Global money laundering amounts to as much as $2 trillion USD per year (approx. 2-5% of global GDP), and spending on anti-money laundering compliance will reach $8 billion USD according to forecasts. Despite the investment, more than 99% of transactions caught through this process continue to be thrown back as 'false positives' that do not fit the criminal profile sought. With 'false positives' costing up to $50 USD per transaction, thousands or even millions of 'false positives' per year can quickly result in staggering costs. Further, non-compliance can result in fines of millions of dollars, adding further cost to the problem.
The pressure to comply with a wide variety of local, national and international regulations, mange the complexity of over 1000 black lists globally and reduce overall risk, all whilst ensuring a smooth payment transaction flow, is a significant challenge facing any organization.
What’s more, many still use manual systems to search through billions of transactions annually to find the transactions that require scrutiny.
D+H's compliance filter solution, Total Screening, helps customers meet the requirements of multiple national and international embargo and anti-money laundering laws. It checks messages against various embargo lists, automatically and in real-time. Messages caught in the filter are blocked and will not reach the banking or payment traffic system without manual approval, ensuring that questionable transactions can be stopped before they are processed. Controlled compliance filter operations considerably increase filter quality and lower the rate and associated costs of 'false positives', scanning client data against sanction and PEP lists.
Total Screening can be integrated with an organization’s existing payments and cash management infrastructure, or be provided as a unified solution with D+H’s global payments and global treasury solutions. It can be delivered as a customized on premise solution or is available through a multi-tenant hosted solution, further saving time, money and reducing risk.