Anti-Money Laundering with Text Analytics
Name Matching Strategies for Compliance, Risk Reduction and Business Growth
Compliance, Risk Reduction and Business Growth
Central to AML and KYC regulations are the mandate to match new and existing customers with the latest watchlists from OFAC, FinCen, FATCA, The United Nations, The European Union, The World Bank and other regulatory bodies around the globe.
Fundamentally, a financial organization needs to ensure that systems and procedures are in place to correctly identify and flag the names of these individuals – taking into account variations in spellings, word order, languages, writing systems, and other factors (e.g., source, quality, completeness, accuracy, consistency) in order to be compliant.
Rosette Name Indexer’s linguistic approach to name matching takes advantage of all the available contextual information to properly match names to a target list without introducing the inevitable errors that transliteration introduces
“U.S. and European banks have now agreed to settlements with U.S. regulators totaling some $5 billion in recent years on charges they violated U.S. sanctions and failed to police potentially illicit transactions.”
Download the whitepaper to learn about the key advantages of the linguistic approach:
- Fewer false positives: Computers employ the same knowledge humans would
- Fewer false negatives: Humans do not have to know all possible variations
- Faster checking: Not all variations are compared explicitly
- Greater scalability: Fewer (or smaller) machines can check more names