To strengthen its anti-money laundering (AML) compliance and address high false-positive rates, Sohar International Bank partnered with Eastnets to optimize its SafeWatch Screening (SWS) solution. By refining scanning parameters, implementing a whitelisting strategy, and leveraging Eastnets' expertise, the bank significantly reduced false positives, improving efficiency in sanctions screening while ensuring regulatory compliance.
What you will learn:
- How datafile optimization and parameter tuning can dramatically reduce false positives in AML screening.
- The impact of whitelisting strategies in enhancing efficiency and reducing manual review efforts.
- How Eastnets SafeWatch Screening (SWS) improves sanctions screening accuracy while maintaining compliance.
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Why choose Eastnets?
As a trusted compliance partner for over 800 financial institutions, Eastnets provides cutting-edge financial crime compliance solutions. SafeWatch Screening (SWS) offers a proven, AI-powered approach to sanctions screening, ensuring faster, more accurate detections with reduced operational burden—allowing banks like Sohar International to stay ahead of evolving compliance requirements.
By optimizing the data files, fine-tuning the scanning parameters, and introducing a simple but effective whitelist for recurring false hits, we saw a dramatic 67% drop in false positives. The number of alerts went from over 312,000 to just about 102,000.
Sohar International Bank
