support@velocity.com

How does the module work?

The retail banking sector is flourishing, making transactions faster and more convenient. But this has also led to an increase in financial crimes. From fraud to money laundering, financial crimes in retail banking represent not just a threat to individual banks but to the stability and integrity of the global financial system.

Input
  • Watch Lists
  • Customer Data
  • Transaction Data
Process
  • Batch screening
  • Filtering and match scoring
  • Real time transaction interdiction
  • Real time list change monitoring
  • Fuzzy / Phonetic matching using Machine Learning
Output
  • Alert Reports
  • Alerts: Release, Block, Escalate
  • List Update Notifications

Smart And Powerful Sanctions And List Screening

  • Capable of screening against any custom lists defined by the regulator or the institution.
  • Easily integrates with core payments/banking platforms and applies smart filters, fuzzy logic, and
  • scoring criteria along with a build-in alert management workflow making it easy to manage alerts.
  • The system integrates data from UNSCR/OFAC/OSFI/Australian/EU/UK (HMT) lists through web services
  • and offers change notifications in real time.
  • Can handle a large volume of data.
  • Built-in workflow for alert management.
  • Available PEPs list for screening and integration capabilities with third-party data providers.
  • Able to perform screening for
    • LC opening
    • Bearer checks
    • Existing customer screening
    • Account opening/customer creation
    • Remittance transactions/bulk screening
    • SWIFT message interdiction and screening (outgoing & incoming)

Automate your sanction screening with Velocity

With increasing complexity in the sanction software cost, compliance, regulations, and expectations, financial institutions might face a lot of problems like false alerts, inefficient processes, increased cost, and potential gaps in the compliance program. This can put a financial institution at risk of reputational damage and penalties. Velocity’s Sanction and List Screening software automates and increases the efficiency of sanction compliance programs. The software helps the compliance team to effectively monitor and investigate the risk, and detect suspicious activities, if any. Velocity’s SLS software helps the financial institutions to adapt as per the changes in the sanctions and stay compliant. It helps to manage the risk, especially when the volume is high.

Features

Flexible and Efficient
The solution is fit for the institutions of all sizes and is highly configurable.
User-Friendly
Velocity’s SLS software is easy to use and comes with customisable settings.
Generates High-Quality Alerts
By analyzing the multiple-data sources, the system generates high-quality alerts.
Accurate Results
Velocity’s SLS is an advanced software designed using AI and machine learning, ensuring improved accuracy.
Adaptable
The software is designed to reduce the complexities and adapt as per the changing demands.
Scalable
Velocity’s SLS is highly scalable and can handle large volumes of data in real-time.

Benefits

Improved accuracy and minimized false positives
Traditional rule-based software generates a high number of false positives where genuine transactions are flagged as suspicious. Velocity SLS risk scoring modules enable further refining of suspicious transactions where more emphasis is put on the high-risk areas. In addition, the software utilises machine learning, AI and sophisticated algorithms thereby generating accurate results.
Increases efficiency
Our sanction screening tool will save you time and resources by automating AML processes. It screens various data sources and watchlists maintained by OFAC and other government agencies. When a match is identified reports are sent in real time to your compliance teams for further review.
Automatic ongoing screening
With an AML-sanction screening tool like Velocity SLS, you don’t have to worry about initiating a manual screening. Velocity SLS can perform screening on existing customers.

FAQs

How do sanctions and list screening software help businesses ensure compliance with international sanctions and watchlist requirements?

Velocity integrates data from UNSCR/OFAC/OSFI/Australian/EU/UK (HMT) lists through web services and offers change notifications in real-time. The software is designed to screen against the major sanction regimes, and internal lists, and can address alerts and real-time batch processing. With the help of built-in workflow, it can effectively screen against various sanction lists, and investigate and generate alerts. This helps businesses to stay compliant with international sanctions and watchlist requirements.