The AML Name Screening Challenge

Find a Needle in a Haystack

A major challenge in AML Name Screening is numerous name variations, that obscure the real entity; yet identification by name is the required by law method, but current simple technologies today make this task elusive and hard requiring advanced means and technology for deep diving into the differentiations and understandings of spellings origins; whilst some spelling differentiations represents the ‘Entity in Search’, others are no more than ‘white-noise’ that creates too many False-positives.

WHY IS NAME SCREENING THAT CHALLENGING?

There are many causes of name variations:

  • competing indexes
  • initials, abbreviations
  • middle names
  • nicknames
  • IGI standardized names
  • letter substitutes
  • translations from and between languages
  • and more…

ILLUSTRATING THE NAME SCREENING CHALLENGE

To illustrate the issue the name Mohammed which origin is from Arabic has 56 variations of spelling in English, or Jacqueline which origin is from French has 804 name English spelling variations!

This task is a real challenge in the fight against criminal money laundering and terrorist financing, as today doing business or monetary transactions are on a Global Scale, do to the surge of internet banking and commerce. Meaning that AML screening must work and understand commonly used 60 languages, each language with its own “ABC”, pronunciations, using different forms, or pictograms. 

Name Spelling Variations – Illustrating the challenge

THE LIMITATIONS OF CURRENT AML SCREENING TECHNOLOGIES

The available solution for the AML name screening languages today is insufficient for recognition of Entity-Name, whether an Organization, Company, or an individual Person. This statement is proven by the over 100 billion AML fines distributed to banks in the last decade; the “Proof is in the Pudding”.  

Trying to sort that out, creates a mammoth-task for any AML compliance teams. The simple fact is that standard technologies for screening using ‘rule-based’ methodologies can’t resolve the differences. That is why in most cases so called “Hits” are handed over to the AML team to trace and resolve the differences in Name matching, based on common individual and subjective logic. Add to it different language translations, and it expands the challenge much further.

FINCOM.CO RESOLVES THE CHALLENGE OF NAME SPELLING VARIATIONS

Using Computational Linguistic together with Phonetic mathematical algorithms as part of Fincom.co’s Core-tech, enables Fincom.co to overcome these obstacles with remarkable results in searching of names no matter the spelling variations or even language as it matches 40 languages automatically. Fincom.co technology is the leap forward of smart processing & automation of the AML processes, allowing rapid accurate Name Screening in less than 1 second! Serving for both Onboarding as well as Transaction-Payments.

NAMES SCREENING IN GLOBAL FINANCIAL ACTIVITIES

Fincom.co platform covers Name Screening across 40 different languages, in different spelling variations and transliterations, using Computational Linguistic together with Phonetic mathematical algorithms, and is the vanguard of new such technologies that will be entering the world market in supporting information and data management for Anti-Money Laundering, Commerce, CRM Management and other areas too.  

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