What if you need the latest about business developments in Mongolia or better continuous monitoring of an entity in Slovenia? Or perhaps you have a client who needs to know the latest about the Comoros Bank for Industry and Commerce.
Well, Sigma is proud to announce that it is now able to provide news coverage in over 200 countries and territories across the globe.
In a world that is so overloaded with information, it is imperative that news aggregation for financial crime management is done in a way that balances both coverage and precision. Just here in the United States, the New York Times estimates that it publishes about 150 articles per day and the Washington Post puts out 1,200 pieces of content.Then one must add on the 35 other major U.S. news outlets that receive more than 10 million unique visitors per day, plus the production of millions of independent media blog posts each day. And this is only for the United States.
As we are all well aware, the world is very much globalized and it is essential that institutions have visibility into their clients abroad, the networks of those clients and a broad picture of the latest happenings in the foreign jurisdictions with which they deal. Adverse Media Screening (sometimes referred to as “Negative News Screening”) plays a major role in this process. In fact FATF explicitly highlights it as a due diligence tool in outlining its Risk-Based Approach.
With Adverse Media Screening, an institution can gain insights when on-boarding customers as well as maintain on-going monitoring to make sure nothing falls through the cracks. At Sigma, we use machine learning processes to monitor the media so that does not happen. In sifting through the ocean of each day’s news coverage, we will pick up events such as regulatory and legal events, M&A’s and event product updates, so that our clients have a full picture of their risk landscape on a daily basis.
Now, with global news coverage, we can help take our clients’ media screening capabilities to the next level. With coverage of virtually every jurisdiction on the planet, multilingual functionality and aggregation from more obscure but official sources, we not only expand the information flow significantly, but can help our clients evolve as they continually learn more about their clients and the world.