Namechecking is based on checking the nams and address databases against existing address lists by similarity. Mostly the sanction lists (terror lists) and the PEP lists (PEP = politically exposed person) are used. The checked data are mostly the customer databases.
Companies must perform these checkings in compliance with the following regulations:
- Act of Federal Office for Economics and export control (BAFA) on independent embargo and anti-terrorism measures
- Anti-money laundering guidelines of the European Community
For the optimal integration of namechecking into companies business processes, the Prospero Namechecking solution provides better and most relevant matches with minimal false identifications based on a new algorithm.