The developers of Frodex have updated FraudWall AML List, a solution that checks individuals and legal entities against sanctions lists and other lists in a secure ABS circuit of a credit institution. The new version implements verification of clients and transactions against the lists of global sanctions provided by the Kontur.Prisma service. This was reported to CNews by representatives of Kontur.
Svetlana Kirlanova, head of Kontur.prism: “The Prizma API collects, analyzes and transmits up-to-date information about individuals and organizations under sanctions, including calculation according to the 50% rule. FraudWall AML List instantly reconciles transaction participants and other persons with sanctions lists. Thanks to automation, compliance, currency control and AML/CFT specialists can quickly learn about risks and conduct or reject transactions.”
Integration options allow you to customize what happens if the system detects that a payee or related person is sanctioned. You can set up the system so that in one case, if it matches the sanctions lists, there will be a requirement to immediately suspend transactions and conduct a detailed analysis, and in the other, it will be enough to notify a bank employee without stopping the operation.
Matching sanctions lists uses techniques such as Levenshtein distance comparison and smart phonetic analysis.
Artem Khafizov, Technical Director of Frodex: “Search algorithms can not only detect simple typos and transliteration errors, but also recognize the pronunciation of names and titles in different languages. This makes it possible to achieve high efficiency in risk identification. And the possibility of additional training based on the analyzed cases reduces the number of false positives during the control.”
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Kontur is an ecosystem of business products that help you spend less time on routine, and make communication with government agencies and suppliers easier and more transparent. Kontur’s portfolio includes online reporting and online accounting, services for EDI and labeling, cloud inventory and online cash registers, verification of counterparties and electronic signatures for any task. The Kontur brand belongs to the SKB Kontur group of companies, founded in 1988. The revenue of SKB Kontur for 2021 amounted to 22.6 billion rubles, and 2.2 million companies in Russia and abroad use the solutions of the Group.