Pelican, BNY Mellon partner for sanction screening and financial compliance

Pelican AI was successful in a competitive proof of concept – reportedly demonstrating that this AI-based solution will drive a high success rate for reducing false positives that require time-consuming investigations by operations staff. Pelican Secure SSLO employs AI technologies to analyse transactions that are flagged for investigation by the bank’s existing sanction screening tools. Pelican SSLO uses machine learning (ML) and natural language processing (NLP) to understand and interpret human actions, helping to classify and explain the false positives generated. This allows the bank’s compliance operation to resolve false positives, reducing inefficiencies and freeing up valuable resources.

Financial institutions face significant penalties and reputational risk for non-compliance with sanctions screening, but at the same time are under constant pressure to increase processing speeds and efficiency to enhance the customer experience. Sanctions screening systems are complex and process high volumes of transactions, so even a small number of false positives requiring manual intervention drive costs for compliance on an ongoing basis.