The Problem of Name Matching in Sanctions Screening 

Name Matching

Name Matching is the “real hard nut to crack” in AML / Sanctions compliance. While Fuzzy Algorithms can help with some of the real world challenges like typos, incomplete strings etc. some issues like transliteration issues, nicknames, spelling differences can’t be mitigated with any fuzzy algorithm. The results are either an overload of false positives or, even worse, false negatives.

sanctions.io’s new name matching technology solves these challenges by blending machine learning with a set of traditional name matching approaches.

Learn more about different approaches and technologies for name matching problems in this article.

Russia related Sanctions – How To Comply and Stay Compliant

Russia Sanctions

The world watched the Russian-Ukrainian conflict unfold in early 2022. While Russian claimed that occupation was not their intention, the Ukrainian government has labeled the attack an invasion. Several countries around the globe have condemned their actions and implemented harsh sanctions against Russia.

Failure to comply with sanctions can have serious consequences, including the risk of penalties and even criminal charges.

The Anti-Money Laundering Guide for Leasing

Leasing companies are not financial or banking institutions but provide resources like factoring and financing in the same way these institutions do. Leasing falls within the scope of financial services and is subject to AML regulations and specific regulatory practices, as are any businesses participating in the leasing system.

The 10 Key Warning Signs For Money Laundering (and How to Mitigate the Risk)

Banks, money transfer and fintech companies, credit and insurance organizations and gambling operators must ensure AML compliance and take every step to avoid money laundering. Playing a part in facilitating money laundering, however unintentionally, is a risk for every financial institution and professional. Most anti-money laundering compliance programs adopt a risk-based approach. They make a […]

The Complete Guide for an Effective Sanctions Screening Process

Every business is required to have a sanctions screening strategy in place that is documented and reviewed regularly. The accuracy and depth of internal data is the key to an effective sanctions screening process, while technology remains an important part of identifying financial crime risks accurately and timeously. 

6 Steps for Completing an AML Risk Assessment

Anti-money laundering risk assessments are crucial for preventing financial crimes and remaining compliant with regulations. This comprehensive guide will review the basics of an AML risk assessment by answering the following questions: What is an AML risk assessment? Why should you complete one? What steps are involved? What is an AML Risk Assessment? Money laundering […]

AML & Sanctions Compliance for NFT Marketplaces

NFT

The global market for non-fungible tokens hit $42bn this year as digital images fast became popular investment assets, rivalling the size of the fine art world. Considering that NFT sales were at $100m in 2020, it seems as though we are on the precipice of a looming digital gold rush in 2022.  That being said, […]

Sanctions Compliance for Crypto Businesses

This guide will help to understand the Crypto Industry’s specific challenges, how to identify red flags and implement best practices for a comprehensive compliance process.

Sanctions Screening in the Mining Industry

Sanctions screenings are a vital part of complying with Anti-Money Laundering and Counter-Terrorist Financing regulations. What exactly is a sanctions screening – and how does it impact the Mining Industry?

AML Guide for Tax Consultants

Tax Return

This guide will review the risks that tax consultants face regarding Money Laundering as well as what procedures they need to have in place to address these.

AML Guide for Law Firms

This guide will provide an overview of how Law Firms are affected by Money Laundering, which regulations need to be taken into consideration, as well as compliance best practices.

AML Guide for the Insurance Industry

AML Guide Insurance Industry

This is a complete guide to why the insurance industry is a target for money laundering, and the associated legal framework to prevent and detect it.

AML Guide for the Cryptocurrency Industry

Financial institutions are subject to AML regulations because they face a direct risk of being abused for money laundering and terrorist financing. This guide will detail all of the regulations that apply to the Crypto industry as well as how they should be reflected in their business operations.

Best Practices for your PEP Screening Process (Video)

PEP screening is an important aspect of Anti-Money Laundering and Know Your Customer (KYC) regulation. It involves validating a customer’s identity to determine if they are a PEP – a politically exposed person. While companies are of course not not prohibited from working with somebody on a PEP list, there are additional due diligence measures that are required. See what are the Best Practices in our short video below.

Best Practices For Your PEP Screening Process

PEP screening is an important aspect of Anti-Money Laundering and Know Your Customer (KYC) regulation. It involves validating a customer’s identity to determine if they are a PEP – a politically exposed person. While companies are of course not not prohibited from working with somebody on a PEP list, there are additional due diligence measures that are required.