Sanctions Screening of Payments and Transactions – New frontiers in reducing False Positives and imp
Payment and transaction screening helps detect sanctions violations across multiple regulatory regimes. Banks have setup large screening programmes, consisting of policies, processes, systems and people, to detect and manage sanctions violations. These large screening units were needed essentially to manually examine the alerts that are usually false positives. In screening parlance, a false positive occurs when a screening system flags the contents of a transaction i.e., the payment message, to match with a sanctioned entity, when in reality, it is not a match. Similarly, a false negative happens when the screening system misses to detect a true sanctions violation. Look-back analysis of
