NICE Actimize has released a new WL-X screening solution that makes it easier for financial institutions to cross-reference user activity against various watch lists (WL). The solution can be used during onboarding, and provides ongoing coverage for future checks and transactions.
WL-X aggregates a number of different public and private watch lists, giving financial institutions the ability to run checks against multiple lists with a single simple step. The platform includes lists of politically exposed persons (PEPs), known fraudsters, and people who have been the targets of global sanctions, as well as any internal lists that an organization may have constructed over the years.
For extra security, WL-X uses biometric facial recognition to identify new customers during the onboarding process. In doing so, the system is designed to filter legitimate customers from sanctioned individuals, reducing friction for the former while still eliminating the risk associated with the latter. WL-X is compliant with the ISO 20022 standard, and can help financial institutions meet the latest international Anti-Money Laundering regulations.
WL-X can be used on-demand, as when someone signs up for a new account. The solution can also provide ongoing real-time screening of payments and other financial activity.
“Sanctions screening is a critical function across AML operations, but it still relies on traditional technology and workflows,” said Celent Head of Risk Neil Katkov. “It makes sense to apply the next-generation technologies that are already transforming investigation and other areas of AML to these legacy-burdened processes.”
“A cost-effective anti-money laundering compliance program includes screening capabilities to reduce regulatory risk and generate high quality matches with lower false positives while speeding operational efficiency,” added NICE Actimize CEO Craig Costigan.
NICE Actimize currently maintains the X-Sight Marketplace, which consolidates approved applications and services for financial institutions. Jumio, buguroo, and Daon all have solutions listed on the Marketplace, while FACEPOINT became one of the most recent additions when it joined in December.
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February 11, 2021 – by Eric Weiss
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