ELEMENT of Compliance – Screening
Today’s Watchlist Challenges
Watchlist Screening of individuals and entities may be considered a fundamental, even straightforward, aspect of financial crime compliance. However, recent developments have raised the stakes for financial institutions:
Increased false positives and labour costs
Concern over growing penalties is increasing demand for labour to distinguish between entities with similar identifying information.
Indirectly associated parties (2- or 3- degrees of separation)
need to be incorporated in screening but are difficult to identify using traditional search techniques.
BlackSwan’s Approach
BlackSwan Technologies ELEMENT of Compliance provides a comprehensive set of watchlist screening features, such as hundreds of pre-integrated sources. Notably, the platform incorporates leading AI technologies, to deliver the most dramatic improvements to metrics that matter – more comprehensive entity coverage, reduction in false negatives and positives, and timely escalation.
ELEMENT of Compliance has been recognized by Chartis Research, an industry analyst firm dedicated to risk and compliance, in its RiskTech 100 rankings as a leading solution in the AML/KYC sector. Chartis took special note of the innovativeness of the application technology, particularly its AI-based “entity resolution” capabilities when distinguishing entities across data sources with similar identifying characteristics. One BlackSwan client, a global bank, increased entity resolution accuracy from 89% to 99.7%.
Key Differentiators
Comprehensive screening universe
Deploy quickly with pre-integration to hundreds of watchlists. Add and manage any number of standard or custom watchlists.
Flexible list management
Create any number of watchlists and connect to any source and any format, internal or external, industry-standard or unique.
Best-in-class entity resolution
Dramatically reduce false positives when distinguishing entities with similar identifying information.
Broadest assessment of related parties
Automatically discover relationships and activities that connect your customers to all types of associates, including Ultimate Beneficial Owners, and screen them against watchlists too.
Concurrent screening of all sources
Realise highly-scalable processing with consolidated findings in real-time for efficiency.
Integration with a complete AML/KYC solution
Manage all data sources; perform adverse media and transaction monitoring; enrich entity profiles, configure multi-dimensional risk scoring that applies machine learning; define workflows – holistically with ELEMENT of Compliance.
Add and manage any number of standard or custom watchlists.
Efficiently review list insights at a macro, source level, as well as entity-by-entity.
Additional Features
- Customisable screening frequency based on risk criteria or other entity groupings. Transition to a continuous monitoring & escalation approach to risk screening, ensure timely action and eliminate out-of-date information.
- Ability to configure multiple workflows and user roles based on multiple screening criteria, for efficiently addressing flagged situations
- Intelligent alert queue management, based on customisable rules as triggers, automatically escalates and prioritises cases for review. Improve handling KPIs.
- Fast system performance at any screening volume. Achieve world-class scale.
- Deployable as a standalone module integrated with existing systems, or as part of a complete AML/KYC solution.
An Integrated Component in Financial Crime Compliance
Screening is a core component of BlackSwan Technology’s ELEMENT of Compliance™. The solution addresses the full range of capabilities to support and augment financial crime compliance, including:
Other applications
ELEMENT™ of Compliance
Delivering an end-to-end financial crimes compliance process and leveraging advanced AI, this application addresses requirements for Know Your Customer, Anti-Money Laundering, Anti-Fraud, Watchlist Screening, Adverse Media Monitoring, and Transaction Monitoring & Intelligence, while dramatically increasing operational efficiencies.
KYC on Demand
Know Your Customer: KYC on Demand is a high-performance, high-security global solution that will allow your team to continue to onboard new customers, sell products and meet KYC obligations from anywhere in the world
Market Intelligence
The first autonomous, continuously-evolving index of companies with comprehensive, customisable profiles and analysis.
ELEMENT™ of Marketing
Gain new insights into customer behavior while personalising their user experience throughout the customer journey.
Underwriting
This application covers the entire underwriting process from identifying and quantifying the risks and exposure associated with potential clients, through negotiating with the customer on coverage cost, to analyzing complete markets, and beyond
Cyber Underwriting and Threat Intelligence
By continuously monitoring cyber events, and understanding the risks associated with existing and potential clientele, this application quantifies cyber risk, potential attack vectors, and offers mitigation plans
E-Discovery
A complete framework to support the identification, preservation, collection, processing, review, analysis and production of digital data in order to sustain mission critical business processes.
Risk
Detecting and quantifying different aspects of risk related to an enterprise operation, recommending policies for risk mitigation, and promoting offerings to address them.
Asset Tracing
This forensic accounting application allows tracing assets hidden in piles of data, and supports their recovery
Innovation hub
Bring in your secret sauce! ELEMENT™ allows you to easily develop new applications, utilize them commercially, and offer them to other organizations