The Compliance Alerts feature runs a real-time fuzzy search on the name of the entity and key parties within the report against several law enforcement agencies and other relevant lists.
The match threshold set for Compliance Alerts is 90%, however the match rate within the results is made up of several components; the name searched and key identifiers make up the match score such as country associated to the person/business, DOB, gender and/or even the absence of such information.
For example, if James Smith based in the UK has a date of birth that is within 12 months of another James Smith on a watchlist, it may come up as a high percentage match rate as a few common components match – it is a potential hit not a definitive hit. This is due to certain jurisdictions not recording DOBs in a consistent or accurate format. Similarly, if there is a James Smith on a watchlist, who does not have a DOB registered with the regulator or law enforcement agency, then this could come up as a higher potential match rate as the absence of information means that it cannot be discounted.
This feature is very commonly used in KYC (Know Your Customer) reports for quickly checking companies, without manually running screening processes separately. Alerts do not mean that these possible infractions are necessarily attributed to the persons on the report but rather focus their attentions on possible hits in order for them to review the details and discount them if necessary.