Sanctions Screening Software for Banks and Insurers
How does software auto-match data on individuals and companies with sanctions, PEP and adverse media lists?
And what impact does AI have?
How does software auto-match data on individuals and companies with sanctions, PEP and adverse media lists?
And what impact does AI have?
Sanctions screening software checks customer data against entries in sanction, adverse media, and PEP (politically exposed person) lists using comparison algorithms.
Banks and insurers then use sanctions screening in banking during the onboarding process, but they are also obliged to review customers and business partners regularly throughout their business relationship. The need to identify and monitor new and existing customers on an ongoing basis is part of the KYC (Know Your Customer) process and helps underpin anti-money laundering regulations.
Sanctions screening tools can struggle with false positives, namely alerts generated by the software to flag potential risks. Although technically accurate, they do not always indicate high-risk individuals. Since a compliance team member must investigate each false positive, banks and insurers increasingly use machine-learning techniques. Combining compliance staff’s expertise with data insights can help streamline sanctions screening and make it more effective.
„The numerous benefits reaped through HCOB include far smoother and powerful transaction monitoring and scope to define risk criteria in much finer detail. Customer risk scoring and compliance reporting procedures have also been streamlined, with all relevant data now swiftly accessible and integrable in a data warehouse.”
Dr. Michael Sendker
Head of the Compliance Digitization Project, Hamburg Commercial Bank
ACTICO Customer Screening is an AI-powered software solution for banks and insurers. It automatically compares customer data against the sanction, PEP, and Adverse Media lists. One key advantage is fewer false positives, achieved by leveraging machine learning to automate case processing. Both on-premises and cloud operations are supported.
For compliance teams, quality is the top priority and sanctions screening software must perform flawlessly. This point is particularly crucial.
Automatically cross-check personal data against sanctions, PEP and adverse media lists, use machine learning and reduce false positives. Our experts are happy to answer any further questions you may have.
When it comes to sanctions list checking software, banks and insurance companies have differing requirements.