Compliance is most raved about in 2024. However, the true nature of compliance, and how to attain it remains unclear. Need help with the same dilemma?
This blog is your answer. Compliance and due diligence are the most talked about topics in the niche of anti-money laundering. However, there is something more important that needs to be discussed – adverse media screening.
As adverse media screening is closely associated with negative news, many businesses take this approach to cancel the entities marked in any type of adverse media. This blog will help you address these challenges, without canceling out a genuine user base.
What is Adverse Media and how it works? Before getting into complex details about what you need to do differently to improve compliance and fully use the efficacy adverse media screening may bring to your business, Read the article here.
What Are The Complex Industry Challenges To Expect In 2024?
Just like any other method of screening, adverse media has its fair share of challenges as well.
- The sheer volume of publicly available information results in a hassle to manually search for credible sources and confirm the authenticity of the news.
- Accurate matching of the subject being addressed in the news and the one marked as your target subject. Among diverse variations of name matching, and spelling variations, precise matching is a challenge.
Motivated by the industry dilemmas, AML Watchers is geared to help solve these challenges with
- An automated and fast processing of multiple media sources, the system is equipped to handle large volumes of searches all at once.
- Using precise name matching and simplified search parameters for filtering out relevant adverse media insights, the search and matching for relevant media have been refined with custom risk domains, target entity, and risk attribute settings.
- A searchable database of adverse media profiles and articles that isn’t limited to traditional sources of news and magazines alone but rather extends into social media, and digital forums as well.
Is Adverse Media Screening Still Relevant?
Money laundering is a complex crime to decode. The modus operandi of money laundering works by keeping financial institutions including banks as the primary target. This first-level interaction of money laundering with the banking industry fosters higher opportunities for corrupt individuals to find ways to legitimize their illicit funds via loans, deposits, cross-border transactions, and foreign exchanges.
Limited researches talk about the use of adverse media screening for exploring individual-based instances of corruption. However, due to the interconnected and digitalized nature of crimes, adverse news screening is uncommon yet vital for prompt detection of risks.
Read more about risk mitigation using adverse media here.
Here’s What You Can Do Differently in 2024
As the name implies, adverse media screening checks for negative news that may come from a variety of sources including news, magazines, forums, and modern sources including social media, search engines, and official website sources.
In recent years, businesses operating in a global market space, are facing the consistent challenge of nonfinancial risks emerging from reputational damage, cyber-attacks, and much more.
Typical adverse media checks are unable to keep track of everything that’s happening within a digital world or else require manual searches and intensive work to find one relevant insight.
Cut down the cost of compliance and minimize the complexity with robust and proactive adverse media monitoring that is scalable, and adaptable as per the unique risk appetite of each business.
- Risk Relevant Adverse Media
Using advanced algorithms, AML Watcher classifies the news based on their risk relevancy so no false positive or doubtful news reaches the user.
- Sentiment Analysis of Negative News
Online adverse media monitoring is all over the place in 2024. How to find one that is credible, reliable, and serious concerning the risk it poses to the business. Using keyword refinement, AML Watcher offers the most sought-after adverse media screeing solutions making it easier to decode which news is worth focusing on.
- Relevancy of Insights and Data Sources
Every business awaits an AML tool that helps minimize the noise with relevant insight making the the occurence of false positives a rare occurrence. With the flexibility to search for domain and niche-specific news, keeping you informed at every step of the AML journey.
- Real-time Updated Database
While adverse media is easily accessible through search engines, how is an AML tool different? Manually searching for each negative news article and confirming the recency of its fast-paced world is a crucial challenge.
AML Watcher strives to offer the most recent insights with a 15-minute update interval, thus anytime something new comes up, it’s never missed on your end.
To Sum It Up:
Adverse media screening might be uncommon but it’s the most effective and efficient way to explore suspicious backgrounds, especially when all other traditional methods fail to find any relevant insight.
