There was no existing data warehouse to capture transaction data for money laundering. Core transactions were not mapped to channels and there was no easy way to differentiate bank users from customers. Another challenge was the inability to track transactions where the bank was only indirectly involved.
Core Compete designed, developed and deployed a Banking data warehouse for AML. A completely separate metadata layer was deployed on the top of the data warehouse to manage rules and analyze data for AML.
Data had to be acquired and integrated from multiple OLTP systems and 17 source systems. Data enrichment techniques were deployed to enhance customer profiles with a variety of attributes like Shell Company, NGO etc. to enable AML tracking. Global watch-lists and internal watch-lists were dynamically created.
For analytics, fuzzy address matching techniques were applied to customer name changes. A number of changes were made to enable the generation of risk rating at a customer level at account opening. An exception framework was developed to highlight anomalies in customer spend or source systems.
Core Compete used SAS AML for the project.
The Client now adheres to AML and CTR (Counter-Terrorism Financing) regulations helping them avoid billions of dollars in fines. They are also progressing towards FATCA compliance.