Socure, a leader in AI for digital identity verification, has launched its first AI-powered assistant for Global Watchlist Screening and Monitoring. This innovative solution enhances watchlist screening, improving the management of sanctions, politically exposed persons (PEPs), and adverse media matches. By significantly reducing false positives, accelerating case reviews, and aiding analyst decision-making, Socure's system offers unparalleled speed and efficiency. Conventional watchlist screening often creates challenges for compliance teams due to high false positive rates, time-consuming manual reviews, and complex regulations. Financial institutions and fintech companies face increasing pressure to comply with rapidly changing regulations from bodies like OFAC, with substantial penalties for non-compliance. Socure’s solution features a unique, patent-pending two-stage scoring system. The first stage generates a Name Match Score to create a candidate pool based on name alignment with watchlists, which is complemented by additional personally identifiable information (PII) for better risk evaluation. The second stage, the Entity Correlation Score, simulates an analyst’s thought process to determine the relationship between the source list and the identified match.

This dual approach minimizes false positives and negatives while lowering the need for manual reviews. The AI Copilot enhances operational workflows, standardizes processes, and delivers transparent documentation. It articulates disqualification criteria clearly, relieving analysts from the need to generate decision narratives. Analysts can still confirm or override results, ensuring accountability and compliance. Key features include: - Real-Time Analysis: Matches processed in two seconds. - Contextual Understanding: Identifies various aliases and cultural nuances to cut down false positives. - Streamlined Decision-Making: Rapid match evaluations with the option to add notes. - Regulator-Ready Documentation: Produces audit-ready reports seamlessly. The implementation of the AI Copilot has yielded impressive results: - A 78% decrease in manual reviews, allowing analysts to concentrate on genuine risks. - An 80% reduction in case review times, enhancing productivity. - Up to a 60% decrease in compliance costs through standardized AI-generated investigations. In a practical application, the AI Copilot successfully distinguished a case between “Paolo Garcea” and “Isabel Paola Garcia” by recognizing mismatches in critical attributes, classifying it as a likely false positive, and thus enhancing operational efficiency. Debra Geister, VP of Regulatory and Compliance Solutions at Socure, highlighted that the AI Copilot addresses modern risk management needs by increasing efficiency, accuracy, and cost-effectiveness, transforming the compliance landscape. Customer spotlight: Lili App Inc. , a rapidly growing financial platform for businesses, faced challenges with increasing transaction volumes and regulatory pressures. With a substantial rise in global watchlist entities, Lili's analysts were overwhelmed by false positives. By adopting Socure's watchlist screening solution, they achieved a 78% reduction in manual reviews, improved audit trails, and were able to shift their focus towards strategic risk management, ensuring compliance amidst evolving regulatory demands.