What is Adverse Media Screening & How Advancement Makes It Better?

What is Adverse Media Screening & How Advancement Makes It Better?

The year 2023 has been revolutionary in terms of technological advancements to combat money laundering and terrorist financing. The start of 2024 is also anticipated to be a year with more tech advancements, maintaining a strong hold on technology thus modifying adverse media screening to a great extent. 

The world of sophisticated technology is experiencing a huge surge in performance excellence to reduce incidences of money laundering and corruption around the world. 

The world is highly interconnected. In the digital age, where people are more reliant on and comfortable using media channels than traditional outlets of news, adverse media screening process is highly important for comprehensive AML checks. 

This blog will talk about the importance of adverse media, and how it differs from adverse media screening and automation strategies to expect in 2024. 

Understanding What is Adverse Media Screening?

Adverse media is any negative news about a person, corporation, organization, vessel, or aircraft. This type of negative media can greatly tarnish the individual reputation and also influence a business’s credibility to operate, costing them financial loss and, ultimately legal and regulatory issues as well. 

Considering the wide prevalence of digital information, getting a mention in the media is not difficult. However, confirming the credibility of the news demands significant adverse media monitoring to help protect your business from false positives and false negatives. 

How Does Adverse Media Screening Help?

The process of screening for adverse media is referred to as negative news screening. These checks play a crucial role in keeping an eye on the risky background of the individual who could pose a threat to your business. These adverse media checks play a crucial role in complying with AML regulations. 

What Are The Strategies To Make Adverse Media Screening Better?

Adverse media screening is an important part of the AML screening process. While screening for the background, many recent updates can be only found in adverse media. However, with a large volume of data available online, firms must prioritize, analyze and interpret relevant information and make informed decisions. Here are the strategies to revamp your adverse media screening system in 2024. 

Challenge No. 1 – Time Taking Process 

Among millions of adverse media available online, it’s a challenge for compliance officers to analyze the true credibility of the media news. The process is quite extensive to know about the true nature of the news making it even more difficult to handle false positives, especially when the chances of precise name match. 

AML Watcher drills down the challenge with quick sentiment analysis which quickly processes the tone and percentage of negative news elements in the content to filter out the adverse media that actually matter. 

Challenge No. 2 – Relevancy of Sources 

The process of AML is sensitive as accusing any individual can result in serious repercussions. Technology has promoted the prevalence of deep fakes, which results in thousands of news articles which are not backed by solid evidence.  

AML Watcher sought data from official sources which make the data repository relevant, reliable and trustworthy for all the information your business needs while maintaining the speed, accuracy.

Challenge No. 3 – Multiple Types of Adverse Media 

Manually finding relevant insights is difficult especially when there are millions of adverse media news roaming around. A person may be named in adverse media in one jurisdiction but not in another. Many businesses face the challenge of adverse media screening services while not being sure if the results they yield complies with global AML regulations. 

AML Watcher addresses the issues with a global data repository of 60,000+ data sources which enable quick insights into industry specific adverse news ang global news coverage as well. Without letting language and jurisdiction barriers get in the way, AML Watcher enables a quick 360-degree of the entire customer base. 

Challenge No 4 – Hits on Change in Risk Status

Beyond gathering information, businesses also struggle with alerts linked with real time changes in adverse media. Maintaining a robust record that hits the system with up to the minute alert when any of the targeted adverse media changes with respect to risk status of each individual. 

AML Watcher helps manage the challenge with real-time updates as soon as the risk level changes across the customer base. The fuzzy score range also provides complete access to the user enabling the flexibility to control the  industry specific screening possess, which can deliver close and broader matches as per the needs of the business .

To Sum It Up: 

Adverse media checklist is an unavoidable aspect to maintain the integrity of the financial landscape. With the right screening process, adverse media screening could be as simple as checking the boxes. Individuals meeting the checkboxes can be onboarded while those not meeting the parameters can be moved to the due diligence process. Experience it happening with open search feature. 

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