A robust, scalable solution for banks to automate the pre-screening of documents in order to expedite and facilitate sanctions compliance.
Sanctions compliance within financial institutions is a necessary defense against fraud and terrorist financing. Regulators worldwide require that banks demonstrate that they have implemented appropriate sanctions compliance measures. Banks must screen every single document that enters the organization against multiple databases (FATCA, AML, OFAC, etc.) in order to comply with strict US, European, and international regulatory controls.
With the availability of new technologies and avenues for transactions, document screening practices today are challenged with covering a broader scope of incoming data than before. Screened documents such as trading documents, payment instructions, remittances, and more are still largely paper-based. While manually screening some these documents alone may be feasible, the sheer volume of supporting documents makes manual screening a futile effort.
Our Document Sanction Screening solution sits on the TIS eFLOW platform. eFLOW uniquely serves the technological and operational needs of banks for an input management platform that is easy to manage and maintain. It has the ability to robustly, scalably, and concurrently manage diverse document-driven processes within banks that span retail and commercial banking departments, along with the agility to integrate these processes with multiple host or core banking systems.
eFLOW Document Sanction Screening is designed for customization and can be deployed as a standalone or as part of your existing sanction system. It automates the pre-screening of words and phrases that may potentially fail the sanction list or black list. The functionality performs full-page recognition for incoming documents, parsing the data and performing optional entity identification followed by matching with the sanction list (example OFAC). The results can either be presented to human checker or sent to an existing sanction system. Using eFLOW to accomplish this task typically improves its operational efficiency by 100%, equivalent to a 50% labor cost savings.
Reduce document processing time by 80%. DSS performs 100% screening on all incoming documents, including attachments. You can increase your screening load and scope via multiple databases without the need for more human resources.
Reduce mundane manual work, increase accuracy. Automating document screening not only increases process efficiency, but it frees up your valuable human resources to focus on more value-added tasks. Without the possibility of human error due to fatigue, accuracy is increased.
Built-in audit trail to facilitate compliance. The DSS automatically accounts for all actions performed by the system as well as system user actions, such as number of words hit, number of words changed, etc.
Aids and expedites final approval of sanctioned documents. The system provides a graphical display of screening results, color coding the specific words in the document for easy recognition. This facilitates the task of deciding whether or not the suspected candidate should proceed to the sanction system.
User-defined keywords increase accuracy. The system allows users to input their defined blacklist keywords, introducing them to the database for future searches.
High availability for maximum operational efficiency. The eFLOW platform, on which the DSS is built, is highly scalable and flexible in terms of functionality and volume. It supports high availability, never suffering from tiredness or absenteeism.
The Document Sanction Screening solution includes Natural Language Processing, or Named Entity Recognition. It adds a unique advantage to the automatic screening process, enabling identification of entities (location, organization name, etc.) from a given string of words. This enables you to omit screening of unnecessary words that can cause false negatives, and eliminates the need to maintain a database for entity extraction.
Instead of running sanction screening on full-page documents, encompassing all words and phrases, Natural Language Processing is used to first identify entity candidates from the full page, so the sanction screening can then be performed on the identified entities.
We’re sure you have questions, and we’d love to answer them. We recommend the following reading to learn more about the power behind the Document Sanction Screening solution and eFLOW.
For technical information about our pre-sanction screening module, we recommend reading this technical document. It goes in-depth into the discussion of various researched concepts like Levenstein Distance and Words scoring.
eFLOW is a dynamic capture and workflow platform that’s powerful enough to drive a wide range of business processes—from banking processes to customer onboarding and communications to digital mailroom and more. Read more about it here.
Check out the TIS blog to access the insights of industry experts and thought leaders surrounding leading topics in banking process automation and more.
Have questions about eFLOW Document Sanction Screening? We’d love to hear from you. Just get in touch.