Cap Gemini Ernst & Young UK and Norkom Technologies have launched a new money laundering detection system, MLDAP, designed to stem the estimated $3 trillion in suspicious transactions slushing through the global financial system each year.
MLDAP (Money Laundering Detection and Prediction) combines Cap Gemini Ernst & Young's expertise in financial services, regulation and systems integration with Dublin-based Norkom’s intelligence and interaction software, Norkom Alchemist. It is aimed at all regulated financial services companies, including retail and wholesale banks, insurance companies, securities and fund management operations.
The package combines business rules and domain knowledge with data mining techniques and predictive analytics software. As such it can evolve and adapt as money laundering behaviour itself changes over time, say the companies.
"On the one hand, financial institutions are coming under increasing regulatory pressure to address the serious issue of money laundering yet on the other it’s increasingly hard to detect laundering activities because of advanced technology and an increase in customer channels,” says Dr Karl O’Connell, SVP marketing & alliances, Norkom Technologies.
He says MLDAP will not only analyse operational transactions, but the software will also look into the behavioural aspects of suspicious individuals.
"Cap Gemini Ernst & Young UK plc has also analysed all the regulatory requirements and pre-built in a set of operating rules, making it considerably easier for companies to evidence their compliance.” adds O'Connell.