Booz Allen and IMAG team on terrorist financing prevention service

Source: Booz Allen Hamilton

Booz Allen Hamilton announced today an agreement with the International Management Advisory Group (IMAG) to deliver financial analytic services that will result in a better, faster, and safer way for financial institutions to more effectively prevent terrorist financing.

The financial analytic service offering by Booz Allen and IMAG makes it possible for banks to conduct Anti-Terrorist Financing (ATF) using analytic tools never before used in a commercial application. To effectively detect and deter terrorist financing activity, banks must ensure that a comprehensive ATF methodology is precisely sited within their existing Anti-Money Laundering (AML) program. Developed over a two year period at several public sector financial institutions, the offering provides financial institutions increased certainty into possible terrorist-financing, compliance risks, and proven solutions to monitor account activity and produce actionable intelligence. Booz Allen Vice President Bill Wansley said, "For the first time, we are offering the financial industry proven analytic techniques to help banks with their money laundering and terrorist financing challenges."

"By partnering with Booz Allen and incorporating their proven ATF methodology into the AML programs and platforms which we developed for our client banks, we are confident that financial institutions will have a powerful weapon to combat terrorist financing," said IMAG President Gary Peterson. "The result will be a significant reduction in reputation risk as the combined AML/ATF solutions enhance the detection and reporting of suspicious terrorist related activity," Peterson said.

An advisory board comprised of IMAG industry experts and top-ranking former US government intelligence officials, including former Undersecretary of the Treasury for Enforcement Jimmy Gurule and former Director of Central Intelligence R. James Woolsey will advise on key compliance and industry issues related to the new service offering. This ensures proven -- and implementable -- tools and processes for banks to comply with Patriot Act requirements for detecting terrorist-related transactions.

According to former Undersecretary of the Treasury for Enforcement Jimmy Gurule, "Government agencies use of sophisticated behavioral modeling techniques that reveal the hidden relationships between people, banks, and organizations have proved to be one of the most effective tools to detect terrorist financing. I can foresee applications to AML and fraud detection as well."

R. James Woolsey, former Director of Central Intelligence, adds, "By mapping social networks and linking geographic patterns we can thwart small and seemingly innocent funds transfers that underpin attacks like the London terrorism incident. These same advanced analytic techniques can now give banks a proven method to follow the money and detect terrorist financing."

Comments: (0)