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Using Automation To Fight Money Laundering
One of the tools financial services companies are using in their battle against money laundering is automated detection systems, and those systems are becoming more sophisticated and more integrated into other banking software tools every day.
For example, Charles Schwab Corporation and Citigroup have deployed a technology solution by Mantas that uses a powerful combination of sophisticated pattern recognition algorithms to uncover and report suspicious behavior. The technology monitors all transactions, accounts, and records across the enterprises, identifying certain behaviors that might be suspect and alerting the financial watchdogs of the companies about hidden account relationships, rapid movements of funds, changes in account behavior, funds transfer activities and transactions that need Bank Secrecy Act action or Currency Transaction Reporting. Meanwhile, Sun Microsystems recently reported that Mantas solutions will be available on its full range of banking platforms, which means they will be available on a number of banking solutions, from those used by small banks to those used by larger institutions.
MANTAS information can be accessed at www.Mantas.com
Copyright © 2002 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 12, No. 7, 9/02
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