Webinar: Cloud Based Strategy for Tackling Financial Crime

There was positive feedback from webinar with many in attendance.

The threats posed to the financial industry by organised crime in the areas of fraud and anti-money laundering are serious and increasing. In line with the FSA statutory objective on reducing financial crime, Carkean Solutions proposed solution is to use their Aquima product as an automated transaction monitoring solution which helps to assess the nature of the threat and potential responses from a fraud detection perspective.

Aquima’s solutions are to identify and prioritise the fraud and money laundering risks in four steps. The first step is the collection and filtering of data, the second step is the classification and Detection which gives an AML score representing the likelihood the account holder is involved in money laundering based on AML indicators. The third Step is Research and Mark which minimizes false flagging and puts all information in one place. The final Step is Report and Block where there is an automatic reporting and automatic blocking of transactions from perceived account holders who will be investigated by fraud teams.

The enhanced monitoring capability of Aquima will allow earlier and more reliable identification of transactions that warrants further investigation. There is significantly enhanced visibility of a variety of transactions including unusual high transactions and foreign transaction payments. This will free fraud teams from time consuming tasks looking for unusual activity and could instead focus on investigation of prioritised transactions.

There was of course questions about security since all this will be cloud based but I Can inform you there will be NO SENSITIVE CUSTOMER INFORMATION ON THE CLOUD, What will happen will be that the processing will take place in the cloud. Client information is in this case will be processed but not stored in the cloud. The connections to the cloud servers will be secured VPN (It encapsulates data transfers using a secure cryptographic method between two or more networked devices which are not on the same private network so as to keep the transferred data private from other devices on one or more intervening local or wide area networks) using HTTPS, so it will be perfectly secured.

Thank you for reading and we look forward to hearing from you!

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