Platform offers a comprehensive look into—and ability to monitor and cope with—fraud events at a financial institution.

Financial Crime Check Announces the Launch of its Financial Crime Risk Intelligence and Typologies analytical and database platform

 

New York, NY. – 2 June, 2008 – Financial Crime Check today launched its new financial crimes risk intelligence and typology analytical database platform to support financial institutions meeting their Anti Money Laundering (AML) and Counter Terrorism Financing (CTF) obligations and managing their fraud vulnerabilities.

 

Financial crime is a lucrative business for criminals and terrorists.

IMF estimates of money laundering indicate that between 2-5% of global GDP is laundered each year – in the vicinity of $2.5 trillion per annum. Fraud is estimated to cost US organisations approximately $600 billion per year and terrorist financiers are known to exploit and add even more complexity to the sophisticated money laundering techniques already used by serious criminals.

Where does this leave financial institutions? Exposed to the sophisticated techniques that criminals and terrorists will use to launder, defraud and finance terrorism through the global financial system. In response, Financial Crime Check has developed an online financial crime risk intelligence and analytical database designed by compliance, investigations and technology analysts with extensive experience in financial crimes. Using leading edge technology, Financial Crime Check monitors and identifies risk intelligence from over 2,800 sources, including:

 

  •    our global network of financial institutions, insurers, accountants, lawyers, precious metal and stone

 

  •    dealers, casinos, real estate agents and other industries

 

Using this intelligence, Financial Check analyses and profiles the latest money laundering, terrorist financing, fraud and internal/employee fraud techniques, trends and threats.

“Financial crime is on the rise and financial institutions are undoubtedly a major target of terrorists and criminals,” said James Carnaby, Senior Analyst at Financial Crime Check.

“What we are seeing is organised activity like never before - criminals are continually evolving and enhancing their fraud techniques and looking for the best way to layer their criminal revenue through complicated schemes using multiple products and accounts. They know that financial institutions are using technology and applying financial crimes controls across fraud, money laundering and terrorist financing.

 

Therefore, they will attempt to be one step ahead of the diligent efforts of financial institutions including: using new technology, exploiting vulnerabilities in complex financial products/systems, tapping into networks of associates, (including accounting and legal professionals) and looking for assistance from financial institution employees – with employee collusion with criminals/terrorists a worrying trend. Financial Crime Check empowers financial institutions to be one step ahead of criminals, employee fraudsters and terrorist financiers by providing up to date financial crimes risk intelligence and typologies across money laundering, terrorist financing and fraud. This information can be used to refine transaction monitoring system detection scenarios right through to front office customer account opening procedures.”
 
Key benefits of Financial Crime Check include:

  • Immediate understanding of high risk events.  Financial Crime Check provides a detailed regularly updated risk dashboard that consolidates our extensive global analysis of financial crime trends, typologies and cases to empower financial institutions to easily identify their highest immediate financial crime risks.

  • Deterrence. Money launderers, terrorists and fraudsters will target organisations with the weakest perceived risk controls. Use of Financial Crime Check is a deterrent to criminals, both outside your organisation as well as within.

  • Compliance. Financial Crime Check provides a powerful tool to demonstrate best practice compliance to regulators and law enforcement.

  • Fine-tuning of transaction monitoring systems. Suggested detection scenario configurations assist financial institutions reduce their transaction monitoring false positive ratios and ensure detection scenarios are relevant and up to date—something forefront in the mind of regulators.

  • Help with investigations.  High volumes of alerts can overwhelm financial crime investigations teams. Financial Crime Check helps investigators and analysts to identify alerts that pose the highest money laundering, terrorist financing, fraud and internal fraud risk.

  • Help with staff training. As criminals continually evolve their laundering, terrorist financing, and fraud schemes, Financial Crime Check is there to offer a comprehensive risk intelligence solution that can be used in a financial institution’s money laundering, terrorist financing, and fraud staff training and awareness programs.

  •A user-friendly interface and relevant functionality. Financial Crime Check has been designed and developed by experienced financial crime analysts with other financial crime analysts, compliance managers, risk managers, investigators and legal/accounting professionals in mind.

For more information and an online demonstration - visit http://www.financialcrimecheck.com

 

About Financial Crime Check
Financial Crime Check is a global provider of technology based risk intelligence solutions.

Established and owned by senior financial crime risk analysts, with extensive experience in financial crime risk threat analysis and detection technology, Financial Crime Check provides detailed financial crimes risk intelligence and typologies. We empower our financial services, banking, legal and accounting clients to manage their risks and vulnerabilities across money laundering, terrorist financing, fraud and internal fraud.

Contact: Amanda Whittaker

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www.financialcrimecheck.com

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