Anti-Money Laundering solutions

Financial outputs of illegal economic activities can be regarded as dirty money. Any solutions that detect money laundering actions are expected to identify the accounts which are related to dirty money. In many countries, the financial institutions are now expected to inform compliance regulation agencies about any persons or transactions that are suspicious. To cope with this necessity, various software packages for anti money laundering (AML) have been developed and are commercially available.

The commercial solutions for AML are mostly rule-based. This means that, the transactions that satisfy some pre-determined rules are assumed to be potentially suspicious. These rules are implemented in software tools and are usually customizable according to the requirements of the bank and its country. The list of potentially suspicious transactions is then expected to be investigated by the analyst staff. This is an expensive, time-consuming and error-prone process.

To overcome this drawback of the previous rule-based solutions, IDES Technologies proposes the eyeDES enterprise solution which integrates a rule-based component and a statistical-based component.  The rule-based component of our solution is defined together with the client, based on the client's requirements. The statistical-based component of eyeDES, based on certain patterns, can automatically find the suspicious accounts or transactions and can reduce both the time to resolution and the overall work effort of the analyst staff.