KYD In Action: Names from the Islamic World

In this post, I’d like to provide an overview of the ways Islamic names encountered in AML/KYC contexts can differ from familiar Anglo/European names. I will emphasize those aspects that cause complications both for automated processing (searching and matching) and for human interpretations.  In several previous posts, I have covered …

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Know Your Data: OFAC and Hispanic Names

Why KYD Matters In my previous post, there was a chart that shows the extent to which a relatively small number of name-models predominate in OFAC SDN data. My ultimate purpose in providing that graphic was two-fold: To show that reliance on mediocre, Anglo-centric name-screening techniques such as SOUNDEX and …

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From the headlines to your AML/KYC system: the strange case of Mr. Wu

Breaking News That You Can Use Recently, all the major news channels carried a high-profile story about a Chinese businessman, Ng Lap Seng, who was arrested by the FBI for financial crimes, on the very same day that the Chinese President, Xi Jinping, arrived in Seattle, to begin his U.S. …

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The Cultural Myopia in OFAC Search Tool & Lists Puts Banks at Risk

What makes a name “Anglo”? In my last post, I suggested that much of the confusion surrounding what might count as “minimally compliant” and/or “due diligence” by OFAC is a result of the way they describe and exemplify the recommended decision making process for name screening. IMHO,this process is culturally …

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OFAC Compliance: What Counts as Due Diligence?

“We’re from the Government, and we’re here to help.” OFAC supports U.S. financial institutions in their list-screening operations in several ways.  It provides: Current data on the many distinct lists of names of parties that fall under one or another of its enforcement actions, each of which is continuously updated …

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