The Israeli Regtech has developed a platform for AML (Anti Money Laundry) processes based on “digital phonetic fingerprint”. This patented technology converts the phonetics of names into mathematical secuences, which allows, among other things, to quickly check if a person or company is on any of the international sanctions lists and PEPs.

The technology developed by FinCom represents a huge qualitative leap compared to the technologies that existed until now, since it allows reducing the number of false positives by more than 90% when carrying out name verification tasks. This means a substantial cost reduction in personnel dedicated to manually reviewing these false positives, and, at the same time, guarantees much more accurate results, minimizing the possibility of false negatives and, therefore, that some money laundering operation goes unnoticed.

Scale Up Partner has become FinCom’s commercial partner for Spain and Portugal and we are convinced that this technology will provide great support for all companies that need to review and update their prevention and risk management systems in order to comply with the regulations established in the 5th and 6th European Directive on Money Laundering.

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