rewrite this title Minerva Brings More Control, Visibility to Sanctions Screening – Finovate

Financial crime solutions provider Minerva announced two platform updates to give compliance teams more control and greater visibility when it comes to sanctions and watchlist screening.

The two new features are a screening analytics dashboard and a sanctions list source selection tenant configuration page.

Minerva made its Finovate debut at FinovateFall 2022 in New York. The company is headquartered in Toronto, Ontario, Canada.

Financial crime solutions provider Minerva recently unveiled a pair of platform updates designed to give compliance teams more control over and greater visibility into sanctions and watchlist screening operations. The company introduced a new screening analytics dashboard that gives users a view into the performance of their screening program. Additionally, Minerva launched a sanctions list source selection tenant configuration page for administrators that allows customers to customize their sanctions list coverage.

“I’m excited to share our latest product update,” Minerva Head of Product Jordan Bibla wrote on the company blog. “We released a new screening analytics dashboard to provide visibility into your screening program’s performance over time. We also rolled out sanctions list source selection to provide control over which underlying sanctions sources you screen against.”

Minerva’s new screening analytics dashboard now features a Current Snapshot view that provides point-in-time profile metrics including total profile count, monitored count, and escalation, acceptance, and rejection rates. This information will help compliance teams see exactly how well their screening program is performing. The dashboard also provides charts that show historical trends to let users see how profile statuses are changing over time. This feature enables compliance teams to more readily identify patterns and track performance.

The platform also now has a tenant configuration page to enable users with administrative access to empower customers to customize their sanctions list coverage based on their individual compliance requirements. The new page features Source Management, which enables administrative users to deselect sanctions lists that are not relevant for their screening program; Regional Filtering, which displays both active and inactive sources and can be filtered by geographic region; and Tenant-Wide Application, which enables selections to apply to the entire tenant for ongoing monitoring and risk assessment searches to provide consistency across the entire screening program.

Founded in 2019 and headquartered in Toronto, Ontario, Canada, Minerva made its Finovate debut at FinovateFall 2022 in New York. At the conference, the company demonstrated how its AI-powered AML platform provides accurate sanctions and watchlist screening, KYC, KYB, enhanced due diligence, and ongoing monitoring insights in seconds. Use cases for Minerva’s technology include not just AML compliance in banking, but also in industries such as real estate, law enforcement, cryptocurrency exchanges, payments facilitators, and more.

Minerva began the year with the news that it had partnered with financial crime and compliance automation platform Hummingbird to integrate Minerva’s screening data directly into the Hummingbird platform. This will enable Hummingbird users to access comprehensive global screening for sanctions, politically exposed persons (PEPs), open source intelligence (OSINT), and adverse media. This spring, Minerva introduced its Automated Screening Workflow solution that automates as much as 97% of screening activity.

Photo by Arturo Castaneyra on Unsplash

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