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The AML Name Screening Challenge

FIND A NEEDLE IN A HAYSTACK

The AML Name Screening Challenge

Find a Needle in a Haystack

AML Name Screening poses a significant challenge due to the presence of numerous name variations that obscure the true identity of entities. Although identification by name is a legally mandated method, current technologies fall short in effectively accomplishing this task. Advanced means and technology are required to delve deep into the intricacies and origins of spelling differentiations. While some spelling variations are indicative of the desired entity, others are merely noise, leading to an excessive number of false positives.

The complexity of Name Screening

Several factors contribute to name variations, including competing indexes, initials, abbreviations, middle names, nicknames, standardized names as per IGI, letter substitutes, and translations across languages. These variations add to the complexity of name screening, making it a formidable challenge in combating criminal activities such as money laundering and terrorist financing. With global business transactions and internet banking on the rise, AML screening must encompass the understanding of all the commonly used languages, each with its own unique alphabet, pronunciation, and diverse forms.

Name Spelling Variations – Illustrating the challenge

THE LIMITATIONS OF CURRENT AML SCREENING TECHNOLOGIES

The currently available solutions for AML name screening in different languages are inadequate when it comes to recognizing entity names, be it organizations, companies, or individuals. The magnitude of the problem is evident in the substantial AML fines imposed on banks over the past decade, which serve as tangible evidence of the deficiencies in current approaches. Sorting through these challenges presents a monumental task for AML compliance teams. Rule-based methodologies employed by standard screening technologies fail to resolve the discrepancies, leading to a reliance on subjective human judgment to identify matches. Additionally, the complexity is amplified by the need for language translations.

FINCOM – Addressing Name Spelling Variations

Fincom addresses the challenge of name spelling variations by leveraging Computational Linguistics and Phonetic mathematical algorithms within its Core-tech. This innovative approach allows Fincom.co to overcome the obstacles associated with diverse spelling variations and even multiple languages, offering remarkable results in name searches. Fincom’s technology represents a significant leap forward in smart processing and automation of AML processes, enabling rapid and accurate name screening in less than one second. It serves as a valuable tool for both onboarding processes and transaction payments.

NAMES SCREENING IN GLOBAL FINANCIAL ACTIVITIES

Fincom’s platform provides comprehensive name screening capabilities over 40 different languages (currently 44 and growing), accounting for various spelling variations and transliterations. By incorporating Computational Linguistics and Phonetic mathematical algorithms, Fincom.co stands at the forefront of emerging technologies that will support information and data management in the domains of Anti-Money Laundering, Commerce, CRM Management, and more. Its cutting-edge solutions hold immense potential for the global market, revolutionizing the way we approach financial activities while ensuring compliance and risk management.

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