With the increasing number of financial services, customers and their virtual base the global community is exposed to various financial crimes. The pre-emptive measures like anti-money laundering are becoming obsolete as the terrorist groups are using Trade Based Money Laundering to channelize money around the globe. Services like High-return risk-free investments, Pyramid schemes, Ponzi Schemes, Promissory notes and Internet investment frauds and Affinity frauds are becoming outfits of Financial Frauds. Smart Big Data Analytics like Wynyard Financial Crime System are becoming essential for countering these such threats.
What is the solution to counter them?
If we go by the traditional method of Anti-Money Laundering policy then a large amount of data escapes the radar of Law enforcement agencies. Moreover duplicity of claims, bogus transactions, and other such scams are not detected easily. Big Data Analytics Solution such as Wynyard Financial Crime System have proved highly effectives in countering the stated financial crimes by providing for a detailed monitoring of each and every transaction by linking structured and unstructured data. The analysis of such data also serves as evidence against criminals.
How Wynyard financial crime system works?
If a bank uses Wynyard Financial Crime system then the bank will be able to track and identify the pattern of all cash transactions through the following mechanisms:
Rules library: Editing and Mentoring of Bank’s own set of rules (i.e. considered as threat to the organization) could be done in the Rules Library.
Recording of Transactions: After setting the rules, all transactions could be identified over the threshold value ensuring their record.
Change of Rules: Parameters for threshold could be used further to change these rules.
Transaction Analysis: These rules analyze transactions in an account to identify pattern of cash transaction.
Defined Rules for Customers: Rules could be written for customers to avoid and identify duplicate IDs (such as Passport, Driving license etc.) that are supposed to be unique.
Preview Rules: It also offers to preview/test the created rules and change them as per requirement before they go live.
Provision to create exclusive list of Accounts: It provides for creating a list of accounts that could be exempted from created rules.
Run Rules on Demand /Schedule Rules: It provide for scheduling of rules that can run on Demand. The result in both case is set of Alerts created when rules are triggered.
Analyze Alerts: Suppose a high case transaction has picked up 2 accounts then we will be able to see the transaction that triggered the alert and also further details. We will also be able to see other alerts on the account if any. When we have analyzed the alerts we can set the transaction to –“NO FURTHER ACTION or SET SUSPICIOUS”
Screen Customers for PEP: The system also enables us to check the customer database against the watch list