Product
updates

Product Updates

1. Secondary Sanctions Made Distinct

Debanking is the norm of the past. For EU-based businesses, complying with US sanctions can be complex, especially when faced with secondary sanctions that don't always align with local regulations. AML Watcher’s new Secondary Sanction Screening feature lets businesses differentiate between primary and secondary sanctions, offering clear insights into managing high-risk customers.

Clear classification of primary and secondary sanctions enables users to assess whether a customer falls under primary or secondary sanctions, giving you the flexibility to onboard those with lower, acceptable risk while complying with EU standards and mitigating exposure to non-applicable US sanctions.

With this enhanced labeling system, you can now make informed decisions, ensuring compliance while maximizing customer acquisition.

2. Crypto Wallet Screening

Anonymity is no longer a challenge with AML Watcher’s newly launched Crypto Wallet Address Screening feature. We’re making it more exciting with advanced features that allow you to screen crypto wallet addresses against all sanctions, providing an additional layer of security to your operations.

Users can simply navigate to the "Create New Case" tab in the back office and select "Crypto Wallet Screening" in the Entity Type, enter the wallet address subjected to screening, and hit Search to investigate the case.

This proactive approach allows you to block risky transactions, and confidently onboard customers by verifying and screening wallet addresses against global sanction lists.

3. Custom Search Profile

AML screening may seem complex but it doesn’t have to be. It’s time to prepare for fewer false positives and cleaner search results as AML Watcher launches Custom Search Profile where users can choose specific sources with advanced filtering options.

Users can name the profile, select from custom databases (e.g., PEP, SIE, SIP, Sanction), and choose custom sources for more targeted screening. Simply tap into the "Create New Case" page, navigate to the Select Databases at the right-side menu, and select Custom Search Profile.

This tailored approach reduces the number of irrelevant results and significantly enhances the overall accuracy of your search outcomes, ensuring that you can focus on the information that matters most.

4. Custom Risk Scoring

The ability to have a completely customized AML screening software with reduced wait time is one of the biggest reasons why compliance teams use AML Watcher.  Mundane risk management gets a lot more exciting with automated decision making. Now, you can design your own risk thresholds, assign weightage on countries, sanctions, watchlist, PEP levels, adverse media, and set custom rules for automated decisions rather than AML Watcher making default decisions for you.

Custom risk policy gives you the flexibility to make your own informed decisions rather than AML Watcher making default decisions for you. The more relevant it becomes the more better results you can yield.

5. Sentiment Analysis

We’ve all been in a situation where a news makes us want to know more about it so we purposefully start searching about the person involved. Isn’t it inspiring to know how quickly media sources get updated? However, not every news that reaches our phone is risky in nature. To avoid this rapid flow of information from false hits, our feature of sentiment analysis assesses the risk score by analyzing the risks and reputational threats and based on that AML Watcher depicts the searched entity as low or high risk.

Just as media sources are quick to keep you informed of the major happenings, sentiment analysis offers real-time insights into the sentiment surrounding individuals and entities, helping you make informed decisions.

6. Bulk Search

Ain’t nobody got time for countless searches! Try pitching in with less work & more results! Our bulk search is the most useful feature for a reason, saving time and resources. Simply upload a CSV file with relevant details including client reference ID, entity type and other required fields in template with a default limit of 500 searches per batch.

Stop hopping from one search to another,  as our bulk search now helps manage volume of searches in a fraction of time.  With just a few clicks, you can now sought the most relevant data from multiple sources for multiple clients. You can now check every business, individual or stakeholder in a matter of minutes using bulk search. Contact us to increase your bulk search limit for upto 1000 rows per check.

7. Custom Whitelisting/Blacklisting

While the world was busy worrying about AI taking up their jobs, AML Watcher worked hard on precision and accuracy to remain irreplaceable by filtering out the most precise results. Users can now upload a custom CSV source file of whitelisted and blacklisted entities and start screening against custom set risk management protocols for both business and region specific insights.

Enabling convenient compliance is our top priority.  With the new feature, you can now add custom records for business specific risk insights. The customization of each parameter is now in action to fulfill the modern day AML compliance needs.

8. Add Custom Source

Sometimes less is more! You can now perform name screening against a custom source by adding source name and URL for business specific risk insight instead of a wide analysis. Custom sources work by uploading a document/ CSV file or any other online sources directly into the screening system. This data typically includes lists of sanctioned entities, politically exposed persons (PEPs), or entities involved in high-risk activities. Once uploaded, the system integrates this data and applies sophisticated algorithms to compare it against existing client information.

