- Reviews Transactions.
- Calculates how potentially fraudulent a transaction is.
- Creates risk alerts and compiles them into cases.
What is Bad Data?
How does Bad Data occur – The Causes?
- Inaccurate data: Incorrectly entered or maintained information.
- Missing Data: There are empty fields with missing information.
- Poor data entry: Spelling mistakes, substitutions, and differences in spelling, naming, or formatting.
- Non-conforming data: Data that is not standard to the system of records.
- Inappropriate data: Submitting information in the wrong field.
- Duplicate data: Entering the same information under multiple fields.
- Poorly translated data: Names, for example, can be translated several different ways from various languages when the scripts or characters used are different (eg; Arabic to English).
What are some additional causes of bad data?
How does bad data affect AML compliance?
- Results in an excessive amount of false positives
- Creates the need for additional due diligence
- Creates missing opportunities for identifying/detecting real hits