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Compliance professionals face mounting pressure to ensure they adhere to sanctions and enforcement regulations. Legacy sanctions screening solutions are putting organizations at risk, burdened by false positives/negatives, inefficiencies and inaccuracies of endless manual reviews that can lead to costly regulatory enforcement action including consent orders.

Recognizing these challenges, we’ve leveraged our cutting-edge artificial intelligence and machine learning technologies to develop a novel approach to sanctions and risk screening that sets a new standard for precision and efficiency. Socure is proud to unveil our latest innovation, an AI-powered global watchlist screening with monitoring solution offering automated sanctions compliance with precise and accurate results.

A leap forward in accuracy and efficiency

Gone are the days of facing a large number of potential matches and the error-prone task of manually reviewing them to make a potentially high stakes customer decision. With Socure’s new Global Watchlist Screening with Monitoring solution, clients can expect a game-changing 20% improvement in sanctions screening accuracy compared to competing offerings, with a 30% decrease in false positives. Furthermore, we’ve slashed manual review time by an astonishing 75%, from an industry average of 10 minutes to just 2.5 minutes streamlining operations and enabling teams to focus on higher value tasks.

Central to this success is the industry’s first two-stage scoring system, paired with strong operational controls. First, the solution produces a name match score that leverages advanced entity resolution to surface potential matches within customer defined tolerances. This score creates a “candidate pool” and helps a customer clearly demonstrate sanctions compliance.

From these potential matches, each personal identifiable information (PII) element is scored for relevance to elevate the correct profile and generate an overall entity correlation score, ensuring the customer in question is matched accurately. This second score helps answer the likelihood that the customer and the source list match are indeed the same person, answering the same question that an analyst tries to match in a manual review.

This approach not only minimizes false positives, but also reduces the need for manual intervention resulting in a 60% savings in resource and staffing costs from fewer reviews and less time spent for remaining reviews.

As an example, a high name match score and low entity correlation score is indicative of a false positive, and Socure’s customers can choose to automate dispositioning of irrelevant matches with customizable tolerance thresholds saving time and resources.

Enhanced capabilities for optimal performance

With Socure’s AI-powered solution, clients gain access to a suite of enhanced capabilities designed to elevate their compliance operations including:

Improved search capabilities

A proprietary search algorithm, bolstered by enhanced machine learning models, delivers superior precision and recall. Smarter filtering capabilities ensure that irrelevant hits are minimized, while customizable tolerance levels allow for fine-tuning to specific compliance needs.

Additional reason code intelligence to prevent prohibited transactions

Socure further protects organizations by alerting via a reason code of a customer that has an IP address, email address or phone number originating from an OFAC sanctioned country. This additional check provides assurance that a prohibited transaction, such as a money transfer to/from a sanctioned country, is blocked.

Streamlined case management powered by generative AI for informed decision-making

Socure employs generative AI within its watchlist solution to automatically filter, rank, classify, extract, or summarize various information from processed data to highlight relevant insights. This eliminates unnecessary manual intervention so customers receive results that are easier to understand and more useful for making risk decisions.

For cases requiring review, Socure’s intuitive case management system expedites analyst review with automated case generation and assignment paired with generative AI for a detailed entity resolution analysis, explainability for audits, and a system generated recommended course of action. With just one click, analysts can accept the disposition.

Self-service audit and report generation

When the need arises to review prior decisions, clients can effortlessly generate on-demand reports for logs of source list updates and the ability to generate custom reports on-demand. This empowers clients to provide comprehensive and precise reporting to sponsor banks, regulators, and for internal review of adherence to policy. The entirety of a case is stored including customer input data, the matched entity, any analyst and supervisor discussion, along with genAI explability of the decision.

Natural Language Processing (NLP) and deep learning revolutionizes adverse media screening

Risk screening through adverse media has long been plagued by overwhelming false positives, driven by simple boolean string match criteria used by legacy solutions. Socure has solved this problem with a novel approach leveraging natural language processing and deep learning to perform contextual risk assessment. For example, an article published about a large number of shots in a basketball game can accurately be classified by Socure as not relevant and an article related to a sporting event, instead of an incorrect match for a violent crime as is the case with legacy keyword matching.

Empowering compliance excellence

At Socure, we’re dedicated to empowering our clients with cutting-edge solutions that set the new standard of excellence in compliance. With our AI-powered Global Watchlist Screening with Monitoring solution, organizations can unlock unparalleled precision, efficiency, and confidence in their compliance operations. Say goodbye to outdated methods and hello to a transformative approach that reduces noise, sharpens accuracy and elevates operational efficiency.

Speak to one of our compliance experts to schedule a demo, or attend our webinar to learn more and get your organization on a path to the most accurate and confident sanctions and risk assessment available.

Matt Johnson
Posted by

Matt Johnson

Matt Johnson

Matt is the Director of Product Marketing for KYC and Global Watchlist solutions at Socure. Prior to Socure, Matt established and led the product marketing efforts for fraud and identity solutions at TransUnion.