Equifax (NYSE: EFX) is assisting regulated businesses with the introduction of new AML Compliance Solutions designed to lessen the burden of AML (anti-money laundering) regulatory compliance for FS firms and related industries by flagging potential associations between “a prospect and activities that may indicate potential money laundering.”
The AML solution from Equifax uses artificial intelligence to provide organizations that receive, handle and disperse currency with a near real-time offering that “screens and monitors individuals and entities against a broad range of global sanctions, enforcement and high-risk businesses lists.”
Organizations such as banks, credit unions, online payment platforms, brokerages, life insurance providers, real estate law firms and virtual asset service providers can help “ensure they are engaging with a person or entity that is clear of any sanctions or watchlists.”
Ajay Guru, Senior Vice President and General Manager of Identity and Fraud Services at Equifax said that their AML solutions are designed to empower regulated organizations with “the insights needed to strengthen their compliance efforts and manage the risk of penalties, helping them navigate the complexities of AML compliance.”
There are various screening sources that must be researched for an organization to meet the requirements of the laws “associated with preventing, detecting and reporting money laundering scenarios, and managing multiple searches can lead to potential missed matches.”
This offering solves the challenge of managing screening resources by offering users access to over “150 sanctions and watchlists and 30,000 adverse news sources globally through a single platform.”
The platform leverages an Intelligent Match Engine (IME) that uses the latest advances in AI and machine learning by “incorporating vectors that improve the error-prone and costly nature of traditional logic matching.”
IME is utilized in initial screening, portfolio monitoring and portfolio remediation, which is designed “to lead to improved match accuracy and reduced false positives, as well as time and cost savings.”
The AML Compliance offering now reportedly includes options to support customers’ compliance efforts:
- Portfolio Monitoring: Ongoing, continuous monitoring of customer portfolios supports due diligence throughout the life of customers. The platform’s real-time callback mechanism allows for immediate notification of alerts instead of having to wait for daily or weekly processing periods.
- Human Analyst Review: A global team of experienced human professionals are available to conduct manual false positive reviews utilizing customer-specific policies for alert/no alert.
- Portfolio Remediations: Also known as look-backs, Equifax is available to perform portfolio remediations when the need arises. Remediations can be done against all data sources and are reviewed by a human analyst prior to portfolio return.
- Case Management UI: A purpose-built UI designed for the unique needs of AML compliance teams to allow for efficient review, management and disposition of alerts.