Regulatory Compliance

Financial firms and companies in other regulated industries have a regulatory requirement to identify their clients and to understand key information related to doing financial business with them. Under the US Patriot Act and similar regulations from other countries, Know Your Customer (KYC) is focused on the prevention of identity theft, money laundering, and terrorist financing.

KYC functions include verification that customers are not on any key lists, for example, the Specially Designated Nationals list from the Office of Foreign Assets Control (OFAC), and therefore they are not terrorists, money launderers, or fraudsters. NetOwl NameMatcher can match a prospective new customer against these regularly updated name lists, accounting for name variants due to misspellings, name order variants, transliteration differences, tokenization variants, nicknames, and other variations of names from any ethnicity from anywhere in the world. NameMatcher provides this state-of-the-art name matching capability and scales to name lists in the hundreds of millions.

Identifying key people in the news and other open source content is also critical to understanding potential customers and their potential positions as a “Politically Exposed Person (PEP)”. NetOwl Extractor extracts key information about people from unstructured content such as news and web pages, and NetOwl TextMiner, together with NameMatcher, aggregates such person information into single person “profiles.” The combination allows financial institutions to obtain more comprehensive and up-to-date information on the PEPs and ensures that the firms are compliant with all applicable domestic and foreign laws and regulations.