Babel Street Match Platform Recognised as ‘One to Watch’ at 2024 Regulation Asia Awards

Press Release

11:44 AM 4th November 2024 GMT+00:00

Reporting by Editors

Article Summary

Babel Street Match received the One to Watch recognition in the Best PEPs & Sanctions Screening Solution category at the 7th Regulation Asia Awards for Excellence (2024), highlighting its innovative compliance-driven features that enhance regulatory processes for financial institutions.
The platform is noted for its exceptional language support for complex scripts, reducing false positives by up to 75%, and significantly improving operational efficiency, as evidenced by client feedback indicating a 50% reduction in manual review processes.
Judges praised Babel Street Match for its adaptability to regulatory standards and customisable screening parameters, positioning it as a potential game-changer in PEPs and sanctions screening, with a strong commitment to addressing compliance challenges.

This summary has been produced by RegAI. Contents may not be accurate.

The Babel Street Match platform earned a One to Watch recognition in the Best PEPs & Sanctions Screening Solution category at the 7th Regulation Asia Awards for Excellence 2024

The ‘One to Watch’ recognition in this category celebrates emerging providers making significant impacts with innovative, compliance-driven solutions. This award highlights platforms that streamline compliance processes, reduce false positives, and integrate advanced data-driven features, enabling financial institutions to meet regulatory demands with precision and speed.

Babel Street Match stood out for its exceptional language support for complex scripts and substantial operational improvements. The judging panel commended the platform for its linguistic accuracy, operational efficiency, and adaptability to regulatory standards. The solution supports complex scripts like Japanese Kanji and Chinese Hanzi, reduces false positives by up to 75%, and offers significant compliance advantages for financial institutions with exposure in Asia.

Clients, such as KOHO, report a 50% reduction in manual review processes, enabling teams to focus on higher-value tasks. “With customisable screening parameters and seamless integration, Babel Street Match empowers clients to align with specific regulatory standards efficiently,” said one judge on the Regulation Asia awards panel. “Babel Street Match is a potential game-changer in PEPs and sanctions screening, providing institutions with a unique advantage in terms of regulatory compliance, risk management, and operational efficiency.”

“This recognition reflects Babel Street’s commitment to addressing critical compliance challenges with innovative solutions,” said Bradley Maclean, Co-founder of Regulation Asia and Chair of the Awards Committee. “Babel Street Match’s advanced language processing and efficiency-enhancing capabilities set a high benchmark for emerging firms in this space. Babel Street is a firm to watch as it strives to redefine best practice screening standards.”

About the Regulation Asia Awards for Excellence 2024

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 award 2024 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 13,000+ 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.