TransparINT is a web-based application that identifies derogatory information on people and entities that could pose a risk to your financial institution. TransparINT stands alone as the system that systematically identities adverse media in real-time from various sources (news, web, watchlists, etc).
Your organization is mostly likely utilizing a curated database from a third party provider. Although these databases provide highly structured data feeds, the universe of curated information is minuscule when compared with the unstructured and generally open source news universe.
There is also always a time delay for the data aggregation process to produce a profile in your current system. This results in an inherent risk of missing a relevant article that could help highlight the AML risk associated with a particular person or entity.
Google and other commercial search engines are not designed for the specific needs of AML and Financial Crimes compliance work.
Google uses complex algorithms which consider more than 200 elements Google believes are relevant to find information. These elements include information about the sites Google indexes and information Google knows about you the user. Elements like Page Rank, Search Engine Optimization, and location of the computer on which the search is being performed are all computed to present results most users will find useful.
But the elements Google's algorithms use to find the best nearby restaurant impede an AML analyst's efforts to find negative news.
And consider this - there is an entire marketing industry devoted to helping companies ascend to the top of Google search results. Just as there are ways to improve the likelihood of a more visible result, there are also ways to use Google's methods to bury results someone wants to hide. These "reputation management" techniques bury negative news information on page 4, 5, or 10 of Google results, thus effectively hiding it from an investigator.
Google and other search engines also lack the privacy, audit, and reporting features available in TransparINT.
Despite these challenges for AML and Financial Crime work, Google remains an important source for search. TransparINT includes Google as one of the many sources we search for you.
TransparINT uses advanced computer science techniques known as Natural Language Processing and Machine Learning to scour published information sets exponentially larger than any curated database or archived news library. Our computers are specifically programmed to find information that is meaningful to AML and Financial Crimes compliance professionals.
Yes. All names searched on the TransparINT application are fully encrypted in transit via SSL (secure socket layers) and are secured by the world's leading cloud computing company, which uses the most advanced information security technology available. TransparINT's data is protected by the same company used by the world's largest military and intelligence agencies.
Yes. Regulators such as the Office of the Comptroller of the Currency frequently recommend tighter controls surrounding negative media searches including ensuring that the searches are producing relevant results and are properly documented.
Because TransparINT is a web based platform, there is virtually no implementation time required. Users can begin utilizing the tool within a day.
TransparINT can either be billed per user or at a flat firm wide fee.