Adverse media screening is a regulatory requirement of financial authorities around the world. Whether in the United States to comply with the Bank Secrecy Act as stated by the Financial Crimes Enforcement Network, in Europe required by the European Commission from the Sixth Anti-Money Laundering Directive or in the United Kingdom by the Financial Conduct Authority and several other regulators elsewhere in the world, its enforcement remains strict and mandatory.
The process of screening a financial institution’s client (individual or corporate) against news sources, Web articles, databases of international organizations or similar content can be grossly ineffective if not automated and conducted manually. In this context, it can be extremely time-consuming to analyze increasingly large volumes of information and be prone to errors (human errors, fakes news and false positives).
An AI-Driven adverse media screening solution is one of the cheapest, fastest and most efficient way to achieve global compliance.
FinCrimeTech AI proposes a new AI system trained to understand the regulatory process around the world and analyze financial crime compliance risk. It ingests millions of unstructured data and extract relevant articles, automatically detect red flags, non compliance matching, process crime sentiment analysis to describe the profile of the client’s reputational risk in the way to ensure KYC and Anti-Money Laundering (AML)/CTF onboarding process. It is automated and easy to integrate into any existing system.