Ongoing Sanctions Screening (pKYC)

Ongoing Sanctions Screening (pKYC)

Fincom’s advanced pKYC (Perpetual Know Your Customer) sanction screening solution delivers on-going, automated, fast, and accurate screening of customers, suppliers, and other entities against a wide range of lists, including sanctions lists, PEP lists, and internal watchlists.

The solution enhances both efficiency and effectiveness, ensuring institutions compliance with regulatory requirements. It is a vital tool in the fight against financial crime, including fraud and money laundering, while significantly reducing operational efforts and costs.

Key Features

• Accurate Matching Reduces false positives with precise name and entity resolution.
• Flexible List Coverage Supports sanctions, PEPs, global, internal, and custom lists.
• Case Management UI Enables fast, auditable decisions with full list context.
• Built-in Alert Suppression Automatic approvals for repeated alerts based on past decisions, unless data is changed.
• Multi-Language Support Screens names in 44 languages using native alphabets.
• Automated List Updates Keeps all lists current with the latest regulatory changes.

Agility & Scalability

The system is cloud based and deployed on Azure, with

• Flexible, adaptable, and scalable
• Customized configuration
• Offers simple integration and fast deployment

Key Benefits

• Cut Costs by 90%+ Proven to reduce operational expenses by over 90% in major financial institutions.
• Streamlined Ongoing KYC Automates screening in predefined schedules across customers, employees, and vendors.
• Built-In Case Management Intuitive interface for fast, frictionless alert resolution.
• Minimized Alert Rate Industry-leading alert rate below 0.5% through smart filtering and suppression.
• Scalable Operations High-speed screening processes large data files in minutes.
• Regulatory Confidence Ensures AML compliance with full audit trails, transparency, and reporting.
  
  

Read more About Fincom

https://www.wetransact.io/