{"id":2822,"date":"2023-02-17T11:57:28","date_gmt":"2023-02-17T11:57:28","guid":{"rendered":"https:\/\/devsite.kyc2020.com\/blog\/?p=2822"},"modified":"2023-11-26T06:08:06","modified_gmt":"2023-11-26T06:08:06","slug":"how-to-reduce-false-positives-in-sanction-screening-2","status":"publish","type":"post","link":"https:\/\/www.kyc2020.com\/blog\/how-to-reduce-false-positives-in-sanction-screening-2\/","title":{"rendered":"How to Reduce False Positives in Sanction Screening?"},"content":{"rendered":"\r\n<p><a href=\"https:\/\/www.kyc2020.com\/smartscan.html\">Sanction screening<\/a> is a critical process for any organization that works with clients or customers. It is intended to help identify potential financial crime risk, and allows businesses to remain compliant with government regulations and other laws.<\/p>\r\n\r\n\r\n\r\n<p>But what happens when the results of the screening return false positives? Let\u2019s explore why false positives happen, and how you can reduce them.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\" id=\"h-what-causes-false-positives\"><strong>What Causes False Positives?<\/strong><\/h2>\r\n\r\n\r\n\r\n<p>False positives occur when an individual or entity appears on a list of sanctioned entities, but should not be considered as such. This could be because the name does not match exactly, or because the person has been incorrectly identified as someone who is sanctioned.<\/p>\r\n\r\n\r\n\r\n<p>False positives are more likely when the information used for sanction screening is incomplete, inaccurate, outdated, or contains typos.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\" id=\"h-the-impact-of-false-positives\"><strong>The Impact of False Positives<\/strong><\/h3>\r\n\r\n\r\n\r\n<p>False positives can have costly consequences for organizations. Not only do they create unnecessary delays in processing payments and customer onboarding, but they can also lead to significant reputational damage if the mistake isn\u2019t caught before it reaches regulators.<\/p>\r\n\r\n\r\n\r\n<p>Furthermore, repeatedly having suspicious transactions flagged by regulators for further review can lead to fines and sanctions from authorities down the line.\u00a0<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\" id=\"h-reducing-false-positives\"><strong>Reducing False Positives<\/strong><\/h2>\r\n\r\n\r\n\r\n<p>Fortunately, there are steps you can take to reduce false positives. First and foremost is investing in a comprehensive data set that includes all relevant information about individuals and companies on sanctioned lists\u2014including aliases, family members, former addresses, etc.\u2014so that all possible matches are captured accurately and immediately.<\/p>\r\n\r\n\r\n\r\n<p>Additionally, utilizing AI-driven solutions helps to improve accuracy of information by cross-referencing multiple sources and performing real-time checks against global watchlists so that false positives are minimized.\u00a0<\/p>\r\n\r\n\r\n\r\n<p><strong>Conclusion:<\/strong><\/p>\r\n\r\n\r\n\r\n<p>Reducing false positives in sanction screening is very important for any business that needs to comply with governmental regulations and other laws. False positives can cause delays in processing payments and customer onboarding processes as well as lead to significant reputational damage or financial penalties from authorities down the line.<\/p>\r\n\r\n\r\n\r\n<p>Fortunately, there are steps you can take to reduce false positives including investing in a comprehensive data set and utilizing <strong><a href=\"https:\/\/www.kyc2020.com\/decisioniq.html\">AI-driven solutions<\/a><\/strong> for improved accuracy of information checks against global watchlists. With these measures in place your company will be ready to meet compliance requirements while avoiding costly mistakes due to false positive results from sanction screening checks!<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>Sanction screening is a critical process for any organization that works with clients or customers. It is intended to help identify potential financial crime risk, and allows businesses to remain compliant with government regulations and other laws. But what happens when the results of the screening return false positives? Let\u2019s explore why false positives happen, [&hellip;]<\/p>\n","protected":false},"author":16,"featured_media":2999,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[89],"tags":[105,106],"class_list":["post-2822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pep-data-and-screening-solutions","tag-how-to-reduce-false-positives-and-false-negatives","tag-reduce-false-positives-machine-learning"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Reducing False Positives in Sanctions Screening | KYC2020<\/title>\n<meta name=\"description\" content=\"Practical strategies to reduce false positives in sanctions screening: threshold tuning, data quality, name matching algorithms, and AI-based clearing.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.kyc2020.com\/blog\/how-to-reduce-false-positives-in-sanction-screening-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reducing False Positives in Sanctions Screening | KYC2020\" \/>\n<meta property=\"og:description\" content=\"Practical strategies to reduce false positives in sanctions screening: threshold tuning, data quality, name matching algorithms, and AI-based clearing.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.kyc2020.com\/blog\/how-to-reduce-false-positives-in-sanction-screening-2\/\" \/>\n<meta property=\"og:site_name\" content=\"KYC2020\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-17T11:57:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-26T06:08:06+00:00\" \/>\n<meta property=\"og:image\" 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