Abrigo, a provider of compliance, credit risk, and lending solutions for financial institutions, has introduced Abrigo Intelligent Scan, an AI-powered screening solution designed to improve risk identification, reduce false positives, and safeguard against financial and reputational harm for banks and credit unions.
The solution utilizes AI and automation to minimize extraneous data, expedite reviews, and enable financial institutions to allocate their resources more effectively to protect the trust they have established.
Reputational risk remains a critical concern for financial institutions, impacting their long-term strength and the trust they have established within their communities. Unintended links to sanctioned entities or high-risk individuals can expose institutions to significant financial penalties, such as OFAC violations carrying civil penalties up to $250,000 per infraction, alongside considerable public scrutiny. Proactive sanctions screening is thus integral to maintaining an institution’s reputation and credibility.
Abrigo Intelligent Scan is engineered to strengthen Abrigo’s Financial Crime platform by providing advanced screening capabilities. The workflow-based solution integrates AI-powered record matching, guided remediation workflows, and extensive global risk data sets. This combination aims to increase processing efficiency and facilitate more confident decision-making across compliance programs.
Jay Blandford, CEO at Abrigo, stated that “As financial crime grows more complex, community financial institutions need screening tools that are both powerful and practical.” He added that “Abrigo Intelligent Scan uses AI and automation to reduce noise, accelerate reviews, and help financial institutions focus their time and resources on protecting the trust they’ve worked hard to earn.”The cloud-hosted solution offers institutions scalability and flexibility. Features such as customizable risk thresholds and efficient remediation workflows are designed to reduce false positives, expedite reviews, and adapt to an institution’s specific risk profile. Ravi Nemalikanti, Chief Technology and Product Officer at Abrigo, commented, “This integrated approach helps institutions seamlessly work through matches across lists in a highly intuitive interface.” He further explained, “Our mission is to centralize investigations, improve visibility across risk domains, and respond more effectively as new threats surface.”Abrigo Intelligent Scan conducts screenings against comprehensive global risk data, encompassing over 160 sanctions lists, 2,100 global enforcement lists, Politically Exposed Persons (PEPs) from more than 240 countries, and over 250,000 cannabis-related businesses and individuals. The solution integrates with Abrigo’s AI-powered Financial Crime platform, which includes AML/CFT Compliance and Fraud Detection solutions. This integration ensures that screening outcomes are directly fed into due diligence and case management workflows, aiming to reduce silos and enable faster, more informed actions against emerging risks.
