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FINSCAN/TONBELLER COMBATS MONEY LAUNDERING.

Publication: Worldwide Databases
Publication Date: 01-AUG-08
Format: Online
Delivery: Immediate Online Access

Article Excerpt
FinScan, a leading provider of Sanctions list and PEP compliance solutions for the financial services industry, and TONBELLER, one of the world's leading suppliers of anti-money laundering compliance solutions, has announced the development of a joint methodology that will enable financial services organizations to greatly expand the scope and effectiveness of their PEP screening and transaction monitoring initiatives with minimal increase in administrative effort.

High volumes of false positives drive organisations to screen only those customers with a high risk product category or portfolio. Due to this limitation, sophisticated money launderers are able to beat the system by using a combination of 'low risk products'...

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