Following this announcement, the company’s expanded offering will integrate fraud prevention and AML compliance, aiming to provide teams with access to a single platform to screen and monitor customers in real-time, manage alerts, investigations, and regulatory reporting.
In addition, the release will also introduce real-time AI-powered capabilities, including Payment Screening, Transaction Monitoring, and integrated fraud and AML Case Management, with regulatory reporting filling functionalities. SEON will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
According to the official press release, SEON’s AML Compliance solution was developed through customer collaboration in order to apply the same real-time capabilities, data quality, and limitless customisation to compliance use cases. This process aims to provide teams with access to tailor risk programs to new products, regulatory jurisdictions, internal policies, and evolving risks. At the same time, SEON will serve as a unified solution for teams managing both fraud and AML compliance, helping them detect risks proactively, resolve cases faster, and keep records audit-ready. The product will focus on this process without navigating between different systems, while also eliminating manual steps and the procedure of working off spreadsheets.
Included in the key capabilities of the products are the possibility to spot bad actors early with digital footprint and fraud signals before users enter KYC or AML checks, expedite reviews with AI-assisted customer screening that helps analysts resolve hits faster, as well as detect risks instantly with real-time transaction monitoring or payment screening and investigate efficiently and close out cases faster with unified fraud intelligence. Furthermore, it will also provide AML signals and transaction data in one dashboard, reduce time spent on regulatory reporting with autofill capabilities and AI-powered SAR narratives, submit SAR, CTR, and Form 8300 reports to FinCEN faster (with status tracking and audit history; with expansion in progress to other regulatory bodies), and access expert support from SEON’s Managed Risk Services team, which will focus on offering guidance and rule management for leaner teams.
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