Countermeasures for irregularities in financial transactions
First Claim
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1. A system for identifying a potential for financial irregularity in a financial transaction, comprising:
- a first database (18) for storing data on at least one selected transaction;
a processor (20) loaded with a rules engine (22), including a predetermined set of rules for determining a potential for the presence of financial irregularity in at least one selected transaction, the processor being operable to access the data in the database to run the predetermined set of rules in respect of the data and to produce an outcome (116, 124, 132) indicative of the potential for a financial irregularity being present in the transaction.
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Abstract
A system and method for identifying financial transactions with the potential for financial irregularity (e.g. money laundering) comprises processing (20) financial transactions connected with a client, account and financial application, subjecting the client/account and transaction information to a set of rules (22) to produce numerical outcomes (116, 124, 132) indicative of the potential for money laundering being present. A user of the system is able to vary the weightings associated with each rule according to their importance to the particular circumstances of the institution in question.
177 Citations
65 Claims
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1. A system for identifying a potential for financial irregularity in a financial transaction, comprising:
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a first database (18) for storing data on at least one selected transaction;
a processor (20) loaded with a rules engine (22), including a predetermined set of rules for determining a potential for the presence of financial irregularity in at least one selected transaction, the processor being operable to access the data in the database to run the predetermined set of rules in respect of the data and to produce an outcome (116, 124, 132) indicative of the potential for a financial irregularity being present in the transaction. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21)
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22. A method of identifying a potential for financial irregularity in a financial transaction, comprising:
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storing data (18) on at least one selected transaction;
running the at least one selected transaction through a predetermined set of rules (22) for detecting a potential for the presence of financial irregularity therein to produce an outcome (116, 124, 132) indicative of the potential for a financial irregularity being present in the transaction. - View Dependent Claims (23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42)
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43. A method of identifying a potential for money laundering in a financial transaction associated with a financial institution, comprising:
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extracting data on the transaction from a financial transaction account database and storing the transaction data in a second database;
running the financial transaction through a set of rules for detecting a potential for the presence of a financial irregularity therein by transgression of one or more of the rules and to produce an outcome indicative of the potential for a financial irregularity being present in the transaction;
weighting the outcome of running the financial transaction through the set of rules;
producing a user-readable output of the rules if any transgression exceeds a predetermined threshold;
providing a user operable input device by which to set the weights against each rule; and
providing a user operable input device by which to set the threshold in respect of the set of rules.
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44. A computer-readable medium having computer-executable instructions for performing a method comprising:
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storing data (18) on at least one selected transaction;
running the at least one selected transaction through a predetermined set of rules (22) for detecting a potential for the presence of financial irregularity therein to produce an outcome (116, 124, 132) indicative of the potential for a financial irregularity being present in the transaction. - View Dependent Claims (45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64)
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65. A computer-readable medium having computer-executable instructions for performing a method comprising:
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extracting data on the transaction from a financial transaction account database and storing the transaction data in a second database;
running the financial transaction through a set of rules for detecting a potential for the presence of a financial irregularity therein by transgression of one or more of the rules and to produce an outcome indicative of the potential for a financial irregularity being present in the transaction;
weighting the outcome of running the financial transaction through the set of rules;
producing a user-readable output of the rules if any transgression exceeds a predetermined threshold;
providing a user operable input device by which to set the weights against each rule; and
providing a user operable input device by which to set the threshold in respect of the set of rules.
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Specification