Challenges and Best Practices of AML Sanctions Screening, Part 2: Fine Tuning Your Matching Rules
Highlighting the advanced capabilities of FinScan, Innovative's sanctions and PEP screening solution.
Matching rules – and being able to understand, describe, and justify these rules to your regulator — are critical to your screening program's success. The “black box” approach towards your technology is no longer accepted, especially with the heightened demand for transparency into algorithm-based decisions. In addition, failing to properly define and leverage matching rules can greatly increase your false positives, as well as the risk of missing a true match and incurring fines or reputational damage.
Specific topics include:
- Comparison of different matching technologies
- Incorporating transparency and explainability into your program
- Risk-based approach — customizing match rules based on risk type
- Reflecting your data quality in matching rules
- Determining acceptable volumes of false positives based on the results of your data analysis
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