GeoRisk | OpusDatum

GeoRisk: High-risk jurisdiction verification

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Are you asking the right questions about jurisdictions in your cross-border payments?

Are you sending or receiving payments from high-risk jurisdictions? How do you verify jurisdiction risk when payment data is incomplete or unstructured? How can you automate jurisdiction verification to reduce compliance gaps and financial crime exposure?

If these questions resonate, you're not alone. With cross-border payments on the rise, financial institutions face increasing challenges in verifying payment and customer jurisdictions. Address inconsistencies, varying global formats, and unstructured data make jurisdiction verification complex, leading to compliance gaps and potential exposure to financial crime.

Introducing GeoRisk, a powerful solution designed to identify, verify, and assess the risk of global payment and customer locations. Contact us today to learn more and schedule a demonstration.

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Key benefits of GeoRisk

GeoRisk eliminates the need for outdated and incomplete address validation methods by leveraging advanced jurisdiction identification. This ensures that financial institutions can accurately verify payment and customer locations, even when dealing with unstructured or inconsistent data. By improving accuracy, banks can minimise false positives and false negatives, ultimately reducing compliance risk.

Automating jurisdiction verification and risk scoring streamlines compliance workflows, reducing the manual workload for AML, KYC, and transaction monitoring teams. By integrating GeoRisk into existing compliance systems, financial institutions can increase efficiency, improve response times, and focus their resources on higher-priority risk areas instead of manual jurisdiction checks.

GeoRisk aligns with international AML and CTF regulations, providing financial institutions with the assurance that their cross-border transactions comply with key regulatory standards. By adhering to frameworks such as the FATF, the BASEL AML Index, and the UK National Risk Assessment, organisations can reduce exposure to regulatory penalties and reputational damage while demonstrating a proactive compliance stance.

Key features

Powerful data collection

Collect and process both structured and unstructured text and numeric data from diverse sources, handling incomplete, inconsistent, and non-standard address formats to accurately determine jurisdiction.

Advanced jurisdiction identification

Employ advanced algorithms to verify detailed, street-level global address data, effectively identifying, scoring, and ranking the accuracy of all geographic references within the provided dataset.

Comprehensive risk scoring

Assign jurisdiction risk scores based on globally recognised regulatory frameworks to make informed decisions about cross-border payments and mitigate financial crime risks effectively.

Streamlined reporting

Improve due diligence processes and minimise manual effort for AML, KYC, and transaction monitoring teams with automated, seamless report generation, ensuring efficient use across Line 1, Line 2, and Line 3 FCC teams.

Seamless integration

Seamlessly integrate with existing compliance systems, including transaction monitoring and customer onboarding platforms.

Real-time compliance intelligence

Handle high volumes of payments and customer data in real-time whilst significantly reducing false-positive alerts and enhancing operational efficiency.

Pinpoint high-risk jurisdictions. Strengthen compliance. Reduce financial crime.

Gain precise jurisdiction insights, automate risk scoring, and enhance your due diligence processes with ease.

Request a demo today to see GeoRisk in action.