The following is provided in the E2AML platform:
Calibrating screening systems takes too much manpower and time, whilst a higher frequency of iterative tuning is needed.
Compliance professionals like the Aereve Sandbox performance testing for several reasons:
The Sandbox performance testing is the perfect self-assessment tool. Designed to test both the effectiveness and the efficiency of sanction screening system, to:
Chinese character screening is completely different from screening of Latin characters. The financial market, including regulators, realized that native to native character screening is essential.
Peer testing of screening systems with Chinese characters was not available in the market. Adding Chinese characters testing with peer comparison makes the investment in Aereve technology future proof.
Aereve provides both English and Chinese peer testing, which is more comprehensive than other technology providers, which provides English testing only.
In conclusion, it is essential for compliance managers to compare their performance with peers using the native-to-native approach. This makes the screening testing future proof.
Analysis reports as:
Aereve, the first RegTech company to be part of Jetco API Exchange, a participant in open banking.
Following the attempts of the Hong Kong Monetary Authority to introduce “smart banking” in the region, Jetco followed by opening the first open API platform with more than 200 APIs to facilitate cross-industry business collaborations.
What is the Aereve-API providing for?
The Aereve E2AML-API provides for the latest update of OFAC and UN sanction list. Running the API calls daily allows assurance of the latest update (Chinese and English) of the sanctions lists in your screening system as a light-weight checking.
By adding the Aereve-API, regulated entities can enhance their screening system and process by checking against the updated sanction list that has a built-in mechanism for Chinese native names.