Socure, the leading provider of artificial intelligence (AI) for digital identity verification, compliance, and fraud prevention, has officially announced the launch of its first AI-powered assistant for the company’s proprietary Global Watchlist Screening and Monitoring solution.
According to certain reports, the stated industry-first AI-driven assistant arrives bearing an ability to improve how organizations handle sanctions, politically exposed persons (PEP), and adverse media matches, thus transforming the entire mechanism of watchlist screening.
More that would reveal how the solution is well-equipped to cut down on false positives, accelerate case reviews, and improve analyst decision-making.
To understand the significance of such a development, we must take into account how traditional watchlist screening is very well known to suffer from inefficiencies that strain compliance teams. These inefficiencies include high false positives, time-consuming manual reviews, and regulatory complexity.
Not just that, institutions are also up against mounting pressure to comply with rapidly evolving restrictions from agencies like OFAC, with penalties for non-compliance exceeding $8 billion globally over the past two years.
In response, Socure’s updated Global Watchlist Screening and Monitoring solution brings forth a patent-pending, two-stage scoring system with dual controls. The first stage assigns a Name Match Score to create a candidate pool by assessing how closely a customer’s name aligns with watchlist entries.
Once that part is done, the stated pool is then enriched with personally identifiable information (PII) for a clearer risk assessment.
As for the second stage, it involves an Entity Correlation Score replicating an analyst’s decision-making process so to ensure that the source list and the matched entity are the same. The idea behind such a step stems from strengthening regulatory compliance, thanks to minimized false positives and negatives, a reduced need for manual reviews, and a streamlined compliance mechanism.
Markedly enough, for each match, the AI Copilot goes on to create consistency in process, reduce human subjectivity, and facilitate standardized documentation.
“The compliance landscape is evolving rapidly, and traditional watchlist screening simply hasn’t kept pace with the demands of modern risk management,” said Debra Geister, Vice President of Regulatory and Compliance Solutions at Socure. “With our AI Copilot, we are eliminating inefficiencies, slashing review times, and delivering the most precise match intelligence in the industry—all while reducing operational costs and analyst fatigue. This is a massive leap forward for compliance teams, giving them the speed, accuracy, and confidence they need.”
Next up, we must dig into the solution’s promise to provide real-time intelligence, something it does by instantly processing potential matches in no more than just two seconds.
Joining that would be the potential for comprehensive and contextual understanding. This translates to how, running on Natural Language Reasoning (NLR), the AI Copilot can easily recognize multiple aliases, contextual identifiers, and cultural variations.
Another detail worth a mention here is rooted in the facility to generate operational efficiencies across all decision-making touchpoints. Hence, users can simply accept or reject matches using AI-supported reasoning, with the ability to add investigative notes quickly.
Socure’s AI-Powered Assistant also comes decked up with the means to deliver regulator-ready documentation, an end-product reached upon after generating audit-ready reports in an intuitive interface.
Among other things, we ought to mention how the new technology has already displayed some promising results during its early deployment phase.
For instance, it achieved a 78% reduction in manual reviews by reducing the number of flagged identities and false positives with improved accuracy, empowering analysts to focus on true risks and high-value, strategic tasks.
Alongside that, the solution achieved 80% faster case reviews, a feat realized on the back of reduced average review time from 10-15 minutes to 2-3 minutes, allowing more cases to be processed daily.
In case that wasn’t enough, the AI Assistant also clocked a reduction in costs by almost 60%. Basically, with AI narratives as templates for standardized investigations, the solution created consistent reviews that lower quality control costs.
“Socure’s advanced two-score system has been transformative for our compliance team,” said Larry Sandor, Head of Compliance at Lili, “It has significantly reduced alert review time and false positives, and it has empowered our analysts to focus on complex investigations and higher-level risk assessments.
