTP and International ACH (ISO20022 ready APIs)
Trade Finance – Screening Letters of Credit, and other Documentation
KYC Onboarding
KYC Ongoing (perpetual KYC)
Screening directly in 44 different languages (alphabets)
Interfaces (APIs) for Transactions Monitoring and Fraud solutions

The system supports extremely fast (<50-200ms) screening processing suitable for Real-Time payments, e-Commerce, mega-files (mass payments, KYC lists, etc.) processing and others.

Case Management

The system is equipped with an intuitive user-friendly UI, allowing:

Efficient and fast manual resolution.
314a search & reporting
Built-in alert suppression (persistence)
Batch file Uploads
Workload management, with multiple teams/ jurisdictions

Agility & Scalability

The system is container based allowing Cloud (Azure) deployment, it is:

Flexible, adaptable, and easily configurable
Ensures fast response to change requests
Scalable to required size
Offers simple integration and fast deployment
APIs: REST/SOAP/Webhook – with ISO20022 ready APIs

Performance | STP Rate – 93-99%

Fincom’s innovative approach to sanction screening utilizes several dedicated screening methodologies for different data fields on different rails, together with a built-in alert-suppression (persistence). The system provides exceptional screening performances, that serves business needs, resolves existing operational challenges, and mitigates risks.

Benefits

Smooth uninterrupted flow of payments (Wire, ACH, RTP, and others)
Reducing Operational Burden: cutting down operational costs associated with AML screening by more than 50%.
Average Case Processing Time is reduced from approximately 8 minutes to 30 seconds.
Tailored to your needs with flexible configurations for different screening rails, teams, jurisdictions, screening languages, lists, etc.
One centralized screening hub for all your screening needs – no need to maintain multiple screening systems.
Seamless integration and Fast deployment: Fincom’s AML Suite can be easily integrated with a payments and core banking systems via REST or SOAP API.
Transparent, Traceable, and Explainable as required by regulators. The Audit trail is straightforward and clear. The system’s decision is based on pure mathematics and phonetics and computational linguistics, and there is no reliance on Artificial Intelligence.

https://www.wetransact.io/

AML Wire Sanction Screening

by Yosef Avital