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SmartScan Service (7)
The score is calculated based on the frequency of hits on a record and the relevancy of the field where the hit is found. The number of search parameters used for screening also impacts the score for each search result. Refer to the table below for more information regarding our scoring system.
SmartScan is merely a screening tool while DecisionIQ uses our SmartScan technology to make actionable decisions about an individual/entity. DecisionIQ will provide a result as PASS, VERIFY, or FAIL after conducting a search and provide a proof of decision file to provide information on how that decision was made.
We have an automatic data purge policy unless you are using ongoing monitoring for which the search information is required. We have different data purge policies for different search methodologies opted by the user. There are three ways you can input data into the system: Adhoc Search, Batch Search, and through the API. The data from Adhoc and API are not retained in the system. The Data from Batch Search is purged as part of our regular data cleanup. The search record is maintained as Checksum in the database.
We support transliteration of non-Latin characters except Chinese, Japanese, Korean.
Does KYC2020 have a risk rating for all countries that can be incorporated into our system to enable risk rating of customers?
You can check FATF guidelines on High-Risk countries.
A 75% fuzzy search will enable our system to retrieve hits on names with 75% of the name parts included in the search request. For example if there are 4 name parts in your search request – Abdel Basit Hag Hassan – then all of the results will have a minimum of 3 of the 4 clauses in that name. Whereas if that search was 100% fuzzy, all results would have all four name parts in it. This will limit the number of hits you get on a search.
A fuzzy search, as opposed to an exact search, will enable our software to conduct a liberal search. It will account for misspellings and phonetic matches for your specific search request to ensure our system doesn’t miss any true positive hits rather than strictly searching for the exact search request.