Case Studies,Anti-Money Laundering,Fraud Investigations,FinCrime Threat Intelligence,Financial Institutions

Anti-Money Laundering

How Cobwebs Helped a Prestigious Bank with its Anti-Money Laundering Compliance.

A 200-year old bank with branches in several countries was struggling with its fight against money laundering and terror financing by its (potential) clients. The bank simply could not afford its pristine reputation to be damaged by any breaches of the various KYC regulations. The bank wanted to make sure that it complied at all times with the various US and EU Know-Your-Customer (KYC) regulations, including the CIP, CCD, AMLD4, AMDL5, PSD2, and GDPR.

The bank approached Cobwebs for its WEBINT solution to assist with its customer acceptance policy for analysis and risk assessment, its customer identification procedure by verifying the identities of potential clients, their risk rating based on gathered and analyzed client-specific data, and transaction monitoring to prevent money laundering, terror financing, fraud, or other criminal activities.

Our WEBINT platform and money laundering prevention software assisted the bank’s analysts and investigators by automatically collecting, processing, and analyzing tremendous amounts of web data from all layers of the surface, deep, and dark web to get KYC insights for follow-up. Utilizing smart machine-learning (ML) and natural language processing (NLP) algorithms, the platform automatically generated decision-quality insights based on precise data, compiled from watchlists, encrypted databases, local multilanguage media sources, and sentiments from social networks. The platform also allowed for mapping the local ecosystem of partners for identifying harmful activities, local reputational issues, or ties with persons or groups of interest. To trace the beneficiaries of dormant accounts that could pose a compliance risk to the bank, our platform used machine-learning for image analysis, character recognition, geolocation, and other digital clues for follow-up.

With our AI-powered WEBINT platform, the bank’s analysts were able to access relevant risk data from all levels of the web simultaneously and automatically to generate risk insights collected from all aspects of a client’s profile and connections. The exhausting, manual online investigations that once took days and weeks can now be completed in a few clicks. By using our WEBINT platform, the bank was assisted in achieving the level of compliance it wanted. The bank is now also using our platform for proactively monitoring portfolios to detect exposure to everything from ominous online chatter to implications of potential reputational damage that can pose a risk. It is also using our platform for making informed decisions regarding transactions sourced from ICO profits and other cryptocurrency activities.