According to a conclusive study by the “Association of Certified Financial Specialists, 67% of the population rely on adverse media screening as part of their consolidated AML screening program for accurate risk assessment of customers, prospects, and business partners for informed decision making.”
As per the mutually agreed upon consensus “Apart from compliance teams, regulatory bodies and business models heavily rely on adverse media screening processes to reduce the likelihood of reputational threat to the brand.”
Regulatory bodies cannot expect to keep their AML compliance program intact without maintaining an insight into adverse news coverage as part of their “customer due diligence (CDD) and know your customer (KYC) measures of detecting financial or non financial crimes to emerge.
A fact to know about adverse media screening!
“Google search remains as the leading source for quick adverse news screening, however one must know that considering the deceptive nature of social media and locally available online resources, several limitations put a question mark on the effectiveness and reliability of the results obtained.”
“Are search engines the new way to conduct adverse media screening? Are they ideal substitutes for authorized resources?” This blog will answer all such questions for you.
This blog will take you through 4 distinct ways to empower your AML screening process. Aligning your business with dynamic AML regulations may seem like a tightrope to hold onto, where one wrong step can cause massive loss.
- Auto Adverse Media Searching
“On an average, humans generate 2.5 quintillion bytes of data.” Among such a high volume of data it’s not only about detecting high risk entities, rather it gets about the risk of letting certain individuals pass through the check without keeping a vigilant approach to their adverse media coverage.
Where manual screening can take hours automated adverse media screening can quickly drill through millions of search queries against hundreds of adverse media repositories thus ensuring reliable screening results in seconds.
- Complexity of Screening Process
Operational complexity among adverse media screening is a universal challenge for businesses and entities seeking to check their potential customer against adverse media coverage.
Especially when it comes to the highly dynamic and evolving nature of media and a wide range of media outlets, it becomes fairly challenging to know which media outlets are reliable.
While complex adverse media screening is highly daunting, real time negative news screening can help tackle challenges associated with fast changing media coverage language differences and complex name matching.
- Spot Only Relevant Adverse Media
It’s not just about diversity of the news, rather the relevancy that makes adverse media screening fruitful for the business. Heidios crimes like money laundering and corruption have the potential to take you all the way down to the bottom line.
“Thus, a vigilant and precise approach for negative news screening is not only vital but the only sensible approach to avoid alert overload while staying competitive in a highly dynamic marketplace.”
- Role of AI in Adverse Media
As reported “Among a wide range of technological advancements, natural language processing and artificial intelligence is one of the many ways of optimizing adverse media screening to fast, efficient and reliable screening.”
Artificial intelligence in its power gives compliance teams the flexibility to solve complex problems in a matter of seconds. Among the volume of customers to screen against adverse media repositories, AI facilitates efficient risk mitigation and fraud detection by offering quick analysis of the nature of risk detected.
- Limited Information on Search Engines
Despite the research studies predicting search engines to be the highest medium used for adverse media detection, the amount of information search engines hold is quite limited. This is relevant especially when sensitive legal matters require adverse media screening into the background of the individual.
Search Engines might have the readily available information but challenges around real time information, language barriers, authenticity of sources, developments in the negative news concerning any particular subject remain intact.
If you are planning to break through the monotonous pattern of conducting usual adverse media monitoring, AML watch is an ultimate screening tool offering real time insight into adverse media screening solutions news screening with real time information, discarding all the challenges that lead to changeover.
What’s the way forward?
One of the most crucial information in detecting illicit financial activities is the online adverse media monitoring. In the emerging world, where everything is going digital and news spreads within seconds, adverse media check is possibly going to be the leading and most fast way of screening an individual and categorizing them as low or high risk.
