Screening Tool for Anti-money Laundering Supervision

Abstract

AbstractEfficient screening of transactions provides an empowering tool for anti-money laundering procedures and actions. Automatic classification and detection of anomalous behaviours and transaction structures enable faster and more effective action on the side of the supervisory authority. This chapter introduces research achievements and tools developed to streamline transaction monitoring and ease domain experts with automatic and semi-automatic filtering of risky transaction typologies. Presented tools are integrated as part of PAMLS (Platform for Anti-Money Laundering Supervision) to streamline and automate the discovery of risky behaviours in bank transaction data enriched with relevant company information. Enriched transactional data is pseudo-anonymized with respect to the legal and regulatory framework. Screening tool as a part of PAMLS platform automatically detects and marks specific predefined scenarios using newly developed state-of-the-art AI method tailored specifically to time-evolving transaction graphs in transaction data. Easy-to-use tools, early warning system and subsequent parameterized queries with additional white-listed scenarios provide domain experts with additional data to easily explore suggested dangerous transaction groups and make more informed decisions and further action, be it at a level of a specific financial institution or a cluster of them.