Electronic fund transfer participant risk management clearing

• US 20030233319A1
• Filed: 06/11/2003
• Published: 12/18/2003
• Est. Priority Date: 03/20/2001
• Status: Abandoned Application

• Current Assignee: Regulatory DataCorp, Inc. (Moody's Corporation)
• Original Assignee: Regulatory DataCorp, Inc. (Moody's Corporation)
• Inventors: Lawrence, David
• Application Number:
  US10/459,258
• Publication Number:
  US 20030233319A1
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

Methods and systems for managing risk related to transfer of funds. The method can be implemented in a computer system and indicating in the computer system that a person is a transaction participant according to the person'"'"'s status as at least one of: a transaction originator; a transaction intermediary, a transaction recipient or a transaction beneficiary. Data can be gathered into the computer system generally related to one or more risk variables. Data can also be received relating details of a financial transaction. The received data can be structured to generally relate to one or more risk variables according to risk criteria. One or more reports can be generated which relate to risk due diligence wherein the report includes an indication that the transaction participant is associated with elevated risk and at least some of the structured data.

Claims

1. A computer-implemented method for managing risk related to transfer of funds, the method comprising:

indicating in a computer system that a person is a transaction participant according to the person'"'"'s status as at least one of;

a transaction originator;

a transaction intermediary, a transaction recipient or a transaction beneficiary;

gathering data into the computer system generally related to one or more risk variables;

receiving data into the computer system relating details of a financial transaction wherein the data received comprises identification data for at least one transaction participant;

structuring the received data generally related to one or more risk variables according to risk criteria, wherein the risk criteria comprise at least one of;

a position held by the transaction participant;

a country in which the position is held;

how long the position has been held;

the veracity of previous dealings with persons from the country in which the position is held;

the propensity of people in similar positions to execute unlawful transactions;

the propensity of people in similar positions to execute unethical transactions;

inclusion of the participant on a list indicating elevated risk; and

the type of account; and

generating a report relating to risk due diligence wherein the report comprises an indication that the transaction participant is associated with elevated risk and at least some of the structured data.

2. The method of claim 1 wherein the gathered data is gathered exclusively from publicly available sources.

3. The method of claim 1 wherein the indication that a person is a transaction participant is received as a result of a system to system inquiry involving batch screening requests.

4. The method of claim 1 wherein the indication that a person is a transaction participant is received electronically.

5. The method of claim 1 wherein the indication that a person is a transaction participant is received via facsimile.

6. The method of claim 1 wherein the indication that a person is a transaction participant is received via voice communication.

7. The method of claim 1 wherein the transaction participant comprises a beneficiary to a wire transfer.

8. The method of claim 1 wherein the transaction participant comprises a originator of a wire transfer.

9. The method of claim 1 wherein the inquiry relating to a transfer of funds comprises a recipient of a wire transfer.

10. A method for managing risk associated with implementing an electronic transfer of funds, the method comprising:

receiving information descriptive of a originator of an electronic funds transfer;

receiving information descriptive of a recipient of the electronic funds transfer;

transmitting the information descriptive of the originator and recipient of the funds transfer to a risk management clearinghouse; and

receiving results of a risk management clearinghouse search.

11. The method of claim 10 wherein the results of the risk management clearinghouse search comprises a risk quotient.

12. The method of claim 10 wherein the results of the risk management clearinghouse search comprises a reference to an OFAC list.

13. The method of claim 10 wherein the results of the risk management clearinghouse search comprises a reference to an FATF list.

14. The method of claim 10 wherein the gathered data related relevant to regulation accurately reports on or consists of a governmental record.

15. The method of claim 10 additionally comprising the step of receiving copies of source documents relevant to the risk management clearinghouse search results.

16. A computer-implemented method for managing risk, the method comprising:

gathering data relevant to transaction participants in an electronic fund transfer;

aggregating the data gathered according to risk variables;

receiving an inquiry relating to a transaction participant in an electronic transfer of funds;

associating portions of the aggregated data with the transaction participant; and

transmitting the associated portions of the aggregated data.

17. The method of claim 16 wherein the inquiry comprises an originator of the electronic transfer of funds.

18. The method of claim 16 additionally comprising the step of generating a report relating to a financial institution'"'"'s obligation to know their customer, wherein the report comprises the inquiry and the associated portions of the aggregated data.

19. The method of claim 16 additionally comprising the step of generating a report facilitating the filing of a suspicious activity report.

20. The method of claim 16 wherein the participant comprises details descriptive of a beneficiary of the wire transfer.

21. The method of claim 16 wherein the risk subject comprises jurisdictions involved in a wire transfer.

22. The method of claim 16 wherein the inquiry relating to a transaction participant comprises an alert list.

23. The method of claim 16 additionally comprising the steps of receiving a source of gathered data and transmitting the source of the associated portions of aggregated data.

24. The method of claim 16 additionally comprising the step of enhancing the gathered data.

25. The method of claim 16 additionally comprising the step of enhancing the data descriptive of the risk variable.

26. The method of claim 16 wherein enhancing the data comprises scrubbing the data to incorporate changes in the spelling of a risk variable.

27. A computerized system for managing risk, 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 system to;

gather data relevant to transaction participants in an electronic fund transfer;

aggregate the data gathered according to risk variables;

receive an inquiry relating to a transaction participant in an electronic transfer of funds;

associate portions of the aggregated data with the transaction participant; and

transmit the associated portions of the aggregated data.

28. The computerized system of claim 27 wherein the data is gathered via an electronic feed.

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

gather data relevant to transaction participants in an electronic fund transfer;

aggregate the data gathered according to risk variables;

receive an inquiry relating to a transaction participant in an electronic transfer of funds;

associate portions of the aggregated data with the transaction participant; and

transmit the associated portions of the aggregated data.

30. A computer data signal embodied in a digital data stream comprising data relating to risk management, wherein the computer data signal is generated by a method comprising the steps of:

gathering data relevant to participants of an electronic fund transfer risk;

aggregating the data gathered according to risk variables;

receiving an inquiry relating to at least one participant in an electronic transfer of funds;

associating portions of the aggregated data with the at least one participant in an electronic transfer of funds; and

transmitting the associated portions of the aggregated data.