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Best Practices for Screening Parameters

The below listed best practices are based on our experience with customers who use our smart name-matching technology (API version 2.2+). Please see also our API documentation, which includes more detailed information and examples of different screening setups.

Our Name-Matching Scoring Model

Our smart name-matching technology helps to reduce false positives without the trade-off of a higher risk of false negatives. The API returns a Confidence Score between 0 and 1 for every search result , 1, meaning it's a 100% exact match.

The confidence score is a weighted matching score calculated based on individual field scores for all parameters used in the search request. The min_score parameter in the API request filters all results in the API response with a lower score than the defined threshold. We recommend starting with a 0.88 threshold.

Screening for Individuals

When screening individuals, a robust starting point is to use the individual's Full Name along with either their Date of Birth (DOB) or Year of Birth (YOB) for a broader search scope. Make sure to specify the Entity_Type as "Individual" in your search request. Typically, these initial data points already yield accurate results, thanks to our advanced name-matching technology.

For enhanced accuracy and a reduction in false positives, consider including additional identifiers such as the Country or Passport IDs. Note: If you're using country fields, it's crucial to adhere to the ISO 3166-1 alpha-2 country code format for consistency and accuracy.

Screening for Organizations

A recommended approach for organization screening is to use the Name of the Organization along with the Country ( ISO-2 format) and Entity Type = "Entity". This will usually lead to good results, and with our name-matching algorithm, you don't need to remove legal suffixes like LLC, INC etc., as this will automatically cleansed in the search request.

Enhancing Search Accuracy with Additional Identifiers

To further refine your search results, you can include additional identifiers such as URLs , business registration numbers, or Passport IDs in the 'Identifier' field of your search request. When incorporating this added layer of identification, we recommend setting a value in the 'Identifier_match_boosting_threshold' field—ideally at 0.9. This threshold will trigger a match if either the name or the Identifier satisfies the set criteria, enhancing screening precision.

Screening for Vessels, Aircraft, and Crypto Wallet Addresses

Our database also contains vessel/aircraft names, IDs, and Crypto Wallet Addresses, which can be searched for in the respective fields. 

Screening against High-Risk Jurisdictions

sanctions.io also allows you to screen your customers/business partners against sanctioned jurisdictions, either comprehensively (embargo) or sectoral, or defined by organizations such as the FATF or FinCEN as high-risk jurisdictions. See our list of all supported Targeted Sanctions Lists and High-Risk Jurisdictions Lists here.

  • Use the country field to include your business partner's country of residence.

  • Include desired data sources in the data_source field (e.g., OFAC-COMPREHENSIVE, FATF).

Note: Using HRJ lists in your screening will create matches whenever the country of any business partner matches with any of the countries on those lists.

It's important to understand that there is no "one-size-fits-all" solution when it comes to setting up an effective screening process. The efficacy of your setup will be shaped by various factors:

  • Data Quality: The completeness and accuracy of the data you have for your business partners.
  • Risk Appetite: How willing your organization is to take on higher-risk clients or work in high-risk jurisdictions.
  • Compliance Resources: The human and technological resources your organization has allocated for compliance tasks.
  • Exposure to High-Risk Elements: The level to which your organization interacts with high-risk customers or countries.

Each of these variables can impact the efficiency and effectiveness of your AML and sanctions screening, requiring a tailored approach to meet your unique organizational needs.