Transaction surveillance

• US 20030177087A1
• Filed: 11/26/2002
• Published: 09/18/2003
• Est. Priority Date: 11/28/2001
• Status: Abandoned Application

• Current Assignee: Regulatory DataCorp, Inc. (Moody's Corporation)
• Original Assignee: Regulatory DataCorp, Inc. (Moody's Corporation)
• Inventors: Lawrence, David
• Application Number:
  US10/304,909
• Publication Number:
  US 20030177087A1
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/403 Solvency checks
• CPC Class Codes: G06Q 20/4037 Remote solvency checks
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G07F 7/08 by coded identity card or credit card or other personal identification means without personal verification means G07F7/02
• CPC Class Codes: G07G 3/00 Alarm indicators, e.g. bells

Abstract

The present invention provides methods and systems that facilitate the prevention of money laundering by monitoring various facets of a financial transaction via automated test routines, and automatically generating an action to address a high risk transaction based upon the results of the monitoring. To implement the invention, a reference of high risk variables can be compiled and data descriptive of a financial transaction can be monitored for one or more indications of high risk variables according to predetermined criteria. Indications of high risk variables can be reported and one or more suggested actions can be generated based upon the report.

Claims

1. A method for managing risk associated with one or more financial transactions, the method comprising:

compiling a reference of high risk variables;

monitoring data descriptive of a financial transaction for one or more indications of high risk variables according to predetermined criteria;

reporting one or more indications of high risk variables; and

generating a suggested action based upon the report of one or more indications of high risk variables.

2. The method of claim 1 wherein the monitoring comprises determining if a data value is within a cluster boundary.

3. The method of claim 1 wherein the monitoring comprises determining if a data value comprising a transaction frequency is within a threshold delta from a previously existing data set.

4. The method of claim 1 wherein the monitoring comprises determining if a data value comprising a currency amount is within a threshold delta from a previously existing data set.

5. The method of claim 1 wherein the monitoring comprises identifying a pattern relating to financial transactions and determining exceptions to the pattern.

9. The method of claim 1 wherein the data descriptive of a financial transaction comprises data descriptive of a cash receipt.

10. The method of claim 9 wherein the cash receipt comprises a third party payment.

11. The method of claim 9 additionally comprising the step of identifying one or more high risk countries and the cash receipt comprises a country identified as a high risk country.

12. The method of claim 1 wherein the data descriptive of a financial transaction comprises data descriptive of a third party receipts check.

13. The method of claim 1 wherein the data descriptive of a financial transaction comprises data descriptive of an Office of Foreign Asset Control receipts check.

14. The method of claim 1 additionally comprising the step of identifying one or more high risk countries and the data descriptive of a financial transaction comprises a high risk country receipt check.

15. The method of claim 1 wherein the monitoring comprises account profiling comprising at least one of:

determining a change in a transaction amount;

determining a change in transaction frequency; and

determining a value for a criteria.

16. The method of claim 15 wherein monitoring determines an increase in transaction amount, an increase in transaction frequency and the suggested action comprises creating an investigation case.

17. The method of claim 15 wherein monitoring determines an increase in transaction amount;

a transaction frequency within a cluster boundary and the suggested action comprises creating an investigation case.

18. The method of claim 15 wherein monitoring determines an increase in transaction amount, an increase in transaction frequency and the suggested action comprises creating an investigation case.

19. The method of claim 15 wherein monitoring determines an increase in transaction amount, a decrease in transaction frequency, the overall value of transactions considered is within a predetermined delta as transactions during a previous time period and the suggested action comprises automatically closing the monitoring.

20. The method of claim 15 wherein monitoring determines an increase in transaction amount, a decrease in transaction frequency, the overall value of transactions considered is not within a predetermined delta as transactions during a previous time period and the suggested action comprises creating an investigation case.

21. The method of claim 15 wherein monitoring determines a balance within a cluster boundary, a credit value within a cluster boundary, an increase in debits during a time period and the suggested action comprises creating an investigation case

6. The method of claim 6 wherein the pattern is identified from data descriptive of a specific account.

7. The method of claim 6 wherein the pattern is identified from data descriptive of a specific account type.

8. The method of claim 6 wherein the pattern is identified from data descriptive of transactions originating in a particular country.

22. A method for managing risk associated with a financial transaction, the method comprising:

receiving an indication of one or more countries involved in a financial transaction;

receiving an indication of one or more entities involved in a financial transaction;

receiving an indication of one or more transaction patterns;

comparing the received indications with known risk variables; and

generating a suggested action based upon the comparison.

23. A computerized system for managing risk associated with one or more financial transactions, the system comprising:

a computer server accessible with a system access device via a communications network; and

executable software stored on the server and executable on demand, the software operative with the server to cause the server to;

monitor data descriptive of a financial transaction for one or more indications of a high risk variable according to predetermined criteria;

report one or more indications of a high risk variable; and

generating a suggested action based upon the one or more indications of a high risk variable.

24. Computer executable program code residing on a computer-readable medium, the program code comprising instructions for causing the computer to:

monitor data descriptive of a financial transaction for one or more indications of a high risk variable according to predetermined criteria;

report one or more indications of a high risk variable; and

generating a suggested action based upon the one or more indications of a high risk variable.

25. A computer data signal embodied in a digital data stream comprising data relating to a financial transaction, wherein the computer data signal is generated by a method comprising the steps of:

monitoring data descriptive of a financial transaction for one or more indications of a high risk variable according to predetermined criteria;

reporting one or more indications of a high risk variable; and

generating a suggested action based upon the one or more indications of a high risk variable.

26. A system for managing risk associated with a financial transaction, the system comprising:

one or more financial transaction processing units generating data descriptive of one or more financial transactions;

a data compilation comprising high risk variables for a financial transaction; and

a computerized transaction surveillance server operatively connected to the one or more financial transaction processing units to access the data descriptive of one or more financial transactions and also connected to the data compilation, wherein the computerized transaction surveillance server can automatically monitor the data descriptive of one or more financial transactions and indicate if the data correlates with a high risk variable.