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The ability to monitor financial activity on a geographic
basis is a critical requirement of any anti-money laundering
(AML) solution. For example, financial institutions must monitor
their international transactions to determine whether they
involve high-risk geographic locations such as:
- "non-cooperative"
countries and territories (NCCT's) identified by the Financial
Action Task Force (FATF).
- countries
and jurisdictions subject to Office of Foreign Assets Control
(OFAC) sanctions.
- countries
and jurisdictions identified by the Secretary of the Treasury
or U.S. Department of State to be "of primary money
laundering concern.
The
geographic information about the parties involved in each
transaction is specified in free-formatted address fields.
Unfortunately, AML tools cannot operate on these free-formatted
fields in their raw form. Instead, each address field in each
transaction record must be analyzed so that geographic information
such as city, state/province, and country can be identified,
extracted, normalized, and placed in separate data fields
in the AML database. Most, if not all, AML tools fail to provide
such critical data conversion functionality.
SyntelliRead
Location Extractor extracts city, province, and country
information from free-formatted address fields and creates
normalized names for use in your AML database, thus greatly
enhancing your ability to monitor transactions geographically.
In addition to using powerful, noise-tolerant parsing technology,
the software employs sophisticated reasoning strategies to
resolve inconsistent, ambiguous, or incomplete address specifications.
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