So Comply

Smart Oversight, developed by So Comply, is a software solution aimed at small and medium-sized enterprises (SMEs) in various industries, including financial institutions, legal firms, accounting firms, insurance companies, and real estate agencies. According to the vendor, this tool is designed to streamline the KYC (Know Your Customer) and AML (Anti-Money Laundering) processes, helping businesses enhance compliance, mitigate risks, and ensure regulatory adherence.

Key Features

According to the vendor, Smart Oversight offers the following key features:

Search: Perform one-click searches on official sanctions lists, PEP (Politically Exposed Persons), and negative media using an exclusive Natural Language Processing (NLP) algorithm that covers a wide range of sources.

Analyse: Utilize a user-friendly interface to conduct deep analysis of search results, incorporating Machine Learning mechanisms to reduce false positives and enhance the identification of potential risks.

Monitor: Take advantage of an advanced automated screening schedule that generates PDF reports for audit evidence, facilitating ongoing monitoring and compliance.

European Union and Swiss Compliant: Ensure compliance with European Union and Swiss regulations by accessing standard sanctions lists, including United Nations, European Union, US-OFAC, SECO, and HMT, with direct access to official up-to-date sanctions lists.

Database of 3 Million PEP Related Data: Access a comprehensive database that collects PEP related data from official governmental websites at regional, national, and supra-national levels, complying with FATF Recommendation n°12 and the EU AML Directive.

Natural Language Processing (NLP) Algorithm: Improve identification of PEP entourage, including family members and business associates, aligning with FATF Recommendation n°12 and the EU AML Directive to enhance compliance with AML obligations.

Web Screening: Conduct NLP-based screening of thousands of web pages in over 30 languages, identifying negative media about individuals or legal entities to enhance due diligence and risk assessment.

Robotic Process Automation: Significantly reduce manual workload by focusing on automation, reliability, and scalability, allowing professionals to concentrate on core business activities.

Centralized Data Hosting: Store clients' background data, including sanctions, PEP, and negative media, in a centralized location that facilitates easy sharing of key information among teams while ensuring data security and accessibility.

PDF Reports and Audit Evidence: Capture screening results in PDF reports, securing them with a cryptographic key, and store all screened sources as audit evidence for compliance and reference purposes.