Methods of and systems for money laundering risk assessment

• US 7,805,362 B1
• Filed: 10/10/2006
• Issued: 09/28/2010
• 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:
  US11/548,229
• Time in Patent Office: 1,449 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
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A method of assessing money-laundering risk of an individual includes gathering geographic information, personal information, and product information regarding the individual, determining a risk value of the geographic information, a risk value of the personal information, and a risk value of the product information, weighting each of the geographic information risk value, the personal information risk value, and the product information risk value, and summing the weighted risk values to yield a money-laundering risk score.

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, geographic information, personal information, and product information regarding the individual, the product information including information regarding a product of a financial institution purchased by the individual;

determining a risk value of the geographic information, a risk value of the personal information, and a risk value of the product information;

weighting each of the geographic information risk value, the personal information risk value, and the product information risk value;

summing the weighted values to yield a money-laundering risk score;

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 step of determining the risk value of the geographic information, the risk value of the personal information, and the risk value of the product information comprises:

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

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

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

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

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

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

determining a risk value of each of a plurality of product information components;

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

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

3. The method of claim 1, wherein the product information comprises information regarding a channel used by the individual to access the financial institution.

4. 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.

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

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

7. A computer implemented system for assessing money-laundering risk of an individual, the system comprising:

a server comprising at least one processor configured to;

gather geographic information, personal information, and product information regarding the individual, the product information including information regarding a product of a financial institution purchased by the individual;

determining a risk value of the geographic information, a risk value of the personal information, and a risk value of the product information;

weight each of the geographic information risk value, the personal information risk value, and the product information risk value;

sum the weighted values to yield a money-laundering risk score;

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 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; and

wherein at least one database is interoperably coupled to the server.

8. The system of claim 7, wherein the determination of the risk value of the geographic information, the risk value of the personal information, and the risk value of the product information comprises:

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

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

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

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

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

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

determining a risk value of each of a plurality of product information components;

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

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

9. The system of claim 7, wherein the product information comprises information regarding a channel used by the individual to access the financial institution.

10. The system of claim 7, 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.

11. The system of claim 7, wherein the server is adapted to flag the individual for heightened scrutiny responsive to the money-laundering risk score exceeding a threshold.

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

13. An article of manufacture for assessing money-laundering risk of an individual on a computer system, the article of manufacture comprising:

at least one computer readable medium;

computer readable instructions contained on the at least one computer readable medium, the computer readable instructions configured to be readable from the at least one computer readable medium by at least one processor of a computer to;

gather, geographic information, personal information, and product information regarding the individual, the product information including information regarding a product of a financial institution purchased by the individual;

determining a risk value of the geographic information, a risk value of the personal information, and a risk value of the product information;

weight each of the geographic information risk value, the personal information risk value, and the product information risk value;

sum the weighted values to yield a money-laundering risk score;

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;

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 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.

14. The article of manufacture of claim 13, wherein the determination of the risk value of the geographic information, the risk value of the personal information, and the risk value of the product information comprises:

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

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

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

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

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

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

determining a risk value of each of a plurality of product information components;

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

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

15. The article of manufacture of claim 13, wherein the product information comprises information regarding a channel used by the individual to access the financial institution.

16. The article of manufacture of claim 13, 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.

17. The article of manufacture of claim 13, wherein the processor instructions are configured to cause the at least one processor to operate as to flag the individual for heightened scrutiny responsive to the money-laundering risk score exceeding a threshold.

18. The article of manufacture of claim 13, wherein the geographic information comprise at least one of city, state, country, postal code, and telephone number.