AML Screening Threshold Factors

AML Threshold Factors
AML Screening Threshold.png
When Argos KYC goes through AML screening on the verified KYC individuals, we use various tools and methods on verifying whether the person is screened from the AML database. We have a default number of 90 when screening the individual from the AML database. The number is high enough to look carefully for any possibilities of involvement with money laundering or terrorist financing.
The higher the threshold setting number is, the lower possibility for companies on meeting individuals who may be related to money laundering. However, this may refer to more results on the AML report provided by Argos KYC. The threshold number is recommended to be set at 90, but the number can be changed depending on the company’s decision.
Let us explain how we go through the AML database from the individual information after the completed KYC. Argos KYC utilizes three factors when searching the KYC applicant name from the AML Database.

1. Name Match 2. Date of Birth 3. Nationality

1. Name Match

Argos KYC uses string distance algorithms to measure the difference between surnames. Also, we utilize an internal dictionary of similar first names/nicknames to find any matching names. For example, when searching ‘Tony’, the search result also includes ‘Anthony’. In order to accurately search similar first names, Argos KYC constantly updates the database to grant more accurate matches.
In addition, we keep in mind the language variation. That is why Argos KYC searches names based on Levenshtein Distance Algorithm and original scripts/similar pronunciation. With Levenshtein Distance Algorithm, Argos KYC can know the percentage of similarity between the data. It is especially convenient when distinguishing similar alphabets including spelling checks.

2. Date of Birth Match

The date of birth is rather simple than the name match factor. It is used to verify whether the KYC applicant’s date of birth matches any of the risk person data in the AML database.

3. Nationality Match

Similar to the date of birth match, this verifies the match in the nationality within the Argos database.
Let us go into detail regarding the calculation on each section of the following post. If you have any inquiries regarding AML Screening and KYC, please feel free to contact the Argos KYC team. We would like to support you in doing what you can do best while we cover identity verification. Got you covered!
AMLScreening AMLScreeningThreshold AntiMoneyLaundering ArgosKYC KYC