Probably a sanction scanning program.
People of Isis st., somewhere across UK, were also out of luck.
At least the word 'is' did not get corrupted.
Oh, and let's not forget the routing protocol - https://www.cisco.com/c/en/us/td/docs/ios-xml/ios/iproute_is...
Unfortunately, I do not know of a better solution than "match transaction data on this list of regexes" that would scale for the millions of daily payments that banks are processing.
For example:
Chase Bank blocks California man’s online payment over service dog’s ‘terrorist’ name
https://www.nydailynews.com/life-style/chase-bank-blocks-onl...
These stories are really common. Usually a phone call fixes it.
Also…how would KYC stop a terrorist from abusing your mothers bank account to transfer money?
This is why you need KYC and also transaction screening (and also X, Y and Z).
Of course all positives are going to be false positives, but what did you expect? Fighting international terrorism one regex at a time?
Also, curious about your source that all screening positives are false positives. Can you link to that?
I think it would be reasonable to ask you, and other supporters of this, to provide emperical data of the positive law-enforcement impact that grepping transactions for "ALEP" has had, so we can weight it against the human cost (capital and time spent across all sides, including legal departments in financial institutions, Google Docs written, impact on affected customers).
Because the default assumption of a normal person is, of course, that this is ridiculous.
https://www.reuters.com/article/us-ing-groep-settlement-mone...
(It's not at all clear that this fine is due to a lack of regexes.)
If the argument is "banks have to do this because of non-sensical and unjust regulations" - fine, that's one for the lawyers and maybe risk managers.
I understood your position as defending the regulations itself.