White Paper – False Positive Elimination Using Advanced Name Handling Technology
One of the key functionalities of the smartKYC application is name matching on watchlists. It leverages a variety of technologies such as name origin detection, fuzzy matching, Damerau-Levenshtein distance (see references (1), (2)) and nickname databases within a larger optimization engine to score names for similarity.
Recently, smartKYC was engaged by a leading Asian bank to assist with completing a substantial remediation task. The bank had implemented a new name screening system and was asked by the Monetary Authority of Singapore to run its complete book of business through this new software to check for hits from their primary watchlist source. This exercise generated huge volumes of hits that had to be manually inspected before being dismissed. The task turned out to be prohibitively time-consuming, and smartKYC was asked to help.