6 Best Practices for Improving AML Screening
Risk Profile Patterns
The paper emphasizes developing a sense of how to go about a risk-based screening approach in terms of different types of data to decrease false positives. An example the paper provides is that PEI, a common Chinese surname, can be mistaken for the acronym of a sanctioned Iranian company, Pioneer Energy Industries. In such a case any other reference to that match in the transaction may be superfluous, the paper points out.