Financial transaction monitoring

Abstract

Embodiments of the present invention provide systems and methods for monitoring financial transactions. For example, in one embodiment a system includes a communication interface configured to receive information about each transaction of a plurality of transactions. The system includes a memory device having a plurality of keywords and an artificial intelligence application stored therein, the plurality of keywords being associated with a plurality of entities whose transactions are to be specially handled. The system further includes a processor configured to identify a first group of transactions from the plurality of transactions where the information about each transaction of the first group of transactions includes at least one of the plurality of keywords. The processor is further configured to then use the artificial intelligence application to determine that one or more transactions in the first group of transactions are associated with one or more of the plurality of entities.

Description

CROSS REFERENCE TO RELATED APPLICATIONS[0001]This application claims benefit of priority under 35 U.S.C. § 119(e) to the filing date of U.S. Provisional Application No. 61 / 147,360, as filed on Jan. 26, 2009, which is incorporated herein by reference in its entirety.FIELD[0002]In general, the invention relates to systems, methods, and computer program products for monitoring financial transactions. More particularly, embodiments of the invention provide systems, methods, and computer program products configured to use artificial intelligence to combat money laundering and / or other fraudulent or problematic transactions.BACKGROUND[0003]In an effort to combat terrorism, money laundering, and other illegal or problematic activities, governments and other rule-making organizations have promulgated regulations and guidelines to detect financial transactions and assets used for illegal activities or by persons, governments, or organizations engaged in illegal activity or activity adverse t...

AI Technical Summary

Benefits of technology

[0010]Transactions that are identified by the artificial intelligence apparatus as acceptable transactions, despite the presence of one or more keywords, are released by the artificial intelligence apparatus and forwarded to the transaction processing system for normal processing. In one embodiment, one or more human verifiers randomly check a small percentage of these released transactions to confirm that the artificial intelligence apparatus is functioning properly. If the human verifiers identify errors or concerns with the released transactions, the human verifiers can provide feedback regarding the specific concerns and transactions to the artificial intelligence apparatus so that the artificial intelligence apparatus can use the feedback to learn from any mistakes.

[0014]In some embodiments, the artificial intelligence apparatus or other artificial intelligence systems are used to monitor and / or manage the transaction monitoring process. For example, in one embodiment, a second artificial intelligence apparatus is used to monitor the volume of transactions processed by the human verifiers and the volume of transactions identified as problematic or potentially problematic by the first artificial intelligence algorithm that reviews the transactions. In this way, the second artificial intelligence apparatus can learn the capacity and tolerances of the human verifiers and learn to anticipate overcapacity problems. In one embodiment, when the second artificial intelligence apparatus anticipates an overcapacity potential, it also manages the overcapacity by, for example, displaying an avatar on the screens of one or more verifier terminals and informing the verifier that they must increase the speed of their reviews in order to complete the processing of the transactions within a certain period of time (e.g., by the end of the day). In some embodiments, where the artificial intelligence apparatus determines that the human verifiers, even working at maximum efficiency, will not be able to handle the volume of transactions coming through the system, the artificial intelligence apparatus displays an avatar on the screen of a manager's terminal or otherwise notifies a manager or other personnel or systems that more resources are needed, or that a higher risk of non-compliance may have to be temporarily acceptable in order to process all of the transactions within a specified period of time.

Problems solved by technology

Failure to comply with OFAC regulations can result in significant monetary fines or other penalties.

Compliance with these numerous and constantly-changing regulations can be difficult for the financial institution, which may process millions of transactions every day, and requires a significant allocation of resources.

Sporadic spikes and lulls in the number of transactions that contain a keyword result in periods where the team's resources are stretched thin, mixed with periods where the team's resources are under-utilized.

Having a large team dedicated to the task of looking for problematic transactions also raises other issues, such as: (1) security of the information handled by the team; (2) background checks and security clearances required for each member of the team; (3) extensive training and monitoring of new members of the team; (4) loss of valuable experience each time a team member leaves the team; and (5) compliance failures caused by inconsistencies and fatigue.

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