We take targeted screening as our ultimate goal. This is why the use of custom sources is just the first step in providing greater control over the parameters of screening in facilitating global and regional compliance. We’re brewing up new possibilities by launching custom risk scoring for adverse media screening as well. Simmer to perfection with on-demand call for customization to simplify the AML processes

9. Unique Identifiers

We heard that an alert reached your system but not for the desired person in question?  Our team has been successful in trying to develop precise filters for it. You’ll find the same user experience as before, only now, the results are more refined, relevant with reduced occurrence of false positives.

Simply enter relevant details along with unique specifiers such as ID number, Parent/Sibling name, to optimize search accuracy. Reliable AML screening results are vital for informed decision making. Whoever you may want to screen, exact matches with reduced false positives is the key to making accurate and risk aversive business decisions.

10. Relatives & Close Associates Search

With every new risk that emerges, AML Watchers takes a bit of cleaning behind the scenes. Taking up no changes in existing workflow, the new model is equipped to provide you with broader network analysis and intuitive user experience. PEP data has always been structured and readily available within our database. We’ve just made the screening process more impactful by including information about RCA’s and Close Associates as well.

Simply toggle on the button of “Match RCAs” and access the information you need, reducing the need for manual probing into complex network structures. This feature is exclusively designed with a goal to make the operational environment as safe as possible, enabling compliance teams to focus on tasks that matter.

11. AKA/ Aliases Search

Get a little sneaky with AML Watcher. This might not have made it to the top of the product updates, but we’re excited to let you know our team has significantly improved our name matching capabilities, particularly for handling aliases and AKAs. We heard users were struggling with matching subsets against names and receiving false positives when full names differed across sanction lists.

All you need to do is toggle on “Match AKAs' “which broadens the process of entity name search to aliases and alternate names to eliminate false positives and transliteration challenges. AML Watcher is now taking care of these sneaky changes with an intelligent approach to detect when exact names are missing.

12. Biometric Screening

Slow response time, irrelevant results and awkward user experience are the modern day problems damaging the conversion rate by 98%. The numbers appear as wishful thinking for many. AML Watcher reviews show the tool has always been easy to navigate. With just a few steps you could fetch the risk score across the AML database. However, in the age of automation, we knew we could improve the response time.

The goal was to introduce a process that can auto populate the required fields with all the data you need to onboard a new customer. With biometric screening you can now receive more information in less time. Try uploading a clear, non-pixelated image, weighing less than 5MB along to get the most precise and accurate results against your search query. Automating the process can now give you accurate results, quick response time with less manual working amping up the standard of customer onboarding.

13. User Role Management

Small teams or large organizations? Security and privacy are vital for all! You might have already experienced improved control and ownership over AML data but with user role management, it’s more clear across the entire AML screening tool.

To do the needful, user/role management is to strengthen the permission management across the entire business unit. With our new feature, you can assign precise roles and permissions, ensuring that sensitive information is only accessible to those who need it. MLROs now have the ability to create a new role by specifying its name and selecting the permissions they wish to assign to it. This feature allows them to customize roles within the system according to specific operational needs and regulatory requirements.

This granular control not only enhances security but strategically improves the workflow, reducing the risk of unauthorized access and potential breaches.

14. PDF Report

Keep getting AML insights anywhere you GO! Managing record consistency across all departments is a challenge! That’s why it is imperative that our users should be able to have consistent access to screening results. AML Watcher has been facilitating risk scoring along with AML screening across PEP, Sanctions and other diverse databases. But in the age of automation, this could also be improved.

Our platform independent PDF reports precisely fills the gap with meaningful results that can now be viewed, shared, and printed on various operating systems. Right after the result screen pops up, users can download the PDF by clicking on the button located at the top right corner of the screen. We take navigation very seriously. That is why AML Watcher marks a difference with a user–friendly interface that aligns with unique user requirements.

15. API Integration

Real-time data access is crucial in making informed business decisions. AML Watcher’s latest update now offers API integration, providing you with improved flexibility and consistent access to data by reducing reliance on third party interfaces. While AML data has always been available via cloud service, now, we've made it even more accessible by offering greater control with API integration. This allows you to pull real-time data directly into your workflows, eliminating the need for manual data transfers. To begin integrating,  you need to first register for an account. For registration, the user needs to contact our AML Watcher support. The user's credentials will be sent to their email address as soon as they submit their request. After successfully registering, the user will access the back-office and AML Watcher search APIs. Take your business intelligence to the next level with our enhanced REST API integration, minimizing cost of compliance without compromising on the data reliability and accuracy.