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EastNets just released its upgraded filtering solution en.SafeWatch Filtering 4.0.  

August 07, 2017

Less False Alarms and Greater Efficiency 

Keeping up with the latest regulatory recommendations, EastNets, an innovative provider of compliance and payment solutions, just released its upgraded filtering solution en.SafeWatch Filtering 4 (SWF 4).  

What makes the version 4 release special are new upgrades that ensure reduced false positives in detections, the greatest headache financial institutions face when complying with a multitude of regulatory recommendations. Reducing false positives and realizing higher filtering accuracy translate to savings in compliance management, without compromising the effectiveness of the system.

EastNets has added different features to the new SWF 4 release. The key upgrade is a module integrated into the solution to meet the Financial Action Task Force recommendation 16 or FATF 16. This regulatory recommendation requires that SWIFT payments include accurate originator and beneficiary information, data that institutions will need to keep available throughout the payment chain. 

“The features and modules added to en.SafeWatch Filtering 4, our flagship  solution, redefine the most crucial qualities of compliance management solutions, namely optimal efficiency and accuracy in managing AML and CFT, while adding flexibility and realizing reduced ownership costs,” says Hazem Mulhim, EastNets Founder &  CEO.

The FATF 16 module also monitors and detects payments with insufficient originator or beneficiary information, prompting users to freeze such transactions until compliance officers decide on blocking or releasing them. The procedures financial institutions dealing in different categories of SWIFT payments need to follow when filling data fields has become a mandated requirement as of June 2017. The accuracy of the updated data filled by FIs is as important.

The FATF 16 module adds another layer of AML/CFT protection by detecting bogus attributes or information. This feature adds another advantage to compliance teams when detecting suspicious activities associated with money laundering and terrorist financing. By automatically blocking specific suspicious transactions without the need for repeat investigations, the solution reduced the need for more eyes on pre-flagged entities, which reduces redundant staffing.

SWF 4.0 has also seen higher flexibility. Once a scanned record containing specific data, such as an account number or ID number, matches an entry on a chosen blacklist, with matched rank or higher, the system generates a real violation and the transaction is blocked. This allows the user to choose which lists to subject to automatic blocking.

EastNets enjoys pervasive presence across the main financial hubs of five continents. Its engineers have been integrating machine learning and other AI capabilities across the company’s solution family. The company recently launched en.SafeWatch PaymentGuard, a product that complements its compliance suite with a next-generation antifraud solution.
For more information on our en.SafeWatch Filtering and other EastNets products, please contact us at: info@eastnets.com

 
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