With this comprehensive AML offering, organizations can focus on growth while saving time and costs
PITTSBURGH, June 17, 2022 – Sutherland, a leading digital transformation company, and FinScan, a global leader in anti-money laundering (AML) compliance solutions, today announced a partnership to deliver an advanced AML managed service offering that incorporates AI-powered data quality capabilities to provide a consolidated view of customer AML risk across counterparties, products, and geographies. The solution, Sutherland AML, is powered by FinScan’s customer AML risk management platform and provides a more holistic and informed customer view by breaking down silos that currently exist among AML departments and their interaction with the business.
Global financial regulators are increasingly realizing the importance of incorporating data quality standards into the success of compliance programs. Recent enforcement actions from FinCEN noted breakdowns in internal controls, failure to implement sufficient customer due diligence and enhanced due diligence, and the critical absence of data, which led to fines as high as $150 million. This shift in oversight toward a more comprehensive assessment of AML risk with attention to data quality creates additional obligations for financial services providers and can expose them to larger penalties and fines – and reputational risk – when AML failures are publicly exposed.
The Sutherland AML solution uses FinScan’s proprietary crowdsourced-AI approach and Sutherland’s specialized risk management workflow capabilities to deliver a comprehensive risk view across an organization’s AML risk management platforms. It enables a true 360-degree view of customer risk by identifying hidden parties, relationships, and risk within the customer data and by linking customers and their related parties and counterparties. The solution is operationalized and supported by Sutherland’s global presence and dedicated Banking and Financial Services (BFS) Centers of Excellence (CoE).
Said Doug Gilbert, CIO and Chief Digital Officer, Sutherland, “Continual changes in compliance requirements and their complexity drive increasing costs across compliance departments. Our new solution dramatically changes the perception of compliance departments from a cost-center to a valuable business-center. Optimally determining customer risk is a critical business function, as onboarding good customers faster accelerates potential future profits, while improving the overall customer experience.”
Using Sutherland AML, clients will benefit from a breakdown of silos within the AML function, find hidden counterparty risks, and develop internal controls to evaluate the comprehensive AML risk of doing business. In addition, clients can expect an average time and cost reduction in the range of 40 percent thanks to automation, increased productivity, integrated processes, and more efficient compliance.
“We are very excited to bring our customers a unique combination of FinScan’s AML technology and Sutherland’s managed services through this partnership,” said Michael Ott, Senior Vice President, FinScan. “Our joint solution provides continuous monitoring of customer due diligence data and activity, resulting in the ability to identify and address changes to customer risk much more rapidly.”
FinScan is a global provider of advanced AML/KYC consulting and compliance solutions trusted by leading organizations around the world. Based on decades of expertise in data quality and data matching technologies, FinScan’s unparalleled accuracy helps minimize false positives while reducing the risk of missing true hits. Its sophisticated matching engine is recognized for its exceptional speed and scalability to support efficient compliance with ever-increasing regulatory requirements.
Sutherland is an experience-led digital transformation company. Our mission is to deliver exceptionally designed and engineered experiences for customers and employees. For over 35 years, we have cared for our client’s customers, delivering measurable results and accelerating growth. Our proprietary, AI-based products and platforms are built using robust IP and automation. We are a team of global professionals, operationally effective, culturally meshed, and committed to our clients and to one another. We call it One Sutherland.
Sutherland Public Relations