About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

FinScan Combines Data Quality Experience with Technological Expertise to Deliver Agile AML Solution

Subscribe to our newsletter

FinScan has combined experience in data quality with technological expertise in screening to provide an Anti-Money Laundering (AML) solution designed to help financial institutions develop more efficient AML programmes that generate fewer false positives and support better detection of true alerts.

The company is part of Pittsburgh-based Innovative Systems, which was founded in 1968 and developed data quality solutions to cleanse, profile, match and link data with precision. In 1995, Innovative Systems applied its data matching technology to address the need for AML compliance screening and created FinScan.

“We have two lines of business, data quality, which provides our customers with accurate data to make better business decisions, and FinScan, an AML application based on our data quality engine,” explains Mayank Sharma, senior product marketing manager at the company. Data preparation capabilities provided by Innovative Systems improve screening accuracy and efficiency by fixing data anomalies and provide a base layer for FinScan AML, which includes modules covering customer screening, entity screening, transaction screening, ultimate beneficial ownership due diligence, and risk scoring of business relationships.

The solution comprises a proprietary data quality engine based on early work by Innovative Systems, a crowd sourced data dictionary that captures phrases and name patterns, and access to over 70 public sanctions and exclusion lists, including OFAC, HM Treasury, EU consolidated and terrorist lists, PEPs and more. Using cognitive and fuzzy data matching algorithms rather than rules-based probabilistic or weighted field scoring approaches common to many AML products, FinScan claims to reduce false positives and provide explainable matching that can be shared with regulators. The inclusion of AI automates the detection of names in different records and provides a simulation tool to suggest what users should see if a data field is missing.

FinScan can be used on premise, cloud hosted or in a hybrid environment with the majority of new users favouring the cloud option. It runs natively in the Microsoft Azure cloud, along with FinScan services such as constant updating of sanctions and PEPs lists. It can also be implemented in other clouds such as AWS or Google Cloud, although at this stage, users must manage the database maintenance and scheduling activities.

Sharma highlights FinScan’s differentiators in the AML market as advisory services provided to customers ahead of solution implementation, the capabilities of the company’s data matching engine, and its data dictionary. He concludes: “We go to market to help firms find hidden risk so that our customers can do business confidently.”

Subscribe to our newsletter

Related content


Recorded Webinar: How to leverage Generative AI and Large Language Models for regulatory compliance

Generative AI (GenAI) and Large Language Models (LLMs) offer huge potential for change across capital markets, not least in regulatory compliance where they have the capability to help firms understand and interpret regulations, automate compliance, monitor transactions in real time, and flag anomalies in the same timeframe. They also present challenges including explainability, responsibility, model...


Smarsh Augments Comms Surveillance

As regulators in the UK, EU, and US continue to come down hard on firms failing to maintain adequate control of business conducted over digital communications channels, Smarsh’s acquisition of TeleMessage in February aims to broaden the company’s offerings in the digital communications compliance and intelligence space.  Says CEO Kim Crawford Goodman. “Together with TeleMessage, Smarsh...


TradingTech Briefing New York

Our TradingTech Briefing in New York is aimed at senior-level decision makers in trading technology, electronic execution, trading architecture and offers a day packed with insight from practitioners and from innovative suppliers happy to share their experiences in dealing with the enterprise challenges facing our marketplace.


Dealing with Reality – How to Ensure Data Quality in the Changing Entity Identifier Landscape

“The Global LEI will be a marathon, not a sprint” is a phrase heard more than once during our series of Hot Topic webinars that’s charted the emergence of a standard identifier for entity data. Doubtless, it will be heard again. But if we’re not exactly sprinting, we are moving pretty swiftly. Every time I...