BAE Systems Applied Intelligence and Acuminor have launched a trial of technology aimed at helping banks to identify transactional behaviour linked to human trafficking and money laundering.
The collaboration has seen the technology firms team up to run the trial for a major Nordic bank, with proof of concept trials running to simulate suspicious activity and test the efficiency of the banks’ financial crime detection systems.
The trial is currently focused on human trafficking but the FinCrime Testing Service will soon be rolled out across the other 22 money laundering offenses such as counter terror financing and tax evasion, for example.
The trial will culminate in a report that will highlight any areas of vulnerability and will allow the financial institution to close these vulnerabilities and improve their detection of financial crime.
According to data from LexisNexis, the projected cost of financial crime compliance is set to hit $180.9 billion this year.
Acuminor, a Swedish risk management start-up, gathers jurisdiction specific financial crime threat intelligence, collecting information on criminal methods from hundreds of sources around the world.
Its technology analyses this information for trends to deliver a digital view of key financial crime risks. With these data insights BAE Systems Applied Intelligence has enhanced its new FinCrime Testing Service – a technology that simulates criminal and victim’s behaviour to provide an independent test of a financial institution’s detection systems.
Harriet Shaw, venture lead at BAE Systems Applied Intelligence, said: “It’s a privilege to be working with Acuminor to enhance the development of the FinCrime Testing Service.
She added: "Nuanced detection of criminal and victim behaviours is long overdue, banks are fed up of not being able to quantify the effectiveness of their detection systems and justify the implementation of better, more targeted detection techniques. This collaboration and proof of concept takes us an enormous step forward.”
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