Adverse media screening is a grey area. It is not particularly clear if it is a legal requirement, but some banks have been flagged for engaging with illicit people, which a simple adverse media search would have told the bank not to engage that person.
In a new blog post from Quantifind, it states, “Quantifind offers a better way to ensure you’re not banking the next Jeffrey Epstein.”
Adverse media screening involves searching for negative news about a person or business. Sources for this are traditional news outlets, such as print and digital newspapers, radio and more. It also includes newer sources of information, such as web posts, blogs, social media and more.
These types of searches can be helpful in finding illicit doings of people, helping bolster AML and KYC processes.
Quantifind’s new post states these adverse media searches can be better than a simple comparison of names against watchlists or a “limitless open source search full of diversions and distractions.”
Its Graphyte platform is used by tier one banks, regional banks and neo banks to conduct daily adverse media checks for tens of millions of customers. It claims its services improve their productivity by more than 40%.
It states that traditional adverse media processes combine software and analysts, which causes regular worker disruptions and requires data sharing from outside of jurisdictions. It also claims these older systems identify the wrong person or company 90% of the time, use outdated lists, miss emergent threats, fail to understand languages other than English, lack context and more.
The Quantifind platform sets itself apart by doing the opposite. The 100% subscription-based SaaS solution has end-to-end encryption and is driven by AI to ensure 90% accuracy with its findings.
Its platform also boasts the ability to search foreign-language sources and assess risk in the native tongue, with non-Roman character sets used.
Some of its other accolades include limitless risk assessments generated in real-time using all available data, full-text search against millions of articles, dynamic risk typologies that evolve with the threat landscape, and programmatic search performed anonymously and integrated with open source searches.
Finally, the platform leverages name science to quantify expected name variants and name frequency within a specific country to assess the probability of a true match.
Read the full blog post here.
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