We recommend to our customers that when adopting the Iluminai platform into your organization the following practices are observed for any new data that is entered into Lone Wolf (or any other third party system where data is exported from).
Ensure that Participants are attributed the correct Contact Type, either Individual or Corporation
If an entity is marked incorrectly then the Iluminai platform will be 1) unable to import those records in if they are missing data, such as a first name is left blank for a numbered company or 2) the system will not be able to apply the correct types of checks, believing that the record is an Individual when it should be a Corporation and so won't check corporate type source records.
Ensure that each Participant is added individually as their own entity to the Transaction
By example, recording "John and Sally Smith" (first name "John and Sally", last name "Smith") is likely to either return no matches from our comprehensive data sources, or at best will raise any number of false positives which will need to be followed up with and will increase the overall effort of your compliance program.
Ensure that a Birth Date is provided for Individual-based Participant records
By providing a Birth Date, many false positive matches can be prevented from occurring as the Birth Date will help to better qualify the customer data when compared against PEPs or Sanction type records.
The amount of effort here should be minimal, with the upside being the reduction of additional effort it will take to review and action on risk assessments the platform regularly performs.
Ensure that an Occupation is included for a Participant record
As an optional step, this assists in providing additional context on the Transaction Participants and helps to better qualify the results.
We feel that if time is already spent on adding Birth Date, then including the Occupation is another low hanging amount of effort to improve risk assessment results.