FacctSet is the first purpose-built product designed to address the growing data management challenges created by the rapid growth of sanctions and AML compliance obligations.

Modern screening processes require a shift in technology to address the rising pressures from evolving sanctions and anti-money laundering compliance obligations. Under this current environment, Watchlist Management (WLM) systems are not only struggling to ensure data is of the necessary standard required for screening processes, but they are also creating more customer friction and growing alert remediation costs. As financial institutions shift to a risk-based approach to screening, traditional approaches are also not capable of delivering sufficient levels of customisation, especially at the scale and complexity required to support diverse watchlist services for multiple screening scenarios.

In response to these growing challenges, Facctum has developed FacctSet as a WLM system that provides the operational capacity to manage complex, rapidly changing and large scale watchlist data. With FacctSet, institutions can create and maintain internal block or pass lists, as well as customise commercial watchlist data to create multiple services for risk-based approach screening. Analytics dashboards provide critical operational insights and reporting features offer clear and explainable information for regulatory reporting.

KK Gupta, founder and CEO of Facctum notes, “The growth in watchlist data sources, complexity and volume, together with a high velocity of regulatory change, is pushing watchlist management systems to the limits of operational capacity and capability. With FacctSet, we are bringing watchlist management into a new era that not only addresses the current challenges, but looks ahead to provide faster speed to compliance and more efficient operations for an improved customer experience.

“After conversations with clients and those in the financial space, we saw there was an urgent need for effective sanctions and anti-money laundering compliance screening, with businesses finding it increasingly difficult to keep pace with regulatory expectations. Companies need the right technology that allows for a higher level of customisation, scale, capacity and capability, all of which FacctSet can provide in a unified platform with consistent governance and reporting. FacctSet is an example of how a new approach to implementing data technology can lead to faster, more effective compliance and customer experience.”

FacctSet is the second product launched by Facctum this year, following FacctView which provides a cloud-first screening capability for financial crime risk screening. FacctSet is designed for SaaS or as an on-premises solution. For further information on FacctSet visit: FacctSet - Facctum