Data Profiling for Customer Sanctions Screening

Key Challenges

A financial institution is concerned that although it believes it Sanctions Screening system is in good working order, it is limited by the data that is being sent to it. Screening systems can manage to work around certain miss-spelling & different data formats, but they are limited in that capacity.

The bank requires:

  • An understanding of where it is within the industry regarding its legacy data.
  • ¬†Which records need data remediation.
  • Which fields have formats that could cause screening to be non-optimal.

SQA PROposed solution

SQA Consulting has a data profiler tool that has been optimised for addressing KYC attributes that may affect screening operations: The SQA Data Profiler.
The Data Profiler can be installed on a client laptop/desktop & has no server infrastructure to worry about. Data profiling is an activity that is normally completed within a single day, even for KYC files in the tens of millions of records.
The Data Profiler has special tuning to look at information such as Personal Name, Company Name, Date of Birth, Address, Country of Address, Nationality, ID Number as well as many others.

As each record is processed a KYC score is created based on the completeness of the information within the record, for example, points are scored for having a personal name but deducted for having middle initials, or leading initials, trailing initials, a title, or suffix on the name, or even having non-letters or multiply repeated letters. An overall KYC score is created for the customer set which can be compared to other similar institutions on our data quality benchmark.

solution benefits

A report of observations is delivered with different types of data anomalies grouped into each observation. Recommendations on further action are given & management responses are recorded so that a data report is created suitable to show proper due diligence to a regulator. A detailed report of records that need remediation is created for further work by the organisation.

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