Sanctions Screening Meets Artificial Intelligence on Steroids
Sanctions screening is one of the most time consuming and complex aspects of Anti-Money Laundering compliance. In our continuing effort to remain one step ahead of our competitors and current with technology, we have deployed enhanced screening processes which include artificial intelligence (A.I.) and machine learning capabilities to support critical watchlist and sanctions screening processes.
This enhancement provides clients with immediate access to technology which results in immediate savings in time and cost. The real time savings are realized with the reduction of up to 80% of false positives while providing greater coverage of information and it increases the accuracy of financial crime detection and prevention. A real-world case from a global company processing over a million records monthly demonstrated a reduction in alerts by 76% with savings of over $250,000 annually.
The application also supports fuzzy logic based on phonetics in addition to exact match using the Metaphone 3 algorithm. Using a list of noise words customized for each search type increased the matching process while reducing false positives. A weighted system was also created to enrich the process of matching, giving the A.I. tool the power to identify true matches more accurately.
To further empower the A.I. a list of colloquialisms was incorporated with the system to create alternate version of a name for individuals and companies. This helps ensure that all aspects of names will be incorporated into the matching engine.
Finally, multiple versions of searches is created and searched using multiple matching methodologies to ensure that a name will be found by using different logic for a person, entity, or identification.
