Aereve Recognised as Rising Star for Sanctions & Name Screening Solution

Press Release

12:00 PM 14th November 2023 GMT+00:00

Reporting by Editors

Article Summary

Aereve's E2AML E2KYC system has been awarded for its advanced capabilities in screening customers against sanctions and watchlists, effectively handling both Romanised and native Chinese characters to enhance alert quality and risk management.
The solution incorporates natural language processing and features such as automatic alert discounting, blended language rules, and coverage for native Japanese Kanji, which collectively improve screening performance and reduce false positive rates.
Financial institutions in the Greater Bay Area are adopting Aereve's technology to mitigate risks associated with cross-border business, highlighting its significance in maintaining regulatory compliance standards within the financial industry.

This summary has been produced by RegAI.

Aereve was recognised for its ability to handle both Romanised and native Chinese characters in screening

This award recognises solutions that enable financial institutions to screen customers against lists of sanctioned individuals and entities, politically exposed persons (PEPs), and other relevant watchlists such as those maintained by law enforcement, regulators and other government agencies.

Aereve was recognised for its E2AML E2KYC system, an advanced solution that leverages natural language processing (NLP) for screening and cross-border KYC assessments. The platform stands out for its ability to handle both Romanised and native Chinese characters (rather than transliteration) in name screening and transaction screening, enabling financial institutions to improve alert quality and risk management decision-making. The solution can also discount alerts automatically with blended language rules, screen news media and social media using native Chinese characters, and has been extended to also cover native Japanese Kanji.

The solution provides a threshold analyser for financial institutions to use to test different threshold settings to fine-tune their screening systems and improve performance. In addition, Aereve enables firms to assess their English and Chinese characters’ fuzzy logic capabilities natively in their existing screening systems to benchmark performance against peers. These capabilities ultimately help to enhance the effectiveness of screening systems and lower false positive rates.

Judges on the Regulation Asia awards panel said the solution’s emphasis on native Chinese character screening make it “stand out from other providers”. It is noted that a number of respectable financial institutions are already using the solution to “mitigate risks associated with conducting cross-boundary business in the Greater Bay Area”.

About the Regulation Asia Awards for Excellence 2023

The Regulation Asia Awards for Excellence recognises financial institutions, technology companies, legal and consulting firms, exchanges and other players that help ensure the highest regulatory compliance standards are upheld in the financial industry. Each year, senior industry practitioners serve on a judging panel to help assess and score each submission to determine the winning entrants.

For a full list of the 2023 award winners, visit www.regulationasia.com/awards.

About Regulation Asia

Regulation Asia is the leading source of actionable regulatory intelligence for Asia Pacific markets. With over 12,000 subscribers, including regulatory bodies, exchanges, banks, asset managers and service providers, Regulation Asia plays a key role in shaping the regulatory agenda.

Visit www.regulationasia.com or connect via LinkedIn or Twitter.