Newest Version of FinScan® Makes AML Compliance Screening Faster & Easier While Reducing Risk
Innovative Systems, Inc.’s latest software release features streamlined screening and review process to fight Money Laundering and Terrorist Financing more efficiently
PITTSBURGH, April 11, 2016 /PRNewswire/ — Innovative Systems, Inc. (Innovative), a leading global provider of enterprise data management and regulatory compliance software solutions, today announced the next generation of FinScan, its advanced sanctions and politically exposed person (PEP) compliance screening solution. The new FinScan release helps organizations combat money laundering and terrorist financing activities more efficiently and effectively by offering improved speed, additional workflow functionalities, and a more comprehensive view of their customers.
Today, organizations worldwide face ever-increasing and more complex regulatory requirements to screen customers, vendors, and other associates against sanctions and PEP lists. To meet these requirements, compliance departments are often pressured to review screening results in a relatively short amount of time.
FinScan helps organizations address these challenges by greatly reducing the effort required to screen their customer data against any internal or external list and review potential matches, while maintaining the highest accuracy. Beta testers found that FinScan’s enhanced speed and performance, more intuitive user interface, additional workflow functions, and custom reporting significantly increased reviewer productivity, freeing up resources that could then be focused on other important compliance efforts.
“Our customers have told us that with the ever-increasing complexity of sanctions requirements and fines for non-compliance growing every year, they need a solution that can help them screen more data in less time and allows them to review fewer hits more accurately,” said Joel Borsh, Innovative’s Vice President, North America. “We understand the need to control the number of the false positives while still minimizing the risk of missing true hits. FinScan is designed to address these needs.”
Additionally, FinScan is now enabled on Synchronos®, Innovative’s enterprise data management platform. Synchronos allows organizations to consolidate data from various sources and departments to create a consistent, comprehensive customer view. As a result, compliance officers can better identify and manage risk through an aggregate view of customer/household/organization, which can eliminate duplicate screening of the same customer and provide an all-inclusive view of the record that matched, enabling more accurate decision making.
FinScan incorporates the proprietary data quality and data matching technologies that have been the hallmark of all Innovative Systems, Inc. products for more than 45 years. It is highly scalable and seamlessly integrates with all third-party databases. FinScan can be delivered as a secure cloud, on-premise, or transactional software solution. Visit www.finscan.com for more information. Visit www.innovativesystems.com for more information on Innovative Systems, Inc. and the Synchronos enterprise data management platform.