Excerpt from BobsGuide Article, Published on May 06, 2024
FinScan, a leading provider of compliance solutions under Innovative Systems, has introduced FinScan Securities, a pioneering financial instrument screening solution aimed at addressing the pressing challenges faced by the compliance industry. Leveraging cutting-edge technology and FinScan’s AI-powered matching engine, FinScan Securities marks a significant advancement in combating the issue of investors inadvertently holding financial stakes in sanctioned entities.
This innovative solution incorporates securities data sourced from top providers, enabling capital markets participants to effectively identify and mitigate risks associated with sanctioned companies. By streamlining compliance processes and ensuring adherence to evolving regulations, FinScan Securities empowers organizations to stay ahead of regulatory changes while avoiding the complexities and expenses associated with developing custom screening solutions in-house.
The financial industry is constantly under threat of non-compliance, with regulatory bodies frequently updating lists of sanctioned entities, heightening the risk for investment advisors, private funds, and other market players. Criminal elements are drawn to the financial sector due to its global reach and the ease of executing illicit transactions across borders. FinScan Securities addresses these challenges by providing comprehensive screening capabilities, thereby enabling firms to detect and prevent potential instances of money laundering and sanctions evasion.
Becki LaPorte, Strategic Advisor at Datos Insights, underscores the importance of robust compliance measures in safeguarding investors against unknowingly trading with sanctioned entities. She highlights FinScan Securities’ role in enhancing watchlist screening of securities, filling a crucial gap in the market.
Steve Marshall, Director of Advisory Services at FinScan, emphasizes the complexity of identifying sanctioned entities within the intricate landscape of securities and structured products. He praises FinScan Securities for offering a streamlined workflow, facilitating efficient data analysis, and reporting, thereby reducing manual efforts and IT overhead.
FinScan Securities covers a wide range of jurisdictions and sanctioning authorities, including UN and OFAC, with plans for further expansions. The solution’s debut will be showcased at the SIFMA AML event in New York, demonstrating its commitment to addressing the evolving compliance needs of the financial industry.
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