About a-team Marketing Services

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: Multi-cloud environments – How to maximise data value while keeping on the right side of privacy and security

Multi-cloud environments have much to offer beyond single-vendor cloud setups, including the benefits of access to a variety of best-in-class cloud solutions, opportunities for price optimisation, greater flexibility and scalability, better risk management, and crucially, increased performance and availability. On the downside, multiple cloud vendors in a technology stack can cause complexity, more vulnerabilities, and...


Data Strategy is Changing as CDOs Focus on The Business, People and Processes, and Add a Little Magic

Data strategy has evolved over the past 10 years, but not necessarily in step with new data management technologies, not always in line with the business, and sometimes with little regard to return on investment. A recent CDO panel discussion at A-Team Group’s Data Management Summit NYC, discussed these and other issued during a session...


ESG Data & Tech Summit London

The ESG Data & Tech Summit will explore challenges around assembling and evaluating ESG data for reporting and the impact of regulatory measures and industry collaboration on transparency and standardisation efforts. Expert speakers will address how the evolving market infrastructure is developing and the role of new technologies and alternative data in improving insight and filling data gaps.


Regulatory Data Handbook 2023 – Eleventh Edition

Welcome to the eleventh edition of A-Team Group’s Regulatory Data Handbook, a popular publication that covers new regulations in capital markets, tracks regulatory change, and provides advice on the data, data management and implementation requirements of more than 30 regulations across UK, European, US and Asia-Pacific capital markets. This edition of the handbook includes new...