fighting financial crime with connected data
TRANSCRIPT
![Page 1: Fighting financial crime with connected data](https://reader031.vdocument.in/reader031/viewer/2022030304/5876bbaf1a28abad1a8b6ecd/html5/thumbnails/1.jpg)
Fighting Financial Crime with Connected Data
![Page 2: Fighting financial crime with connected data](https://reader031.vdocument.in/reader031/viewer/2022030304/5876bbaf1a28abad1a8b6ecd/html5/thumbnails/2.jpg)
We help organisations get more value from their Data
Training
Consulting
Deliver
Deliver
BuildData
Solutions
Lean Information
ManagementPowers
![Page 3: Fighting financial crime with connected data](https://reader031.vdocument.in/reader031/viewer/2022030304/5876bbaf1a28abad1a8b6ecd/html5/thumbnails/3.jpg)
What is Financial Crime?
![Page 4: Fighting financial crime with connected data](https://reader031.vdocument.in/reader031/viewer/2022030304/5876bbaf1a28abad1a8b6ecd/html5/thumbnails/4.jpg)
Financiae
Fraud
Cheque Fraud
Mortgage Fraud
Credit Card Fraud
Medical Fraud
Corporate
Fraud
Securities Fraud
Market Manipulation
Payment Fraud
Theft
Identity Theft
Tax Evasion
Embezzlement
Bribery
Money Laundering
Forgery & Counterfeiting
Cybercrime
Elder Abuse
Violent Crime Financial Crime
Embezzlement
Related to
![Page 5: Fighting financial crime with connected data](https://reader031.vdocument.in/reader031/viewer/2022030304/5876bbaf1a28abad1a8b6ecd/html5/thumbnails/5.jpg)
Things that may surprise you about Financial Crime
Its widespread
It’s increasing
Its invisible
Economically costly
Financial criminals are transnational, rational, organised and highly data & IT literate
Its industrial in terms of economies of scale
![Page 6: Fighting financial crime with connected data](https://reader031.vdocument.in/reader031/viewer/2022030304/5876bbaf1a28abad1a8b6ecd/html5/thumbnails/6.jpg)
How have Financial Services firms typically reacted to Financial Crime?
Several large fines > large compliance budgets:
HSBC $1.9bn
Standard Chartered $1bn
BNP Paribas $8.8bn
Typical responses:
Hired more compliance people
Initiated large regulatory change initiatives
Data & Technology investments
![Page 7: Fighting financial crime with connected data](https://reader031.vdocument.in/reader031/viewer/2022030304/5876bbaf1a28abad1a8b6ecd/html5/thumbnails/7.jpg)
Financial Crime & Connected Data
opportunities
![Page 8: Fighting financial crime with connected data](https://reader031.vdocument.in/reader031/viewer/2022030304/5876bbaf1a28abad1a8b6ecd/html5/thumbnails/8.jpg)
2016 – a bumper year for financial crime so far
Market manipulation
Fraud & collusionSanctions evasion, money laundering & tax evasion
Theft
Insurance Fraud
Trade Finance
Minimal ‘Connected Dataness’
Highly connected
![Page 9: Fighting financial crime with connected data](https://reader031.vdocument.in/reader031/viewer/2022030304/5876bbaf1a28abad1a8b6ecd/html5/thumbnails/9.jpg)
Key drivers of solution choice
Requirements - The ‘connectedness’ characteristics of your data
Constraints
3 CD Financial Crime examples > different implementation technology choices
![Page 10: Fighting financial crime with connected data](https://reader031.vdocument.in/reader031/viewer/2022030304/5876bbaf1a28abad1a8b6ecd/html5/thumbnails/10.jpg)
Case study 1: Fraud rings Semantically
unambiguous domain & mainly structured sources
Timeliness & performance requirements
Control over sources & specific questions to ask
![Page 11: Fighting financial crime with connected data](https://reader031.vdocument.in/reader031/viewer/2022030304/5876bbaf1a28abad1a8b6ecd/html5/thumbnails/11.jpg)
![Page 12: Fighting financial crime with connected data](https://reader031.vdocument.in/reader031/viewer/2022030304/5876bbaf1a28abad1a8b6ecd/html5/thumbnails/12.jpg)
Case study 2: Panama Papers
Evolving schema as understanding evolves
Simplicity & time to market key drivers
No control over sources & standards used > reverse engineering
![Page 13: Fighting financial crime with connected data](https://reader031.vdocument.in/reader031/viewer/2022030304/5876bbaf1a28abad1a8b6ecd/html5/thumbnails/13.jpg)
More entities, more attributes, more relationship types
Extract, Transform, Load
![Page 14: Fighting financial crime with connected data](https://reader031.vdocument.in/reader031/viewer/2022030304/5876bbaf1a28abad1a8b6ecd/html5/thumbnails/14.jpg)
Two interesting Panama portals here today
RDF, SPARQL, linked to Geonames & DBPedia Country resources
Property-graph, Cypher, soft link to Open Corporates
http://data.ontotext.com/ https://offshoreleaks.icij.org
![Page 15: Fighting financial crime with connected data](https://reader031.vdocument.in/reader031/viewer/2022030304/5876bbaf1a28abad1a8b6ecd/html5/thumbnails/15.jpg)
Case study 3: Trade Finance & paper based
products
Research & self service more important (red flag investigation)
Timeliness less important than interoperability & standards
Control over sources > forward engineering & opportunities for standards & schemas
![Page 16: Fighting financial crime with connected data](https://reader031.vdocument.in/reader031/viewer/2022030304/5876bbaf1a28abad1a8b6ecd/html5/thumbnails/16.jpg)
Financial Criminals are rational agents
Credit card fraud
Trade Finance crimes
Examples of TF crimes:
- Dealing with sanctioned countries– e.g. Russia
- Dealing with sanctioned companies, ships or shipping agents
- Dealing with sanctioned individuals e.g. terrorists
- Money Laundering
- Dealing in Dual Use goods (nuclear, military, chemical)
![Page 17: Fighting financial crime with connected data](https://reader031.vdocument.in/reader031/viewer/2022030304/5876bbaf1a28abad1a8b6ecd/html5/thumbnails/17.jpg)
Leveraging semantics, linked data & graphs
Sources‘Graphy’ questions
Semantic search &
Processing
Indexing Extraction
Extensibility
![Page 18: Fighting financial crime with connected data](https://reader031.vdocument.in/reader031/viewer/2022030304/5876bbaf1a28abad1a8b6ecd/html5/thumbnails/18.jpg)
Summary
Solution choice considerations – Requirements & Constraints.
Questions?
Come and speak to us (we’re v. friendly…)