#United States #AI Technology #Palo Alto #Quantifind #OpenSanctions

Quantifind and OpenSanctions Unite for Sanctions Compliance

In a strategic move reflecting the complex landscape of global sanctions, Quantifind has joined forces with OpenSanctions to revolutionize sanctions compliance. As institutions grapple with increasingly intricate sanction regimes and heightened scrutiny, mere lists of sanctioned entities are no longer sufficient. Organizations now require comprehensive data that offers traceability and is powered by sophisticated AI to manage risk effectively.

Quantifind is celebrated for its AI-driven risk intelligence solutions designed to detect and combat financial crimes. Its latest partnership with OpenSanctions, a trusted provider known for its transparent and quality-focused sanctions and watchlist data, marks a significant leap forward in providing compliance teams with robust data. This collaboration enables Quantifind to integrate OpenSanctions' graph-based data into its Graphyte™ platform, thereby enhancing the accuracy, integrity, and auditability of data used in compliance practices worldwide.

The Need for Data Quality

Adam Mulliken, the Chief Product Officer of Quantifind, emphasized the critical importance of data quality in today’s compliance environment: "Sanctions compliance today demands data quality rigor, and the stakes could not be higher." He explains that the integration of OpenSanctions' data with Quantifind's capabilities will offer customers a comprehensive suite of quality-checked and traceable information, enhancing their ability to detect risks swiftly and accurately.

This partnership is set to empower organizations to move beyond outdated methods, such as antiquated matching rules and proprietary lists, to a modernized approach grounded in data integrity that seamlessly adapts to real-world complexities.

A Deep Dive into the Data

OpenSanctions excels at consolidating data from over 290 dataset collections globally, which is meticulously deduplicated into a unified model. Each data entry is traceable to its original source, ensuring that organizations can trust the information they rely upon. This data is further enhanced by Quantifind's proprietary entity resolution techniques and risk typologies, culminating in greater detection accuracy, accelerated screening processes, and significantly reduced false positives.

Both Quantifind and OpenSanctions align in their mission. OpenSanctions strives to democratize access to high-quality sanctions data, fostering a collective effort against global corruption. Meanwhile, Quantifind aims to create a community that focuses on distinguishing genuine risk signals within a vast array of data.

Through initiatives like their Convergence Collective on Sanctions Evasion, both entities have cultivated partnerships across the public and private sectors to pioneer solutions to complex challenges in sanctions compliance.

Addressing Complex Global Issues

The implications of the Quantifind and OpenSanctions partnership extend beyond sanctions compliance. They aim to leverage their combined expertise to tackle emergent issues such as sanctions evasion network mapping and the criminal use of cryptocurrency. The seamless integration of OpenSanctions' data within Quantifind's Graphyte platform enhances sanctions screening, monitoring, and investigations, promising comprehensive support for financial institutions globally.

In conclusion, this collaboration symbolizes a transformative evolution in the landscape of sanctions compliance. By harnessing the power of proficient AI technology and authoritative data sources, Quantifind and OpenSanctions are not just responding to current challenges but are setting a gold standard for the future of compliance in the financial sector. For more details, visit quantifind.com and opensanctions.org.