Stingray
Call 866 674-7284
June 2006
 
Product Enhancement Release
System Wide USA Patriot Act compliance.
 
Stingray now includes a system wide XML SOAP implementation of the "OFAC - Specially Designated Nationals (SDN)" scanning package in compliance with Section 326 of the USA PATRIOT Act.
 
We found that companies using other systems were exporting their policy data and then using separately purchased software to scan their databases for possible SDN matches.
 
Not only does this process involve tremendous labor costs, but when we reviewed the process we found that the software used to scan the databases was not effective in filtering out the 'noise'.
 
This creates a larger list of matches that a human must then manually look at to determine if the possible match was correct or not.
 
We took the process 10 steps forward, by implementing an automatic update process that automatically checks the OFAC database for updates each evening. We also employ a sophisticated soundex matching algorithm to catch misspelled and similar names, and a 'noise' word filter to help reduce unwanted matches with common data such as 'Inc' or 'Corp'.
 
We then incorporated everything into our systems as a standard feature so every database can be automatically scanned each evening and any possible matches will be waiting in the compliance officer’s workflow queue the next morning.
 
Finally, we added the ability to vary the match probability (whether or not a possible 'match' gets included in the report) so a company can balance the number of matches with the probability of catching a SDN.
 
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