Second Screening

Current customer and payment screening platforms produce extremely high numbers of false positives and require small armies of people to investigate completely unproductive alerts.

We have observed that many transactional screening systems can produce hit rates of 5% of all transactions processed. Even when investigators take 3 minutes to investigate, this can lead to 100s of investigators being required. Also 10 to 30% of the alert volume comes from repetitive alerts to the same foreign counter party.

Quantexa can resolve the foreign counter parties in real time, allowing these repetitive alerts to be suppressed with no additional risk. Also, the underling foundation of enabling entity resolution allows for more rules to be written against the extracted and resolved entities. This has the potential to further reduce the number of false positives.

Quantexa has created a contextual analysis process to help organisations manage the false positives. For example:

  • It will accurately resolve the foreign party across multiple payments allowing repetitive false positives to be suppressed
  • Application of contextual matching approach will show that Mr Adrian Jones is a person and not the vessel Adrian
  • It will provide enrichment of limited information from payments with 3rd party data (BVD) potentially providing other linking elements such as DOB, email, etc
  • Application of culturally aware matching approaches (Hispanic, Russian, Arabic, Korean, etc) and name standardisation will allow defined strategies to be created to manage particular cultural volume issues
  • A suppression rule library will release payments, as well as “override” rules, to flag higher risk payments and anomalies

It can help investigators by:

  • Gathering all the relevant data for the investigation
  • Leveraging other existing internal sources such as AML alerts, SARs, Fraud Alerts, KYC data, 3rd Party data
  • Linking and resolving the foreign counterparties to understand the held payment in context of other payments to or from this party

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