SYSTEMS FOR ANTI-LAUNDERING OF ILLEGAL PROFITS IN JSC “Oschadbank”

JSC “Oschadbank” from 01.01.2021 began pilot operation of a new automated system to counter the laundering of proceeds from illegal means
An automated system for monitoring and preventing money laundering operations based on a risk-oriented approach was developed with DATAS Technology Ukraine based on ThetaRay solutions.
ThetaRay’s patented Artificial Intelligence and Unsupervised Machine Learning technology empowers banks to quickly adapt, expose new money laundering schemes, ensuring that criminals cannot simply learn and bypass static rules and thresholds. The rule-independent ThetaRay solution uses unsupervised machine learning algorithms, proprietary clustering and notification prioritization technologies, along with anomalous activity classification. This improves the frequency of detecting suspicious transactions and significantly reduces false positive notifications. This approach helps identify previously undetected money laundering patterns quickly and efficiently, increasing productivity and freeing up analyst time to focus on researching high-risk activity.
The ThetaRay AML Solution includes the ability to quickly capture multiple data sources and to create clusters of anomalies indicative of suspicious activity that are categorized and ranked according to severity. Clusters contain a detailed list of specific combinations of functions that are assigned to each abnormal event. Clustering algorithms and classification of abnormal activities provide analysts with the ability to most efficiently view results based on suspicious behaviors (as opposed to viewing each alert separately).
ThetaRay provides a complete, complete money laundering detection solution that supports all aspects of the Big Data anomaly detection process; from data processing and storage to anomaly detection, event investigation and case management, without requiring further development work.