Knowledge Base   /   Velocity Country Resolution

Why do you need Country Resolution in the AML compliance monitoring process?

Posted on 16 February 2022 07:41 pm

The financial institutions need to identify high risk jurisdictions very carefully for proper AML compliance. The transaction data comes with an address field that is important for the high risk jurisdiction rule to run based on the country of the originator/beneficiary. Here some major issues can arise like:

 

       Country column may not be filled by the source data.

       The address fields are in a free-form without constant delimiters to parse into address city, state, postcode, and country.

       It is difficult for conventional logic to parse the country from the free-form address.

       Address comes either with country blank or country abbreviated or misspelled.

 

 

So, Velocity’s Country Resolution software helps to resolve country data.