The Situation
Money from criminal activity harms countries, economies, and people
Preventing money laundering and thwarting financial crime is the responsibility of governments and financial institutions worldwide
The Challenge
Financial institutions are subject to increased scrutiny when it comes to customer due diligence. In addition to performing watchlist and sanctions list screening, they may also be required to undertake other risk-based screening procedures, such as adverse media monitoring, politically exposed persons screening, and tracing ultimate beneficial ownership for organizations.
Institutions that fail to perform sufficient due diligence during customer onboarding and throughout the customer relationship and are then found to be doing business with sanctioned entities may be subject to significant fines and could see a loss of reputation and shareholder value.
The Babel Street Solution
Sanctions screening, onboarding, and ongoing know your customer (KYC) activities become more effective and efficient with the AI-driven technology of the Babel Street Ecosystem.
Babel Street offers advanced natural language processing solutions for name screening, adverse media monitoring, and know your customer/know your vendor due diligence. Our identity matching solution provides an unambiguous confidence score for name matching that considers the variability and complexity of names across languages and cultures. It is also highly-configurable to reflect an organization’s data and risk profile.
Babel Street also helps make connections between people and organizations to understand the complex relationships that underlie money laundering operations. This ability coupled with our expansive PAI data sources puts powerful tools in the hands of financial institutions to obtain a complete picture of potential customers.
The Impact on Your Organization
By adopting Babel Street's financial compliance solutions, your organization can significantly enhance due diligence efficiency and accuracy. This enables you to conduct more thorough screening and expand your risk profile without adding to your team's workload.
Additionally, with our anti-money laundering software, you can:
- Reduce risk: Leverage our advanced NLP and expansive data sources to uncover complex relationships and potential risks that might go unnoticed in traditional screening processes.
- Minimize regulatory fines: Ensure full regulatory compliance and minimize the risk of costly fines with more accurate and thorough due diligence processes.
- Protect your reputation: Safeguard your organization's reputation and maintain stakeholder trust by ensuring you're not unknowingly engaging with sanctioned parties.
- Achieve cost savings: Significantly reduce financial compliance management costs by automating manual processes with our AI-driven technology.
With Babel Street, you can fulfill regulatory requirements effectively while harnessing the power of AI for tangible business benefits and peace of mind.
Simplify financial compliance by minimizing risk
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Reduce False Positives
Minimize false alarms and add automation to remediation processes — customers who switch to Babel Street report up to a 90% reduction in false positives and an increase in overall productivity
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Multilingual Watchlist Screening
Cutting-edge algorithms match names across different scripts and languages, accounting for numerous linguistic and contextual factors — without compromising performance
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Customize and Understand Match Results
Easily tailor how you match data fields to conform with your policies and requirements with no code required —understand match decisions with explainable AI
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Rapid Tracing of Ultimate Beneficial Ownership (UBO)
Process the data needed for UBO investigations, such as news sources, corporate filings, and public records using AI-driven entity extraction for people, places, and organizations from multilingual text
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Unmatched Access to PAI
Put publicly available information to work for adverse media screening, identification of politically exposed persons, and ongoing KYC due diligence
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Automate Financial Compliance Processes
Reduce the manual labor associated with anti-money laundering and sanctions screening — expand your risk profile by conducting more thorough sanctions screening
