Transfers of large amounts of money are thoroughly investigated by financial institutions. That is why money launderers perform complex transactions schemes and book-keeping tricks called structuring.
Structuring can be used in cash and wire transactions and it gets more complex with the recent phenomenon of online wallets. Typically enterprise solutions segregate these transactions, identify patterns and raise alerts.
Financial institutions need to keep evolving the rules, as market conditions change and evolve. This requires adoption of smart technologies and latest advanced tools, employing Scenario-Building, Threshold Fine-tuning and Network Analysis.
✔ Scenario-building is deploying a set of rules that are combined to identify anomalies and raise alerts.
✔ Threshold setting and fine-tuning is conducted based on customer profile and market environment. Same account can be set different thresholds, at different points of time, based on the transaction activity.
✔ Network analysis is tracking people who are transacting with suspicious entities, and customers connected with multiple accounts with chances of getting black-listed.
A sound compliance strategy can be built – with appropriate business rules in place, and application of smart technologies and money laundering investigation software.
Effiya Technologies powered by Sutra Management Consultancies offers these powerful tools and has successfully implemented them in many large financial institutions. Effiya offers a Financial Crime Compliance Suite consisting of Anti-Money Laundering Software, Fraud Detection & Prevention Solution, Transaction Monitoring Software and Data Quality & Governance Solution.
Now you can effectively catch structuring with Effiya solutions.