Methods of and systems for money laundering risk assessment

• US 7,801,811 B1
• Filed: 10/10/2006
• Issued: 09/21/2010
• Est. Priority Date: 10/10/2006
• Status: Active Grant

• Current Assignee: United Services Automobile Association
• Original Assignee: United Services Automobile Association
• Inventors: Merrell, Daniel James, Van Horn, Susan Beth
• Primary Examiner(s): Dixon; Thomas
• Assistant Examiner(s): Fields; Benjamin S
• Application Number:
  US11/548,225
• Time in Patent Office: 1,442 Days
• Field of Search: None
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

A method of assessing money-laundering risk of an individual includes gathering information regarding the individual. The gathered information includes geographic information and personal information. The method also includes determining a risk value of the geographic information and a risk value of the personal information and calculating a money-laundering risk score using the geographic information risk value and the personal information risk value.

Claims

1. A computer-implemented method of assessing money-laundering risk of an individual, the method comprising:

using a server comprising at least one processor configured for;

gathering information regarding the individual;

wherein the gathered information comprises geographic information, personal information, and product information;

determining a risk value for each of a plurality of geographic information, the determining comprising;

determining a risk value for each of a plurality of geographic information components;

weighting each of the plurality of geographic-information-component risk values; and

summing the plurality of weighted geographic-information-component risk values;

determining by a computer processor a risk value of the personal information, the determining comprising;

determining a risk value for each of a plurality of personal information components;

weighting each of the plurality of personal-information-component risk values; and

summing the plurality of weighted personal-information-component risk values;

determining by a computer processor a risk value of the product information, the determining comprising;

determining a risk value for each of a business channel type and a product of the individual;

weighting each of the business channel type risk value and the product risk value; and

summing the weighted business channel type risk value and the weighted product risk value;

calculating a money-laundering risk score using the geographic information risk value, the personal information risk value, and the product information risk value;

determining whether the geographic information, personal information, and product information include an overriding risk attribute;

wherein overriding risk attributes are a subset including one or more of the plurality of geographic-, personal-, and product-information-components that are particular risk components requiring enhanced consideration, and an individual risk value associated therewith;

determining a trump score for each determined overriding risk attribute and the individual risk value associated therewith;

comparing the money-laundering risk score to each determined trump score of each determined overriding risk attribute;

replacing the calculated money-laundering risk score with a maximum of the respective determined trump scores of each determined overriding risk attribute when at least one of the respective trump scores exceeds the calculated money-laundering risk score; and

using a resulting selection of the calculated money-laundering risk score or the maximum of the respective determined trump scores to assess the money-laundering risk of the individual.

2. The method of claim 1, wherein the geographic information comprises at least one of city, state, country, postal code, and telephone number.

3. The method of claim 1, wherein the personal information comprises at least one of citizenship, occupation, status with a financial institution, and length of a relationship with the financial institution.

4. The method of claim 1, wherein the step of calculating the money-laundering risk score using the geographic information risk value and the personal information risk value comprises:

weighting the geographic information risk value;

weighting the personal information risk value; and

summing the weighted geographic information risk value and the weighted personal information risk value.

5. The method of claim 1, further comprising flagging the individual for heightened scrutiny responsive to the calculated money-laundering risk score exceeding a threshold.

6. A system of assessing money-laundering risk of an individual, the system comprising:

a server comprising at least one processor configured to;

gather information regarding the individual;

wherein the gathered information comprises geographic information, personal information, and product information;

determine a risk value of the geographic information, the determining comprising;

determining a risk value for each of a plurality of personal information components;

weighting each of the plurality of geographic-information-component risk values; and

summing the plurality of weighted geographic-information-component risk values;

determine a risk value of the personal information, the determining comprising;

determining a risk value for each of a plurality of personal information components;

weighting each of the plurality of personal-information-component risk values; and

summing the plurality of weighted personal-information-component risk values; and

determine a risk value of the product information, the determining comprising;

determining a risk value for each of a business channel type and a product of the individual;

weighting each of the business channel type risk value and the product risk value; and

