The pressures of financial crime aren’t new, but they’re growing – and with them so is sanctions compliance. Sanctions compliance is vital for financial institutions in mitigating the risks of criminal liability, reputational damage and regulatory fines. Fines imposed for sanctions violations have exceeded $11billion globally over the last ten years. Over this time, complexity and regulatory scrutiny surrounding sanctions compliance have continued to increase.  

Unfortunately, the existing, heavily manual sanctions screening processes have changed little in the last 20 years and are struggling to cope with this growing demand and complexity. Traditional review and system-tuning methods have only mildly alleviated, not eliminated the problem.  

KPMG has developed a ground-breaking technology-enabled solution to help our clients. The KPMG Sanctions Alert Classifier uses supervised machine-learning to revolutionise the review process by automating first-level review decisions, improving accuracy and efficiency, while reducing cost. As such, it’s applicable to all banks and financial institutions involved in sanctions screening with high volumes of transactions whilst being transparent, regulator-friendly and completely auditable.   

The solution integrates seamlessly on top of any of our financial clients’ existing sanction screening systems with high volumes of transactions — supported by a dedicated team of KPMG experts and highly-experienced data scientists. Our customers now have a competitive advantage, reducing their costs while benefitting their own customers in turn. 

View the KPMG profile in the MCA Members Directory.