Name recognition tools necessary to keep up with government regulations, according to Gartner
Herndon, VA — July 9, 2003 — Research and advisory firm Gartner Inc. profiles Language Analysis Systems in a report released in June that examines how name recognition tools help businesses comply with federal regulations on their foreign business partners and customers.
"The 'Name Is the Game' at Language Analysis Systems" is authored by Gartner's Richard DeLotto and Kim Collins. The report describes the need for name recognition tools in financial services, specifically for compliance with government regulations such as the watch lists administered by the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC).
U.S. businesses are required to check their customers against the lists, which include names of people and organizations with whom they are not permitted to do business.
LAS' technology addresses the problem of recognizing the culture, components and variations of names by combining computational linguistics knowledge and software engineering.
Working for almost 20 years with various U.S. Government agencies, LAS said its technology helped U.S. special agents track the 9/11 terrorists to their Florida connections in the days following the terrorist attacks on the U.S. in 2001.
Additionally, the provider said its software enables compliance with OFAC mandates.
"Part of the challenge with names on the OFAC list is that they come from a variety of countries and are often misspelled or misrepresented," said Dr. John Hermansen, CEO of Language Analysis Systems. "We're delighted that Gartner chose to address this issue through a comprehensive research note on our name-recognition technology."