With financial crime on the rise and compliance demands continuing to evolve, the financial services industry continues to face demanding risk and regulatory challenges. Whether it’s a previously undiscovered network of money launderers or a new set of compliance regulations to an impending regulatory examination, the requirement to clearly understand risk related to the firm's’ customers and their activities remains an elusive and unmet need within the industry.
With decades worth of investment, from KYC, customer screening, and customer risk assessment to transaction monitoring and case management, you would think the industry had the technology and solutions in place to meet their regulatory and risk obligations. The unfortunate truth: that’s not the case. Criminals are smart and technology designed to discover their activities just hasn’t kept up with their methods, isn’t able to learn, and can’t predict where they’re operating, but that’s about to change.
We see things differently. The Merlon Ecosystem is designed to leverage the latest in artificial intelligence and machine learning and plugs directly into current financial crime and compliance (FCC) solutions. Our solution based ecosystem will AI enable your current FCC solutions and will automate and augment their capabilities, making your customer onboarding, risk assessment and transaction monitoring capabilities smart, nimble and continuously learn from industry news, ongoing KYC reviews, monitoring and case management processes.
- Reduced False Positives Across all FCC Functions
- Combat Financial Crime with Artificial Intelligence
- Increase the value of current FCC investments
- Automate Risk Ranking and Recommendations
- Eliminate Screening, Monitoring and Review Choke Points
- Understand, Automate, Recommend and Predict
Every customer has a different story, some are interesting, some are confusing, and some are relatively simple. Regardless of their story, every new customer needs to be screened, their connections, background and business needs to be understood and their risk accurately assessed. This needs to be done quickly, efficiently and effectively.
Intelligent list management
Sanction list management has become a complicated task for the financial crimes and compliance function within today's leading financial institutions. With sanction lists being supplied by US agencies such as Office of Foreign Assets Control (OFAC), European lists such as Her Majesty’s Sanction Regimes and Global lists such as the UN Consolidated lists, managing these industry lists in addition to internal lists can become a risk management function on its own.
Until recently, understanding customer risk has been relegated to KYC processes that relied on periodic risk assessments and semi-annual enhanced due diligence reviews. These processes used labor intensive information gathering tasks and manually intensive risk assessment functions. Neither are these steps effective nor efficient.
Alerts are generated across the entire financial crimes and compliance workflow. From exceptions raised during customer onboarding, to KYC reviews and transaction monitoring, the alert triage process has become a costly undertaking for every compliance group within the financial services industry.