Fintech solutions: AML & Name Screening demystified

Fintech solutions: AML & Name Screening demystified

Antony Bellingall, Director and Co-Founder of Idenfo, unpicks the challenges faced by financial institutions when it comes to AML best practices

AML Name Screening in U A E Benefits and Risks

AML Name Screening in U A E: Benefits and Risks
As the name suggests, AML name screening is a process used to ensure that businesses and individuals are not engaged in any illegal activities.
Name screening is an essential part of any business, especially in the U A E. By performing AML name screening, you can ensure that your business is operating within the law and that it is not a front for any criminal activity.
What are the Benefits of AML Name Screening In U A E?
There are many benefits to performing AML name screening in the U A E. These benefits include the following:
– Protection of your business from any illegal activity
– Increased security for your business
– Increased trust and confidence from your customers
– Increased safety for your employees
What Are the Risks of Not Performing AML Name Screening In U A E?
The risks of not performing AML name screening in the U A E include the following:
– Increased risk of your business being involved in illegal activity
– Increased risk of your business being shut down by the authorities
– Increased risk of your business being used by criminals
– Increased risk of your business being involved in money laundering
AML name screening is an essential part of any business and should be performed by all businesses operating in the U A E. By ensuring that your business is operating within the law, you can protect yourself and your customers from any illegal activity.

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DISCLAIMER: The opinions expressed in this video are that of the participants and do not reflect those of the organisation


• What are the biggest hurdles FIs currently face in monitoring customer transactions?
• What level of integration should there be between technology and human elements to best monitor suspicious transactions effectively?
• How can technology be used to best build a holistic view of the customer and associated level of risk?
• How should financial institutions cooperate with third-party payment service providers to best counter AML and Financial Crime?

Vangelis Tsianaxis, Head of AML Financial Crime Analytics, Santander UK

Manuel Lackus, Head of Transaction Monitoring IT, Credit Suisse
Muken Ladva, AML Strategy Lead – EMEA, NICE Actimize

What is a Fintech | Machine Learning in the AML Industry | Well known Fintechs in AML – KYC Lookup

What is a Fintech | Fintech in the AML Industry | Well known Fintechs in AML – KYC Lookup

In this video tutorial we focus on What is a Fintech, Machine Learning in the AML Industry and how banks and financial institutions are using them as part of their AML process.

►Link to our AML/KYC Courses

Other topics covered in this AML Tutorial:

❂ What is a Fintech
❂ Fintechs in the Financial Services industry
❂ What is Machine learning and hows its being applied in the AML industry
❂ What is Blockchain
❂ Well known Fintechs in the AML Industry

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Sanctions Coverage PEP Screening, Enhanced Due Diligence Anti Money Laundering

Money laundering crimes take many forms.

One step in stopping money laundering is avoiding sanctioned parties and identifying high-risk individuals on whom you perform proper and adequate Enhanced Due Diligence.

You are chartered with addressing compliance requirements. And sanctions and PEP screening is a part of that. You know that if a sanctioned actor gets through, your company reputation can be irreparably damaged, and you could be fined to boot.

But, with the wrong software and operational process, false positives can up-end your operations.

IdentityMind now Acuant Compliance has the solution.

We help you by providing the right lists to screen against.

We provide 350+ lists.

But, having access to a wide selection of lists doesn’t mean that you’ll want to use them all, every time you screen a prospect. That may cause your alert volume to go through the roof as well as likely unnecessary.

Use the lists through risk profile-based segmentation

By user or business profile
By country or jurisdiction

It means that you can always screen against the right lists.

And simply choosing the right lists reduces the false positives that occur during the normal course of screening.

In addition, our matching engine enables you to match against strong aliases (i.e. a.k.a), and also against the original character-set as specified within the lists . Our engine uses CosineSimilarity, Phonetic and distance algorithms for the best matches possible to make sure you are not missing anything and can’t be easily fooled by sanctioned individuals trying to avoid detection. Further reduction of false positives is accomplished by filtering by date of birth, and by location.

You can customize the thresholds that the platform uses for matching by specific list, as well as which algorithms you want to use.

The engine also stays on top of newer regulations like matching against cryptocurrencies, by being able to match crypto addresses and their users.

The net result is better matching, fewer false positives and false negatives ensuring no regulatory findings.

350+ lists
Rules-based list checking
Machine learning-based matching
Social screening
Crypto address screening

Avoid the fines and protect your reputation with IdentityMind.

A solid customer identification and due diligence program is a major component of any organization’s AML architecture, made up of identity verification, document verification, entity disambiguation, enhanced due diligence for riskier customers (that is, a risk-based approach), and understanding interrelations inside the whole ecosystem.

Digital identities play a vital part in tying all of these requirements together, as they allow multiple attributes to be bundled, related and mapped to one other, resulting in far better-informed risk management decisions and improved detection rates. The IdentityMind RegTech platform utilizes digital identities and offers a set of specific tangible elements: reputation, identity graph score, and tag framework, which work together to allow you to put that risk matrix to work for your financial institution, bank, MSB, Fintech, online business, or any other enterprise where compliance is a must.