As the demand of keeping up with the sheer volume of data becomes more onerous in the battle to thwart dirty money, tech firms are rolling out new solutions which they say will help ease the pain. Here's an example.

London-based Facctum, a “risktech” company, has launched FacctSet™, a solution designed to streamline watchlist management for improved compliance outcomes. 

FacctSet is designed to tackle growing data management demands created by the rapid growth of sanctions and AML compliance obligations, Facctum said in a statement. 

(The solution should not be conflated with the firm called FactSet, which is a data and analytics business and not connected to this offering.)

Facctum said 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,” the firm said. “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.”

The launch of such an offering demonstrates how the business of complying with laws to stop money laundering and other threats is becoming increasingly tech-driven because of the volumes of data and the need for managers to keep abreast of it.

The new offering has the ability to manage complex, rapidly changing and large scale watchlist data, the firm said. 

Earlier this year, Facctum launched its first product, FacctView™, a new SaaS-first FCRM [financial crime risk management] platform designed to increase compliance performance by enhancing risk detection and reducing false positives.   

Besides its UK base, Facctum also operates in Pune and Bangalore.