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Aug. 10, 2022

Financial Crime Compliance: The Importance of AI-Enabled Integrated Data Sources (Fintechly)

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Harinder Singh Sudan, our Senior Vice President of the Financial Intelligence Unit has had this article published on the fintech website Fintechly.

In the article, he explains how the combination of exorbitant costs in maintaining traditional screening solutions, concern over growing regulator penalties, and insufficient data quality and coverage have left firms looking for a new approach to Financial Crime Compliance.

BlackSwan Technologies can support banks with real-time streaming, integration with multiple data vendors, and the ability to define their own screening logic within one system. In addition, they would have the ability to manage alerts, and be able to easily use all of the algorithms within the system itself, with an intuitive, clean user interface. The system would feed the data, enabling thousands of users to use the system at once, with only one data list. Most importantly, the bank wouldn’t need an extortionate user licence-based setup. This means the organisation does not have to rely on separate providers for every part of the setup and can consolidate data across data providers with a data-only licence model. 

Read the full article here


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