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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
First Claim
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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.

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