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Egyptian Banks to Rely Heavily on Sanctions Screening Tools and Technologies Amid Global Risks

In the wake of growing global sanctions risks, Egyptian financial institutions are poised to place a significant emphasis on implementing effective sanctions screening tools and technologies. This strategic move is aimed at bolstering their defenses against money laundering, terrorist financing, and other illicit activities.

Testing for Optimal Performance

One of the key challenges facing these institutions is ensuring that their sanctions screening filters operate with maximum efficiency. Continuous testing is essential to identify areas of improvement and gauge potential exposure to risk. By leveraging advanced analytics tools, financial institutions can gain a clearer understanding of their vulnerabilities and develop targeted strategies to mitigate them.

The Role of Analytics in Risk Assessment

Analytics play a pivotal role in this process, allowing for the continuous assessment of sanctions screening filters on real sanctioned names. This insight enables financial institutions to refine their risk management practices, ensuring that they remain one step ahead of emerging threats.

Optimizing Sanctions Screening Filters

Test results are instrumental in facilitating further optimization of sanctions screening filters, thereby enhancing their effectiveness. By leveraging these insights, Egyptian financial institutions can strengthen their defenses against illicit activities and maintain a secure operational environment.

Our Approach to Sanctions Screening

Our approach involves designing tailored test cases that incorporate relevant lists, entity types, and fuzzy algorithms. This comprehensive methodology ensures that sanctions screening filters are subjected to rigorous testing, allowing for the identification of potential issues and areas for improvement.

Key Steps in Our Process

1. Test Case Definition: We develop a customized test case that includes all key relevant lists, entity types, and fuzzy algorithms.
2. Test Data Generation: We generate test data containing sanctioned terms in required transaction and customer formats.
3. Sanctions Filter Testing: We process the test data through the organization’s sanctions filter and upload it to our sanctions testing tool.
4. Performance Analysis: We analyze the performance of the filter and its key performance indicators (KPIs) across multiple dimensions.
5. Recommendations and Re-Testing: Based on our findings, we develop recommendations for addressing identified issues and re-test the filter to ensure optimal performance.

Experience with Our Tool

Our tool has proven invaluable in identifying a range of problems in sanctions screening systems, including:

• List management issues where lists were not being updated correctly or incremental updates were missed
• High effectiveness in exact matching but poor performance on slight derivations of sanctioned names
• Improper configuration of screening formats where fields were screened only for individual names whereas entity names could appear in those fields as well
• Issues with screening names containing special characters such as apostrophes or plus signs, or names containing more than five words.

By leveraging our sanctions screening tool and technologies, Egyptian financial institutions can significantly enhance their ability to detect and prevent illicit activities, ensuring a safer and more secure operational environment.