Marex Financial signs for Fin-Scan hosted screening service for AML compliance

Source: Fin-Scan

Fin-Scan, a leading provider of Sanctions list and PEP compliance screening solutions for the financial services industry, today announced that MAREX Financial has selected the Fin-Scan Hosted compliance solution to aid in the company's goals to reduce risk and meet the heightened screening requirements of recent Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) regulations.

The Fin-Scan solution comprises a Hosted Screening service together with a subscription to the Fin-Scan List Management service. The screening service will be used to check new and existing clients against Fin-Scan's Sanctions List data as well as World-Check's Politically Exposed Persons (PEP) due diligence data, both part of the List Management service.

During the evaluation process, MAREX Financial outlined their key compliance solution requirements. First and foremost, they required a solution that would provide full integration with World-Check PEP data. As important, to ensure that the time-consuming process of reviewing sanctions and PEP screening results would be managed efficiently, MAREX wanted precision matching software that would minimize the number of false positives. Additional requirements included "intelligent" Safe List processing to avoid rechecking previously cleared individuals and entities; a hosted case management tool that would significantly reduce administrative effort; and an automated, comprehensive audit trail to simplify required record keeping. And because MAREX wanted to have a solution up and running as soon as possible, rapid, cost-effective implementation was imperative.

"We are looking forward to working closely with MAREX Financial," said John Haley, Fin-Scan sales and marketing manager. "In addition to implementing the Fin-Scan Hosted screening solution and case management tool, MAREX Financial is subscribing to our List Management service. This will reduce the administrative overhead of monitoring and managing the various sanctions and PEP databases, and will also minimise the risk of screening against old versions of lists, which would significantly reduce accuracy."

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