AI for Compliance Screenings

If you are a financial institution, you know how important it is to comply with the regulations and laws that govern your industry.

You also know how time-consuming and tedious it can be to verify the identity and background of your customers and partners, especially when you have to deal with a lot of documents and attachments.

That’s why you need a solution that can automate and simplify this process for you, while ensuring accuracy and reliability. That’s why you need Verify, a leader in compliance verification software.

Let’s learn how we use AI for Compliance Screenings.

Verify

Verify is a product that performs many functions, but one of the most amazing features is its ability to use OCR (optical character recognition) to scan documents, extract name matches (like a person’s name), and then OFAC (Office of Foreign Assets Control) check them.

This means that Fizen™ can help you automatically identify customers and entities who may pose a risk to the transaction from a CDD (customer due diligence) or AML (anti-money laundering) perspective.

How does it work?

Fizen™ uses AI (artificial intelligence) to analyze the text and images in the documents and attachments. AI is a branch of computer science that aims to create machines or software that can perform tasks that normally require human intelligence, such as understanding language, recognizing patterns, or making decisions.

File Attachments → OCR → AI → OFAC → Report Results

Verify’s AI can OCR the documents and attachments, which means that it can convert them into editable and searchable text. Then, it can extract name matches from the text, which means that it can find and highlight the names of people or entities that appear in the documents and attachments. Finally, it can OFAC check them, which means that it can compare them with the list of sanctioned individuals and organizations maintained by the US government.

By using OCR, name extraction, and OFAC checking feature, you can save a lot of time and resources that you would otherwise spend on manually reviewing the documents and attachments. You can also reduce the risk of human error or oversight and ensure that you comply with the relevant regulations and laws.

Fizen™

Verify is a game-changer for financial institutions that want to streamline their compliance verification process and enhance their reputation and trustworthiness. If you want to learn more about Verify and it’s amazing features, contact us today.