SYSTEM AND METHOD FOR ANALYZING AND DISPOSITIONING MONEY LAUNDERING SUSPICIOUS ACTIVITY ALERTS

• US 20090125369A1
• Filed: 10/27/2008
• Published: 05/14/2009
• Est. Priority Date: 10/26/2007
• Status: Abandoned Application

• Current Assignee: Crowe Horwath LLP (Crowe Global)
• Original Assignee: Crowe Horwath LLP (Crowe Global)
• Inventors: Dalvi, Chaitanya, Kloostra, Brian James, Behm, Brookton Noah
• Application Number:
  US12/258,784
• Publication Number:
  US 20090125369A1
• Time in Patent Office: Days
• US Class Current: 705/9
• CPC Class Codes: G06Q 10/00 Administration; Management
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

A system and method for analyzing, dispositioning, recording, reviewing, and managing potentially suspicious financial transactions. In some cases, the system models the steps taken by a subject matter expert to reach a conclusion so that a novice can follow similar steps and have the system generate a narrative of the steps taken and the conclusion that was reached.

Claims

1. A method for managing the review of potentially suspicious financial transactions, the method comprising the steps of:

providing a plurality of alerts concerning one or more potentially suspicious financial activities;

routing an alert to an anti-money laundering (“

AML”

) analyst regarding at least one of the unusual activity identifiers over a communication network;

guiding the AML analyst through an automated information gathering process concerning the potentially suspicious financial activity;

generating a report regarding the data collected during the information gathering process;

disposing of the alert if the alert is deemed to not be suspicious by the AML analyst; and

routing the report via the communication network to an AML investigator for investigation if the potentially suspicious activity is deemed to be potentially suspicious by the AML analyst.

2. The method of claim 1, further comprising the step of providing a user interface configured to allow the AML analyst to prioritize the plurality of alerts.

3. The method of claim 2, wherein the plurality of alerts are prioritized based on electronic business rules.

4. The method of claim 2, wherein the interface is configured to indicate an age of an identifier exceeds a predetermined threshold.

5. The method of claim 2, wherein the plurality of alerts are indicative of one or more of transaction monitoring system alerts, transaction monitoring unusual activity reports, large cash activity reports, negative news, bank employee referral, external requests, internal watch lists, triggered account reviews, and fraud alerts.

6. The method of claim 1, wherein at least one of the alerts is provided by a transaction monitoring systems that is configured to detect potentially suspicious transactions.

7. The method of claim 1, wherein the automated information gathering process is based on electronic business rules.

8. The method of claim 7, wherein the electronic business rules apply different business logic depending on the type of alert.

9. The method of claim 7, wherein the electronic business rules include a plurality of activity review flows for one or more of the following types of alerts:

an international wire alert, an alert that was triggered due to large cash fluctuations in an account, an alert concerning a high risk personal account, and an alert concerning a low risk personal account.

10. The method of claim 1, wherein the information gather process for a wire-based transfer includes the steps of:

(a) confirming a customer identification;

(b) performing an web-based search on a wire originator and recipient; and

(c) documenting a risk level of a foreign country, if any, where the wire is sent.

11. The method of claim 1, wherein the report comprises an automatically generated grammatical narrative.

12. A system for managing the review of potentially suspicious financial transactions, the system comprising:

an alert queue processing engine configured to manage a plurality of alerts concerning potentially suspicious financial transactions;

an alert review module configured to guide a user through a information gathering process based, at least in part, on one or more characteristics of the suspicious financial transaction; and

a narrative engine configured to generate a grammatical narrative concerning information gathered using the alert review module.

13. The system of claim 12, wherein the alert queue processing engine is configured to prioritize alerts based on electronic business rules.

14. The system of claim 13, wherein the alert queue processing engine is configured to translate unprioritized alerts into a prioritized order in which alerts are to be handled.

15. The system of claim 14, wherein the alert queue processing engine is configured to assign alerts to a user who is assigned to handle the alert.

16. The system of claim 12, wherein the narrative engine is configured to combine one or more system variables with information gathered via the alert review module into a grammatical narrative.

17. The system of claim 16, wherein the system variables comprises one or more of global variables, application variables, alert trigger data fields, and data lookups.

18. The system of claim 16, wherein the system variables includes a date an alert was generated.

19. The system of claim 16, wherein the system variables includes an alert code of the potentially suspicious activity that triggered the alert.

20. The system of claim 16, wherein the narrative engine is configured to include predetermined, static text in the grammatical narrative.

21. The system of claim 12, further comprising a performance analysis module configured to provide an analysis of the review process.

22. The system of claim 21, wherein the performance analysis module is configured to provide one or more metrics regarding the review of alerts, including one or more of an analysis of performance, review times, types of dispositions, distribution of dispositions, number of alerts generated, number of alerts completed and quality of alerts reviewed.

23. The system of claim 22, wherein the metrics are provided substantially in real time.

24. The system of claim 23, wherein the performance analysis module includes a dashboard configured to present one or more graphical representations of the metrics.

25. The system of claim 12, further comprising an administrative module configured to provide an interface for re-assigning alerts within the alert queue processing engine.

26. The system of claim 12, further comprising an administrative module configured to provide an interface for re-prioritizing alerts within the alert queue processing engine.

27. The system of claim 12, further comprising an administrative module including an activity generation wizard configured to allow application of rules against a set of data in order to produce new activity for review.

28. The system of claim 12, further comprising an administrative module configured to group particular types of alerts for assignment to a group of users.

29. The system of claim 28, wherein the alerts are grouped based on source.

30. A computer-readable medium having computer-executable instructions for performing a method comprising the steps of:

receiving a plurality of potentially unusual financial activity alerts;

presenting a plurality of information gathering steps to be performed by a user, wherein the information gathering steps are based, at least in part, on characteristics of a suspicious financial transaction;

storing information gathered from following the information gathering steps;

automatically generating an alert narrative based on the information gathered, wherein the alert narrative comprises one or more grammatical sentences; and

presenting the alert narrative to a user for review and disposition.