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Dow Jones Delivers Comprehensive Ownership and Control Data
In an effort to provide unparalleled transparency, Dow Jones has collected comprehensive ownership and control data available from public sources, including beneficial ownership information about subsidiaries.
Custom Screening Lists
Salv’s advanced screening engine allows for the creation, modification, or deletion of internal screening lists. Moreover, API integration enables seamless synchronization between the system and the Salv UI, eliminating the need for additional list management.
Screening Alerts Search Engine
Our product engineer, Tarmo, has developed a groundbreaking screening alerts search engine that expedites the process of locating and accessing screening alerts, freeing up compliance agents to focus on investigating rather than reviewing. This innovative feature alone has enabled one of our largest customers, a leading European and UK banking service provider, to reduce alert handling time by 3x.
Multifunctional UI
Salv’s intuitive user interface offers multiple viewing options, allowing users to conveniently access and browse customer and transaction data. With the ability to locate all alerts quickly on one page, Salv streamlines the screening process.
Sanctions Screening Process with Salv
Our sanctions screening process involves seven steps:
- Data Pre-processing: Accurate and high-quality customer data is collected and processed.
- Name Matching: Elasticsearch searches for name matches across all sanctions lists, identifying potential matches and sanction hits according to OFAC logic.
- Fuzzy Matching: The system resolves false positives using sanctions screening software.
- Screening: A thorough examination of the entire customer base is conducted.
- Review: Compliance agents review and investigate alerts.
- Investigation: Suspicious transactions are investigated further.
- Resolution: False positives are resolved, and true positives are reported.
Challenges in Sanctions Screening
Growing numbers of false positive alerts can generate unnecessary burdens on compliance teams, while over-screening increases operational costs. Additionally, customer friction and lack of cultural knowledge can hinder the effectiveness of sanctions screening systems.
Solution from Dow Jones
Salv’s cutting-edge technology incorporates Eastern European transliteration with Dow Jones data, ensuring accurate matching logic. Our commitment to enhancing our screening capabilities and aligning them with expanding sanctions lists ensures that our clients receive the most comprehensive solution available.
Conclusion
Sanctions screening is a critical component of any financial institution’s compliance strategy. With Salv, Dow Jones provides an unparalleled level of transparency and accuracy in ownership and control data, making it an essential tool for any organization looking to enhance its sanctions compliance. Don’t wait until it’s too late; explore the possibilities of sanctions screening with Salv today.