Intelligent Search Technology (IST) provides a suite of anti money laundering software to assist organizations in their compliance efforts. ISTwatch, an AML screening and compliance tool, allows organizations in the banking, financial, and investment communities to reduce risk by actively checking prospects and clients against denied persons lists.
ISTwatch can quickly search and match names and entities against a number of global watch lists such as OFAC's Specially Designated Nationals (SDN), Politically Exposed People (PEP), and Financial Crimes Enforcement (FinCEN). To view all of our Global Watch List options click here.
ISTwatch anti money laundering software provides:
- Reduced risk for your organization
- Fraud protection
- Protection from non-compliance fines & violations
- Accurate screening
Reduce Risk -Mitigate organizational risks from fraudulent activity by identifying high risk individuals/entities and matching them against global watch lists. By regularly screening new customers, vendors, employees, and other business related entities, you can reduce financial risk associated with fraudulent activity and money laundering.
Avoid fines from violations -The fines for non-compliance violations can be substantial. Depending on the program, criminal penalties can include fines ranging from $50,000 to $10,000,000 and imprisonment ranging from 10 to 30 years for willful violations. With the help of ISTwatch, suspicious transactions can be identified before it is too late.
Reduce the amount of false positives in screenings -Through our advanced search and matching technology, IST successfully created a system that overcomes many significant variations while reducing incidents of false positives. False positives are people and/or organizations that should not be blocked but are flagged as potential blocked candidates. User controlled similarity thresholds and confidence levels allow complete flexibility in the matching process. Fuzzy or exact matching can be performed on other identifiers such as dates in different formats, addresses, passport numbers, etc.
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