Method and system for monitoring transactions
First Claim
1. A method of monitoring financial transactions comprising:
- selecting an account;
analyzing transactions performed on said account; and
determining if the transactions performed are indicative of suspicious behavior.
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Accused Products
Abstract
A method for monitoring financial accounts to determine the possibility of money laundering and other attempts at fraud includes monitoring the financial accounts owned by a person or entity. Data regarding withdrawals and deposits are extracted from a computer database and analyzed. The analysis includes determining the amount of time between a large deposit and the withdrawal (in one or more transactions) of a large portion of the deposit. A further analysis may include determining the amount of time between a large withdrawal and the time of the earliest deposit, wherein multiple deposits may be combined. Using the above-described data, accounts that are more likely to be used for money laundering and other fraudulent activities.
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Citations
13 Claims
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1. A method of monitoring financial transactions comprising:
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selecting an account;
analyzing transactions performed on said account; and
determining if the transactions performed are indicative of suspicious behavior. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A method of monitoring financial transactions comprising:
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selecting an account holder;
searching a database to find an account owned by said account holder;
filtering said database to extract data regarding a withdrawal over a first threshold amount, wherein said data includes an amount of said withdrawal, and a date of said withdrawal;
extracting data regarding one or more deposits wherein said data includes an amount of said deposit, and a date of said deposit and further wherein the total amount of said one or more deposits is equal to or greater than a predetermined percentage of the amount of said withdrawal;
calculating the number of days between the earliest of said one or more deposits and the withdrawal;
formulating a constant by dividing said number of days by said amount of said withdrawal. - View Dependent Claims (10, 11, 12)
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13. A system for monitoring financial accounts comprising:
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a computer system configured to access various financial data;
storage for various financial data;
a program configured to find and extract certain pieces of financial data and analyze the data for suspicious behavior; and
output capabilities to transmit results of said analysis in a variety of different manners.
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Specification