Method and system for monitoring transactions

• US 7,505,931 B2
• Filed: 03/03/2003
• Issued: 03/17/2009
• Est. Priority Date: 03/03/2003
• Status: Expired due to Fees

• Current Assignee: Standard Chartered UK Holdings Limited (Standard Chartered PLC)
• Original Assignee: Standard Chartered PLC
• Inventors: Da Silva, Simon
• Primary Examiner(s): KAZIMI, HANI M
• Application Number:
  US10/378,465
• Publication Number:
  US 20040177035A1
• Time in Patent Office: 2,206 Days
• Field of Search: 705/35, 705/42
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

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.

Claims

1. A program storage device readable by a machine, tangibly embodying a program of instructions executable by a machine to perform the method steps for facilitating an audit of a financial transaction account wherein results of said audit are displayed on a display of said machine, said method steps comprising:

searching a database to find said financial transaction account;

identifying a withdrawal value associated with a withdrawal transaction, wherein said withdrawal value exceeds a withdrawal threshold value;

identifying a deposit value associated with a deposit transaction, wherein said deposit value is at least one of equal to and greater than a predetermined percentage of said withdrawal value;

determining a first constant by dividing a time period to withdraw a predetermined percentage of said withdrawal value by said withdrawal value;

analyzing said first constant to facilitate said audit when said first constant is at least one of equal to and greater than a constant threshold;

applying a marker to said financial transaction account when said first constant is a least one of equal to and greater than said constant threshold;

determining, by said marker, a second constant, which is indicative of at least one of a previous account transaction and a future account transaction;

determining if a pattern exists by comparing said second constant to said first constant; and

,

providing a notification of said pattern on said display of said machine.

2. The method of claim 1, wherein said identifying a withdrawal step comprises extracting at least one of a transaction identifier, said withdrawal value and a date of said withdrawal transaction.

3. The method of claim 1, wherein said identifying a deposit step comprises extracting at least one of a transaction identifier, said deposit value, and a date of said deposit transaction.

4. The method of claim 1, wherein said searching step further comprises selecting a subset of a plurality of financial transaction accounts according to predetermined criteria.

5. The method of claim 1, further comprising converting a first currency type associated with said withdrawal value to a second currency type.

6. The method of claim 1, wherein said analyzing step is performed in at least one of a random interval and a regular interval.

7. The method of claim 1, wherein said identifying a withdrawal step comprises selecting said withdrawal transaction based on a value of at least one of a deposit and a withdrawal.

8. The method of claim 1, wherein said searching step finds said financial transaction account by ignoring pre-defined transactions.

9. The method of claim 1, wherein said financial transaction account comprises multiple accounts associated with a single account holder.

10. The method of claim 1, wherein at least one of said withdrawal transaction and said deposit transaction comprises a plurality of past transactions, thereby enabling an analysis of a pattern within said past transactions.

11. The method of claim 1, further comprising transmitting results of said analyzing step to an account manager.

12. The method of claim 1, further comprising posting results of said analyzing step on an Internet web site.

13. The method of claim 1, wherein said deposit transaction occurs prior to said withdrawal transaction.

14. The method of claim 1, wherein said deposit transaction occurs subsequent to said withdrawal transaction.

15. The method of claim 1, wherein said analyzing step comprises formulating at least one of said first constant and said second constant by dividing said elapsed time by said withdrawal value.

16. A machine-readable medium having stored thereon a plurality of instructions, said plurality of instructions when executed by a processor, cause said processor to perform a method comprising the steps of:

searching a database to find said financial transaction account;

identifying a withdrawal value associated with a withdrawal transaction, wherein said withdrawal value exceeds a withdrawal threshold value;

identifying a deposit value associated with a deposit transaction, wherein said deposit value is at least one of equal to and greater than a predetermined percentage of said withdrawal value;

determining a first constant by dividing a time period to withdraw a predetermined percentage of said withdrawal value by said withdrawal value;

analyzing said first constant to facilitate said audit when said first constant is at least one of equal to and greater than a constant threshold;

applying a marker to said financial transaction account when said first constant is a least one of equal to and greater than said first constant threshold;

determining, by said marker, a second constant, which is indicative of at least one of a previous account transaction and a future account transaction;

determining if a pattern exists by comparing said second constant to said first constant; and

,

providing a notification of said pattern on a display of a machine.

17. A program storage device readable by a machine, tangibly embodying a program of instructions executable by a machine to perform the method steps for facilitating an audit of a financial transaction account wherein results of said audit are displayed on a display of said machine, said method steps comprising:

searching a database to find said financial transaction account;

identifying a withdrawal value associated with a withdrawal transaction, wherein said withdrawal value exceeds a withdrawal threshold value;

identifying a deposit value associated with a deposit transaction, wherein said deposit value is at least one of equal to and greater than a predetermined percentage of said withdrawal value;

determining a first constant by dividing a time period since a first deposit that constitutes a predetermined percentage of said withdrawal value by said withdrawal value;

analyzing said first constant to facilitate said audit when said first constant is at least one of equal to and greater than a constant threshold;

applying a marker to said financial transaction account when said first constant is a least one of equal to and greater than said constant threshold;

determining, by said marker, a second constant, which is indicative of at least one of a previous account transaction and a future account transaction;

determining if a pattern exists by comparing said second constant to said first constant; and

,

providing a notification of said pattern on said display of said machine.

18. A machine-readable medium having stored thereon a plurality of instructions, said plurality of instructions when executed by a processor, cause said processor to perform a method comprising the steps of:

searching a database to find said financial transaction account;

identifying a withdrawal value associated with a withdrawal transaction, wherein said withdrawal value exceeds a withdrawal threshold value;

identifying a deposit value associated with a deposit transaction, wherein said deposit value is at least one of equal to and greater than a predetermined percentage of said withdrawal value;

determining a first constant by dividing a time period since a first deposit that constitutes a predetermined percentage of said withdrawal value by said withdrawal value;

analyzing said first constant to facilitate said audit when said first constant is at least one of equal to and greater than a constant threshold;

applying a marker to said financial transaction account when said first constant is a least one of equal to and greater than said constant threshold;

determining, by said marker, a second constant, which is indicative of at least one of a previous account transaction and a future account transaction;

determining if a pattern exists by comparing said second constant to said first constant; and

,

providing a notification of said pattern on a display of a machine.