Client was one of the biggest banks in Japan. Its correspondent banking division required a functionality to track and detect money-laundering/terrorist financing in their transactions using profiling method that could compare transactional patterns and check anomalous behavior. The anomalous behavior could then be fed into the money laundering risk calculations for the customer.
CoreCompete had to deploy an extendable framework architecture to create various levels of transaction pattern comparison to the Peer groups. The bank had to be provided with a highly efficient computational mechanism for customization using minimal compute resources. The solution had to be enabled to work at different combinations of entities and attributes.
CoreCompete developed a customized solution to meet the client’s requirement in terms of identifying the money laundering risk in correspondent banking. Our experience in financial services and out technical skills in the underlying platform allowed us to build these capabilities in 12 weeks, while delivering a flexible solution.