The platform offers centralized access to a suite of anti-money laundering tools.
Innovative Systems has launched a platform — dubbed FinScan Marketplace — that provides centralized access to a suite of anti-money laundering (AML) tools encompassing sanctions screening, know your customer (KYC) checks, adverse media screening, payment screening, and risk scoring, officials say.
FinScan Marketplace has a single interface that is intended to streamline the management of compliance risk and unified case management via a hub for all related activities, according to Innovative Systems, a provider of enterprise data, compliance, and integration solutions,
The heart of FinScan Marketplace is “its unified case management system, which integrates all critical AML processes into a cohesive workflow,” according to Innovative Systems officials. The integrated platform is intended to save time and reduce errors.
The FinScan business unit offers AML compliance technology and consulting solutions intended to ease the identification and reduction of risk, and to accelerate AML compliance workflows — all to optimize AML productivity, officials say.
FinScan’s capabilities can screen lists from third-party risk databases, national and international watch lists, and internal lists. The system manages and monitors compliance lists from global regulators for additions and revisions and can update lists. Clients can also create customized lists and add government lists upon request, officials say. FinScan also has capabilities to cleanse and standardize compliance data and filters datasets across variables to adapt a configuration to a business’s risk exposure.
Innovative Systems’ solutions can be implemented via the cloud in a Software as a Service (SaaS) mode, on-premise, or as a hybrid solution.
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