AML and Sanctions Screening Review

Identify high-risk entities and protect your business with pre-built automation solutions for AML and sanctions screening, all without manual alert review. Integrate with your preferred screening solutions, from RDC to Refinitiv to Fircosoft and others.
Pre-built automation solutions for screening alerts review
Payment Screening Alert Disposition
Streamline the manual review of alerts generated by your payment sanctions screening system with Wor...
Payment Screening Alert Disposition
Streamline the manual review of alerts generated by your payment sanctions screening system with WorkFusion's packaged automation solution.
Name Screening Alert Review for Sanctions and Politically Exposed Persons
Streamline the process of name screening alert review with WorkFusion® Intelligent Automation and re...
Name Screening Alert Review for Sanctions and Politically Exposed Persons
Streamline the process of name screening alert review with WorkFusion® Intelligent Automation and reduce cost and manual efforts involved in determini...
Adverse Media Monitoring (Negative News)
Streamline investigation of negative news and reduce the risk of regulatory penalties with WorkFusio...
Adverse Media Monitoring (Negative News)
Streamline investigation of negative news and reduce the risk of regulatory penalties with WorkFusion® Intelligent Automation solutions.
Sanctions List Update QA Check
Eliminate the manual review of screening list completeness in your screening system whenever the OFA...
Sanctions List Update QA Check
Eliminate the manual review of screening list completeness in your screening system whenever the OFAC SDN or other screening list is updated.
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Customer Study

Read how two completely different banks, Deutsche Bank and Carter Bank & Trust, automate their AML & screening operations, dramatically increasing screening capacity and saving millions.

WorkFusion White Paper

Receive an in-depth view of how automation can redefine a sanctions screening program by changing what is possible and creating the ‘New Normal’ in economic sanctions compliance.

Need help?
Talk to our automation experts.
They will help you select the best use case for your business and demonstrate how to scale the automation further with Intelligent Automation Cloud.

AML and sanctions screening faces many challenges

Over the past 10 years, enforcement actions related to AML have been on the rise. Regulatory authorities have become more vigilant in the battle against money laundering and terrorist financing, with regulators levying $36 billion in fines worldwide.

The growing importance of AML compliance, coupled with the inability to increase screening capacity fast due to the use of outdated technologies and inefficient processes, creates several challenges for financial institutions:

  • Rising costs

    AML teams’ staffing and training cost large institutions hundreds of millions annually and create significant cost pressure for institutions.

  • Operational inefficiency

    Analysts spend most of their time performing nonanalytical work, such as gathering manual data across multiple systems. A lot of effort is wasted on checking what turn out to be false positives, which account for 95% of screening results.

  • Poor work quality

    Inconsistency in decision-making across analysts and variability in recorded audit trails creates a challenge. In the best case, this results in unnecessary work for L2 teams; but in a worst-case scenario, the bank can miss a true hit and get exposed to sanctions risk.

  • Employee dissatisfaction

    Tedious manual work creates a poor work experience for employees, resulting in high turnover.

  • Poor customer experience

    Delays in account opening or payment processing and navigating an excess of touchpoints in the process all impact the customer experience.

To remediate these inefficiencies, financial institutions should integrate Intelligent Automation solutions into their current technology infrastructure.

Eliminate false positives with pre-built solutions for AML and sanctions screening review

Within 12 weeks of implementation, our solutions for AML and sanctions screening review can drastically reduce the number of false positives generated by screening software, reduce the manual work required to dispose of them, and improve both the work experience and employee performance.

Payment Sanctions Alert Disposition reviews alert messages generated by a payment-screening system and identifies whether notices are false-positive or require additional review. A person sees the evidence and rationale on a single screen and makes the final decision. This solution reduces the number of false positives requiring review by 75%.

Name Screening Alert Review for Sanctions and PEP determines if an alert related to a customer’s name is a true match or a false positive. The solution lowers the number of false positives an analyst must review manually, reducing the time and effort required to define whether a customer is a politically exposed person (PEP) or on a sanctions list.

Adverse Media Monitoring streamlines the negative news search process by analyzing articles’ risk content and sentiment and compiling a list of flagged articles that need analysts’ attention and judgment — helping analysts make decisions 10x faster and enabling the team to process larger volumes with higher accuracy.

See how the solution works:

Reap the benefits of Intelligent Automation

By adopting WorkFusion® Intelligent Automation, financial institutions can gain a number of benefits, including:

1
Lower compliance cost
There is no longer a need to expand your AML screening teams, so lesser affiliated costs are required.
2
Increased efficiency
By reducing error-prone manual work, companies can free up their FTEs for more complex alert review.
3
Improved transparency
By delivering a predictable and auditable outcome, automation solutions provide better transparency for regulators.
4
Enhanced capacity
With tedious work performed by bots, your teams are capable of processing more entities during the same amount of time.

Want to learn more?

Read about WorkFusion’s automation solutions for AML screening, sanctions screening review and other anti-money laundering operations, find more customer success stories, white papers by WorkFusion experts and analyst reports on our website.

Go to WorkFusion website →

Need help?
Talk to our automation experts.
They will help you select the best use case for your business and demonstrate how to scale the automation further with Intelligent Automation Cloud.