IdentityMind brings social media intelligence to sanctions screening
26 September 2016 | 3234 views | 0
IdentityMind Global, pioneer of Trusted Digital Identities™ (TDI™), today introduced Weave, a sanctions screening tool that leverages identity graph intelligence to improve sanctions screening effectiveness for Fintech companies, Financial Institutions and online merchants.
Weave combines IdentityMind’s patent-pending eDNA™ technology for building and analyzing digital identities with the ability to look at an individuals’ known associations through public data, social network analysis, deep/dark web, and other private data sources. Weave checks against 30+ sanctions lists and IdentityMind’s own Politically Exposed Person (PEP) list, including domestic and international, with over 100,000 entries.
Sanction screening poses key challenges that Weave addresses head on:
1. Reduction of False Positives. Weave focuses on reducing false positives by filtering matches against several identity parameters and applying a combination of phonetic and distance algorithms, along with its own Identity Intelligence Graph. Weave offers a wide range of configuration parameters that enable compliance team to focus on those sanctions and PEPs that matter to them.
2. Known Associates. It’s critical for businesses to know which of their customers are Politically Exposed Persons or “PEPs” in order avoid fines, acquire and retain banking relationships, and to keep regulators content. However, most PEP lists struggle to provide the known associates of their entries. Weave successfully uncovers known associates, in real-time.
3. Additional detection. Weave flags individuals that while not be on a sanction list, may have affiliations and affinities with terrorist organizations, drug cartels, money laundering rings, human trafficking, and other nefarious organizations.
"Terrorism is a threat to us all. To stop it, we all need to do our part to cut off its lifeblood - the funding.” said Reginald Hyde, Executive Director of University of Alabama’s Cyber Institute. “IdentityMind's Weave product, more accurately identifies sanctioned individuals, organizations, and their associates. Weave provides protection above traditional sanction screening processes, keeping your business in compliance while helping us all fight terrorism."
Weave, built on the IdentityMind platform, constantly scans social networks around the world to determine both associations and the strength of those associations. Leveraging its data enables IdentityMind clients to differentiate, for instance, between an applicant who likes the band Isis, or an applicant who tweets to members of the terrorist organization ISIS.
“Our Sanction Screening technology has produced strong results for our clients, in some cases reducing false positives, versus other industry leading providers, by as much as 95%. And, Weave is a key element in improving that success rate,” said Garrett Gafke, IdentityMind Global’s President and CEO. “Understanding an individual’s social footprint adds a new dimension to digital identities in our platform. It can further classify individuals’ associations and affinity to nefarious groups, providing extended profiles that meet regulatory requirements for PEP screening and Enhanced Due Diligence.”
Weave provides the following benefits:
• Reducing False Positives: By matching on more than name, understanding digital connections and configurability, Weave reduces the number of false positives.
• Reduce False Negatives: Though heuristics, previously identified entities and multiple data sources, Weave provides matches that you won’t get with other solutions.
• Reduce Operational Cost: Weave provides easy to understand data presentation, learning from history and case management to reduce the time it takes to evaluate a potential match, reducing the investigation process overall. Weave also takes advantage of the IdentityMind platform to automate the sanction screening process and help your business scale.