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False Positive

A false positive refers to a situation where a transaction or activity is flagged as potentially suspicious or indicative of money laundering, terrorist financing, or other illicit activities by an AML system or software, but upon further investigation, it is determined to be legitimate and not associated with any illegal behaviour.

AML systems typically employ various algorithms and rules to analyse large volumes of financial transactions and identify patterns or anomalies that may indicate suspicious behaviour. These systems generate alerts or triggers for further investigation by compliance personnel or authorities. However, due to the complex nature of financial transactions there is a possibility of false positives.

SmartSearch plugs into the UK’s three leading data partners which means any results that are returned by the initial Credit Reference Agency (CRA) are automatically sent to the secondary and tertiary CRA, delivering the highest match and match pass rate on the market of over 97%, vastly reducing false positives.