Lindsay Columbo: What fuzzy logic can (and can’t) do for due diligence
In 2015 OFAC penalized the National Bank of Pakistan for apparent violations of U.S. sanctions programs resulting from a software failure. According to OFAC, the bank’s New York branch processed wire transfers after its sanction screening tool failed to detect the name of the account — LC Air company Kyrgyztransavia — as belonging to Kyrgyz Trans Avia, a blocked entity.… Continue Reading