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

The present invention provides an apparatus, method, and computer program product for using artificial intelligence to identify problematic transactions and manage other resources involved in the transaction monitoring process. The apparatus uses artificial intelligence to identify problematic transactions by reviewing transactions and their associated information, such as party names, account numbers, and other identifying information. The apparatus then sends the information about these transactions to human verifiers for further review. The human verifiers review the transactions and provide feedback to the artificial intelligence system, which uses the feedback to learn and improve its ability to identify problematic transactions. The technical effects of this invention include improved efficiency in identifying problematic transactions, reduced human error, and improved management of resources involved in the transaction monitoring process.

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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