Enhanced Control and Transparency in Financial Sanctions Monitoring offered by Minerva
Minerva Unveils Two Platform Updates for Enhanced Financial Crime Solutions
Minerva, a leading financial crime solutions provider based in Toronto, Ontario, Canada, has announced two significant platform updates aimed at providing greater control and visibility for compliance teams. The updates include a screening analytics dashboard and a sanctions list source selection tenant configuration page.
The new screening analytics dashboard is designed to help users quickly understand key analytics related to screening activities. It features a Current Snapshot view that provides point-in-time profile metrics such as total profile count, monitored count, and escalation, acceptance, and rejection rates. Additionally, the dashboard includes charts showing historical trends to help identify patterns and track performance, offering valuable insights into the performance of a screening program over time.
The sanctions list source selection tenant configuration page is a customization interface where tenants (client organizations) can select specific sanctions lists and sources to tailor their screening processes for financial crime compliance. This allows the tenant to focus on relevant sanctions lists based on jurisdiction and risk appetite. The page also includes features like Source Management, which enables administrative users to deselect sanctions lists that are not relevant for their screening program, and Regional Filtering, which displays both active and inactive sources and can be filtered by geographic region.
Moreover, the platform's tenant configuration page allows users with administrative access to customize their sanctions list coverage based on their individual compliance requirements. The Tenant-Wide Application feature enables selections to apply to the entire tenant for ongoing monitoring and risk assessment searches, ensuring consistency across the entire screening program.
Minerva's AI-powered AML platform is not limited to the banking sector. It is used in various industries such as real estate, law enforcement, cryptocurrency exchanges, payments facilitators, and more, expanding its reach beyond AML compliance in banking.
These updates are the latest in a series of enhancements made by Minerva, following the introduction of their Automated Screening Workflow solution that automates up to 97% of screening activity. The partnership with financial crime and compliance automation platform Hummingbird further integrates Minerva's screening data directly into the Hummingbird platform, providing comprehensive global screening for sanctions, politically exposed persons (PEPs), open source intelligence (OSINT), and adverse media.
Jordan Bibla, Head of Product at Minerva, announced the updates on the company blog. The photo in the article is by Arturo Castaneyra on Unsplash. Minerva made its platform debut at an event in Fall 2022 in New York.
For precise features or configurations, such as the list sources available, user interface elements, or workflow integration, it is recommended to consult Minerva's official product documentation or contact their support for the detailed technical specifications of these features.
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