Identity Resolution for Anti-Money Laundering
Identity resolution technologies are used in various industries to help match people across multiple databases. Initially deployed in the government / intelligence space, identity resolution has migrated to the retail market for fraud detection and even for cleaning CRM databases. Various approaches are used, but the goal is to leverage available information to identify possible matches while minimizing false positives.
Certain fields present greater challenges for identity resolution. One such market is anti-money laundering.
Financial institutions are required to follow "know-your-customer" regulations in order to comply with anti-money laundering and terrorist financing rules. But while credit card companies get detailed addresses, date-of-birth and social security numbers from their applicants, terrorist watch lists have no such data. Typically, it's just a name and, perhaps, a country.
Alacra has recently been working with Infoglide Software, a leader in the identity resolution space, to determine how to best apply these capabilities to the AML industry. They've asked me to share some thoughts on the challenge, which they have posted to their Identity Resolution Daily blog.
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