5 posts categorised "Jeremy Davey"

05 June 2018 Financial crime: Four essential rules for effective transaction monitoring By Jeremy Davey and Scott Samme Money launderers are, by definition, a devious bunch. They quickly learn the rules that banks set to detect suspicious transactions, and adapt. They are, in other words, dynamic – so transaction monitoring should be equally so. In our previous blog we talked about the problems with many legacy transaction monitoring (TM) systems, which tend to be rules-based. That’s not to say that rules-based systems are obsolete; but in the complex world of global finance, they’re not enough on their own. If banks are to efficiently root out complex illegal trades they need to know far more about the connections between parties to transactions. Fortunately, advanced technology and analytics allow us to do this.
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29 November 2017 Data and analytics: Protecting us against financial crime part 1 By Jeremy Davey and Scott Samme The Chicago mobster Al Capone is famously (and perhaps erroneously) credited as the source of the phrase ‘money laundering’ in the 1940s, after his laundromat businesses were used to legitimise cash he gained through less salubrious means. Even Capone might have been surprised at how the money laundering business has boomed since his days. Our Global Economic Crime Survey shows the scale of the problem: global money laundering transactions worldwide are estimated at between $1 and $2 trillion – that’s 2% to 5% of the world’s total GDP. Less than 1% of this money is ever recovered by the authorities.
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