summing the weighted business channel type risk value and the weighted product risk value;

calculate a money-laundering risk score using the geographic information risk value, the personal information risk value, and the product information risk value;

determine whether the geographic information, personal information, and product information include an overriding risk attribute, wherein overriding risk attributes are a subset including one or more of the plurality of geographic-, personal-, and product-information-components that are particular risk components requiring enhanced consideration, and an individual risk value associated therewith;

determine a trump score for each determined overriding risk attribute and the individual risk value associated therewith;

compare the money-laundering risk score to each determined trump score of each determined overriding risk attribute;

replace the calculated money-laundering risk score with a maximum of the respective determined trump scores of each determined overriding risk attribute when at least one of the respective trump scores exceeds the calculated money-laundering risk score; and

use a resulting selection of the calculated money-laundering risk score or the maximum of the respective determined trump scores to assess the money-laundering risk of the individual.

7. The system of claim 6, wherein the geographic information comprises at least one of city, state, country, postal code, and telephone number.

8. The system of claim 6, wherein the personal information comprises at least one of citizenship, occupation, status with a financial institution, and length of a relationship with the financial institution.

9. The system of claim 6, wherein the calculation of the money-laundering risk score using the geographic information risk value and the personal information risk value comprises:

weighting the geographic information risk value;

weighting the personal information risk value; and

summing the weighted geographic information risk value and the weighted personal information risk value.

10. The system of claim 6, wherein the server is adapted to flag the individual for heightened scrutiny responsive to the calculated money-laundering risk score exceeding to a threshold.

11. A computer-readable storage medium encoded with computer-readable instructions for assessing money-laundering risk of an individual, the computer-readable instructions comprising instructions for causing a computer to:

use a server comprising at least one processor configured to;

gather information regarding the individual;

wherein the gathered information comprises geographic information, personal information, and product information;

determine a risk value of the geographic information, the determining comprising;

determining a risk value for each of a plurality of personal information components;

weighting each of the plurality of geographic-information-component risk values; and

summing the plurality of weighted geographic-information-component risk values;

determine a risk value of the personal information, the determining comprising;

determining a risk value for each of a plurality of personal information components;

weighting each of the plurality of personal-information-component risk values; and

summing the plurality of weighted personal-information-component risk values; and

determine a risk value of the product information, the determining comprising;

determining a risk value for each of a business channel type and a product of the individual;

weighting each of the business channel type risk value and the product risk value; and

summing the weighted business channel type risk value and the weighted product risk value;

calculate a money-laundering risk score using the geographic information risk value, the personal information risk value, and the product information risk value;

determine whether the geographic information, personal information, and product information include an overriding risk attribute wherein overriding risk attributes are a subset including one or more of the plurality of geographic-, personal-, and product-information-components that are particular risk components requiring enhanced consideration, and an individual risk value associated therewith;

determine a trump score for each determined overriding risk attribute and the individual risk value associated therewith;

compare the money-laundering risk score to each determined trump score of each determined overriding risk attribute;

replace the calculated money-laundering risk score with a maximum of the respective determined trump scores of each determined overriding risk attribute when at least one of the respective trump scores exceeds the calculated money-laundering risk score; and

use a resulting selection of the calculated money-laundering risk score or the maximum of the respective determined trump scores to assess the money-laundering risk of the individual.

12. The computer-readable storage medium of claim 11, wherein the geographic information comprises at least one of city, state, country, postal code, and telephone number.

13. The computer-readable storage medium of claim 11, wherein the personal information comprises at least one of citizenship, occupation, status with a financial institution, and length of a relationship with the financial institution.

14. The computer-readable storage medium of claim 11, wherein the calculation of the money-laundering risk score using the geographic information risk value and the personal information risk value comprises:

weighting the geographic information risk value;

weighting the personal information risk value; and

summing the weighted geographic information risk value and the weighted personal information risk value.

15. The computer-readable storage medium of claim 11, wherein the instructions cause the computer to operate as a flag to the individual for heightened scrutiny responsive to the calculated money-laundering risk score exceeding a threshold.