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OFAC Name Matching and False-Positive …
Cognizant 20-20 Insights OFAC name Matching and False-Positive reduction Techniques To meet Office of Foreign Assets Control rules for combating money laundering, financial institutions need to take stock of new software tools that automate the process of identifying possible illegal activities and reduce the probability of unwarranted red flags. Executive Summary Financial institutions typically spend more time, money and resources investigating false Complying with Office of Foreign Assets Control positives as transaction volume and money (OFAC) regulations1 and transaction filtering are transfer activity increases. This can be reduced by key requirements for all financial and nonfinan- improving their OFAC compliance processes and cial institutions. Financial institutions are the implementing new software with sophisticated primary medium for money laundering and they time-saving Matching algorithms that recognizes are typically more vulnerable compared with different variants or misspellings of names and other thus reduces the number of false positives to a As such, financial organizations are working to minimum.
OFAC Name Matching and False-Positive Reduction Techniques. To meet Office of Foreign Assets Control rules for combating money laundering, financial institutions need to take stock of new software
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