Combating fraud and money laundering with graph analytics

101

May 15 2018

Dirty money and money laundering have been around since the existence of currency itself. On a global level, as much as $2 trillion is washed annually, estimates the United Nations. Today’s criminals are sophisticated, using ever-adapting tactics to bypass traditional anti-fraud solutions. Even in cases where enterprises do have enough data to reveal illicit activity, more often than not they are unable to conduct analysis to uncover it.

As the fight against money laundering continues, AML (anti money laundering) compliance has become big business. Global spending in AML alone weighs in at more than $8 trillion, says WealthInsight. This figure will continue to grow, considering how any organization facilitating financial transactions also falls within the scope of AML legislation.