SparkScan

The compliance with Anti-Money Laundering (AML) regulations and the accurate identification of corporate entities in financial sectors present notable challenges, especially when relying solely on traditional methods.

The vast diversity of data sources, coupled with the speed of financial transactions and intricate corporate structures, can easily eclipse human-driven data processing and verification methods. Some pressing concerns when manually managing corporate data and ensuring AML compliance include:

Diverse and Dynamic Data Streams: Manually verifying and reconcilingd ata streams against bank records can lead to lapses, misidentifications, and potential non-compliance with AML regulations.

Varying Regulatory Standards: Relying solely on ops resources to navigate and adhere to these varied standards can result in inconsistencies and potential breaches of compliance.

Manual Verification and Remediation: The crucial steps of verifying corporate identities, checking against public registries, and remediating discrepancies are arduous and prone to human error when done manually.

Scalability in the Face of Complexity: Managing corporate data can quickly become untenable as the volume and complexity of financial transactions grow. Institutions can find themselves overwhelmed, facing both the risk of non-compliance and the inefficiencies of outdated processes.

Resolve, Enrich, Validate and Update Customer Records with SparkScan:

bigspark has developed a curated data asset built upon public registries to assist Banks and other Financial Institutions meet key obligations to comply with Anti-Money Laundering and Banking regulations.

It was developed from a requirement to understand the incorporated customer and key associated parties to that customer, inclusive of ownership and significant control, to compare with our clients’ core records.

The consolidation of corporate information with other key registries provides multiple reference points for our clients to test the currency of their own customer records and, where necessary, identify inconsistencies and report them if necessary.

Features

Resolve Entities

Resolve your entities faster than ever, whilst keeping full control of how to resolve them.

Enrich Records

Enhance records with relationship details, such as charities, or persons of significant control along with new metadata, such as audit trails.

Update Records

Discrepancies in customer records can be identified and updated at scale to enable batch updates of systems of record.

Comply and Report

Identified material discrepancies in Companies House can be automatically reported, fulfilling your regulatory obligation with ease and minimal operational effort.

Business Benefits

Validate, Enhance and Update your Customer records based on official registries
Automate and strenghten data input at onboarding thanks to internal API
Keep your customer data safe with our internal deployment model
Reduce operational strain from manual or redundant activities
Enables batch update of selected records into baseline systems

About us

bigspark’s Financial Crime Practice bridges the gap between people, processes, regulations and technology in Financial Institutions.

We have successfully delivered in Tier 1 Banks and Financial Institutions:

Financial Crime advisory, such as regulatory remediation projects and target operating models
World class Data and Engineering solutions, such as Client Lifecycle Management platforms
Strategic technology solutions such as modern AI and ML for Fraud Prevention

Our people have strong applied experience in FinCrime and Fraud and are insatiably passionate about solving problems the industry is facing.

Please contact us to arrange a discussion and detailed review of SparkScan!