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Kharon And FinScan Partner To Deliver Critical Addition To KYC And AML Compliance

Kharon, the research and data analytics company focused on security threats and other controversies that impact global commerce and finance, and FinScan, a global provider of AML/KYC consulting and compliance screening and monitoring solutions, announced they have partnered to deliver curated regulatory risk datasets to customers.

While many providers offer lists of sanctioned actors and entities, Kharon uses proprietary technology and illicit finance subject matter experts to construct the network of relationships that surround these sanctioned parties in order to provide broader and more in-depth coverage. Kharon’s 50 Plus, Maritime and Venezuela datasets have been integrated into the FinScan platform where existing customers can access the Kharon data to strengthen risk screening.

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Kharon’s expertise coupled with FinScan’s focus on providing clients with access to precision intelligence at speed and at scale, serves to enhance both AML and KYC decision-making processes that benefit from AI-based technology.

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Howard Mendelsohn, Chief Client Officer, Kharon said: “The OFAC and equivalent EU 50% rules can be challenging for in-house teams to tackle as the necessary information is not provided by regulators. Kharon specializes in creating the most comprehensive understanding of ownership by sanctioned actors, following ownership chains as far down as they extend. Together with FinScan, we can provide the detail clients need to manage risk in line with regulatory expectations. We also protect against overscreening, a costly distraction of resources caused by screening against entities no longer subject to the 50% rule.”

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“At FinScan, we are committed to providing the most advanced AI-based technology for our clients to help them meet global regulatory sanctions requirements,” said Randal Skipper, FinScan’s President of Global Field Operations. “We continue to grow our market share worldwide by reducing false positives and the risk of missing true hits. Key to this is FinScan’s ability to fix data errors in our clients’ customer records prior to screening. We are excited about our partnership with Kharon as we believe their comprehensive and specialized dataset will further enhance the productivity of our clients, enabling them to better fight financial crime and comply with regulatory obligations.”

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