Babel Street, a leader in advanced AI and data analytics, has partnered with IMTF, a global provider of anti-financial crime compliance solutions, to enhance name screening capabilities in IMTF's Siron®One platform.
This collaboration aims to improve name matching across various languages and scripts, addressing the increasing complexity of international Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
As financial institutions utilize global digital channels, accurate identity verification becomes crucial for compliance and crime prevention. The integration of Babel Street's Match technology with Siron®One allows for precise name matching in over 24 languages, including those in the Middle East and Asia-Pacific.
Dr. Sebastian Hetzler, co-CEO of IMTF, stated, “By integrating Babel Street's AI-driven Match technology, we are enhancing our international clients' compliance capabilities, particularly in regions with diverse naming conventions.”
This partnership comes as financial institutions face heightened regulatory pressures, requiring a balance between compliance oversight and operational efficiency.
John Weaver, Chief Strategy Officer at Babel Street, emphasized the importance of adapting to evolving regulatory requirements, stating, “We are excited to partner with IMTF to deliver a solution that not only meets current regulatory demands but also prepares financial institutions for future compliance challenges.”
The partnership signifies a major advancement in name-matching technology, offering a user-friendly solution for businesses navigating global compliance requirements.