Keeping Data Separate
Better rules can be written into AML solutions and processes if banks don't mix and compare data that doesn't relate to each other, the paper notes. Keeping information from different fields separate during the screening process, for instance, will reduce the number of incorrect matches that have to be reviewed. To achieve this the paper recommends creating discrete entity types so that an individual's name doesn't get matched to the name of an organization that could be on a caution list.
Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio