Cognitive Search & Analytics to Fight Money Laundering and Financial Crime
The Challenge of Data Discovery in Anti-Money Laundering Investigations
Leading financial institutions along with Intelligence and law enforcement agencies around the world have long ago included one particular strategy in their fight against organized crime and terrorism: dry up the finances of criminal and terrorist organizations.
With the proverbial suitcase stuffed with cash having been replaced by wire transfers in criminal networks and with criminals and terrorists using electronic means to communicate among each other, government agencies and financial institutions can now tap into vast amounts of data in order to detect fraud, money laundering and financial crimes.
The amount and the complexity of these data are such that investigators and risk and compliance managers for financial services providers need sophisticated IT systems to do their job effectively and efficiently. Agents need an intuitive way to extract insight from the massive-scale of data contained in various external and their own internal sources - everything from electronic transactions and fund transfers, call transcripts, e-mails to even social media. They face huge challenges in terms of data collection and analytics of highly diverse data, including texts in different languages, images, video and audio transcripts:
- Exponentially growing amount of information to be collected and processed
- Variety of sources and formats
- Sophisticated text analytics needed in multiple languages
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