Gain insight into the condition of your data, and detect any irregularities or incompleteness to make strategic decisions on the optimal configuration of your screening algorithm.
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Stop wasting valuable resources on unnecessary alerts. With FinScan Data Prep, you can quickly and easily resolve data errors and inconsistencies to prepare your data for screening with minimal effort. Take control of your screening results today.
Gain insight into the condition of your data, and detect any irregularities or incompleteness to make strategic decisions on the optimal configuration of your screening algorithm.
Streamline your screening process by eliminating data inconsistencies, standardizing name patterns, and removing duplicate records for better screening results.
Get up and running quickly. Simply turn on the Data Prep module in FinScan and start experiencing improved results right away.
Identify and screen all names in joint accounts and address lines separately so that no potential sanctioned individual or entity goes unchecked.
Gain insight into the condition of your data, and detect any irregularities or incompleteness to make strategic decisions on the optimal configuration of your screening algorithm.
Streamline your screening process by eliminating data inconsistencies, standardizing name patterns, and removing duplicate records for better screening results.
Get up and running quickly. Simply turn on the Data Prep module in FinScan and start experiencing improved results right away.
Identify and screen all names in joint accounts and address lines separately so that no potential sanctioned individual or entity goes unchecked.
Start with a data quality assessment to pinpoint data irregularities and gain visibility into the quality of your data so you can effectively address the data errors that impact your screening results.
Address data quality issues impacting screening outcomes to reduce false positives while uncovering the potential risk of false negatives, warding off expensive penalties and preserving your business’ reputation.
Improving data quality reveals hundreds of previously undetected OFAC hits
Leverage FinScan Data Prep to address the most common and challenging data quality issues that impede screening results. Some of them are listed below.
| NAME ERRORS | INPUT RECORD | IMPACT OF NOT USING FINSCAN DATA PREP | ACTION TAKEN WITH FINSCAN DATA PREP |
|---|---|---|---|
| Joint accounts | JOHN & MARY SMITH |
Additional names in the same record, e.g., Mary Smith, are not screened |
Detects additional names and creates separate records for screening: |
| Names hidden in address lines | INNOVATIVE SYSTEMS, INC 123 MAIN STREET C/O JOHN SMITH |
Additional names in address lines, e.g., John Smith, are not screened |
Identifies name from address lines to screen them separately: |
| Reverse name order | MCADAMS JULIE |
Assumes “Last Name” to be the “First Name” thereby leading to incorrect matching and creating false alerts |
Reorders First Name and Last Name: |
| Invalid address elements | Street: 205 TRENTON AVE CLIFTON NJ USA City: State: Country |
Incorrect address capture leads to inaccurate matching and missing sanctioned countries, e.g., street line has the entire address line including city and country |
Parses address fields into appropriate fields for better matching outcomes: |
| Format variations in DoB | DoB: 10-Apr-88 DoB: 4/10/88 |
Format variations in Date of Birth field leads to increase in false positives |
Standardizes DoB formats to avoid variations: |
| Individual identified as organization or vice versa | BROWN MARKHAM LLP Type: Individual |
Incorrect labeling of records can lead to missing true hits |
Correctly identifies the record type to screen against the appropriate sanctions dataset: |
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