Anti Money Laundering

Catch non-compliant behaviour red-handed with Advanced Analytics
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Staying Compliant

Since the introduction of rigorous anti-money laundering laws, such as the Anti-Money Laundering and Counter-Terrorism Financing Act in 2006, financial institutions have been challenged to help stop the practice of generating income through illegal monetary actions. It is up to banks and other financial institutions to both set up due diligence programs to ensure they are not aiding money laundering, and to implement effective counter measures. 

Australia’s anti-money laundering laws also require financial institutions to provide complex, detailed reports about threshold transactions, international funds transfer instructions and suspicious matter. Reporting requirements frequently change, and organisations risk compliance issues if they are not up to date.  

How can you stop money laundering in its tracks and stay compliant? The answer is Advanced Analytics. 

Our Advanced Analytics team uses a variety of industry-leading analytics and business intelligence tools that can effectively analyse transactions, and leverages data science capabilities that meet regulatory requirements. We also have extensive experience, working with some of Australia’s leading financial institutions. 

Identify ‘structured’ transactions 

Don’t let money launderers slip through the cracks by splitting transactions into smaller amounts to avoid basic threshold transaction reporting (also known as ‘structuring’). Analytics8’s high performance data science solutions examine complex account activity over time to detect structuring and other related suspicious activity.   

Detect circular monetary flows

Keep an eye on circular monetary flows involving multiple accounts, including off-shore tax havens, by harnessing link analytics and graph theory. These sophisticated analytics techniques, offered by Analytics8, are used by leading organisations to monitor transactions between accounts.  

Simplify transaction reporting

We work with financial institutions to quickly turnaround expert solutions and programs of work that detect new and previously unseen reporting loop holes. Our technical Analytics and Business Intelligence competencies can help you develop and improve all types of transaction reports, including threshold transactions, which involve the transfer of physical currency or e-currency of AUD10,000 or more. 

 

Accurate forecasting and profiling

Accurate money laundering detection often begins with account balance trends analysis and time-series analysis to detect significant changes in behaviour over time. Through advanced time-series analysis, Analytics8 enables clients to forecast funds under management and credit positions for corporate and high value clients with multiple accounts.  

Analytics8 is a trusted, experienced partner

Analytics8 is an Australian-based analytics, business intelligence and data warehousing consultancy founded in 2002. Our vendor-agnostic team of 60+ consultants has deep expertise and implementation experience. We specialise in design, development and deployment of effective data solutions. 

Talk to us about catching non-compliant behaviour red-handed with data science.

[email protected]

Sydney: +61 2 9299 4430

Melbourne: +61 3 8605 4880

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Sydney:

Suite 1, Level 5,

350 Kent Street,

Sydney, NSW, 2000

+61 2 9299 4430

Melbourne:

Level 8,

350 Collins Street,

Melbourne, VIC, 3000

+61 3 8605 4880

Not based in Australia? Our team in the UK or the US would be happy to help.