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22.11.2018

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    AML Insights

    Vocalink

    AML Insights maps the path of stolen funds across payment systems and uncovers money laundering networks. A world-first, it overlays payment data with AI and machine learning to: 1) flag accounts involved in moving and extracting illicit funds, and; 2) light up mule networks hidden and operating within the system.

    What customer problems did you set out to solve?

    Payment innovations, such as the implementation of real-time payments, has benefitted people and businesses around the world. Unfortunately, fraudsters and criminals have been quick to take advantage of new technologies to accelerate the obfuscation and extraction of illicit funds. Money stolen from people and businesses is quickly dispersed across a payment system. Split into multiple transactions across multiple bank accounts in seconds, a single bank quickly loses sight of the money, making it impossible to trace at speed. An estimated $1.6 trillion is laundered globally every year, funding people trafficking, drugs, illegal arms sales, and terrorism.

    What differentiates your proposition from other offerings in the market?

    Leveraging account-to-account payment data, overlaid with innovative analytical tools, AML Insights can flag to participating banks accounts in their portfolios that are likely to be involved in moving and extracting illicit funds, and uncover entire networks of mule accounts previously hidden and operating within the system.

    AML Insights is transformative because it is the first time, anywhere in the world, that banks have received insights that flag implicated accounts within their portfolios based not just on single-bank transactions, but also on how transactions across a network link an account to wider mule activity. It is the first solution that enables them to act on this insight at account level to investigate and take the appropriate action, quicker than previous (usually manual) processes allowed.

    How has the concept been proven / validated?

    Two years’ FPS data was brought together, connecting nearly 87 million accounts, detailing over 357 million individual payment relationships. The 12 participating banks account for most UK interbank payments.

    Accounts whose behaviour looked so ‘normal’ - meaning existing systems hadn’t uncovered them – were exposed. This enabled participating banks to investigate and close them down. Plus entire ‘patterns’ of behaviour emerged that suggest new ways in which the system is being exploited.

    With the potential to suffocate fund dispersion routes, AML Insights can make payments more secure for both individuals and businesses and protect against the negative impact of money laundering and mule networks.

    What’s next?

    The innovation doesn’t end here: we have an exciting roadmap for AML Insights: bringing it together with our award-winning Corporate Fraud Insights solution; leveraging Mastercard NuData functionality to enable real-time alerting and reporting; and developing the capability to map the path of stolen funds and enable fund repatriation.

    Find out more about AML Insights here

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