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Quartz solution for Compliance - Watchlist Screening

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Overview

Quartz solution for Compliance's Sanctions Filter component provides end-to-end functionality of maintaining various watch lists and scanning customer and transaction records for entities present in these lists. The Sanctions Filter component performs the string search functionality of the bank’s or any organization's customer details against the various lists provided by the regulatory bodies and other 3rd parties. Quartz provides user the luxury to access and view Sanctions, Third-party and Internal Watch Lists. All of the important Watch Lists are covered, and the product is capable of vertical extensibility i.e. absorbing any kind of Watch List independent of field numbers.

The unique features of the Watch List scanning component in Quartz solution for Compliance includes:-

• Easy configuration of thresholds.

• Powerful list management capability.

• Enhanced in-built token libraries.

• Enterprise Search capability for Customers and Watch Lists.

Key Features

Watchlist Screening component of Quartz solution for Compliance has rich token library, which stores common names, alternate names, titles, abbreviations, prefixes, suffixes, etc.; and refers the same while calculating the token score, whereby the false positives are reduced to a great extent. The token library is enriched based on continual learning techniques to eliminate false alerts.

In Quartz solution for Compliance, any watch-list alerts can be marked as false positive by a click of a button by an authorized user which is further approved by supervisors, and while carrying out further scanning process, system will not generate any alert for those names which are marked as false positive.

Quartz solution for Compliance has a built-in false positive management which further provides a high degree of resolution to a financial Institution for limiting false positive by applying the following mechanism -

• Feed Back mechanism

• Exception mechanism

• Configuring Confidence level at first name, middle name and last name level or as a whole.

• Assignment of token weight .

• Load Balancing.

• AI- Based pattern recognition

The false positive resolution mechanism in Quartz solution for Compliance can be set as auto/ manual process; while system mandates the compliance team to approve any false positive resolution.

Key Benefits

• The Pro-compliant/configurable rule engine concept ensures that all the future regulations can be accommodated by a non-technical user with ease .

• Screening engine has great performance with respect to efficiency or the false positive reduction rate which is regarded best in class compared to peers transaction screening engines.

• Extensive compliance coverage across multiple Lines of Business and enhanced investigation tools provides features like advanced link detection, link analysis, transaction tracing/transaction tree and enterprise wide view of the customer for enhanced due diligence and monitoring.

• 360 degree AML profile and a single platform for all AML related processes, from monitoring to reporting.

• Collaboration with TCS's proven subject matter experts helps in building a partnership for the co-innovation of the proprietary framework thereby helping the client to setup their AML detection platform by using latest intelligence tools.

• "Extensible architecture to meet future technology goals in AML/KYC/FATCA/CRS ecosystem.

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