Knowledge Extraction

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U.S. government regulations require that a financial institution’s Anti-Money Laundering/Counter-terrorist Financing (AML/CTF) program monitor and report on suspicious activities, properly document specific policies and procedures, and ensure proper record keeping. Many financial institutions face a challenge in analyzing all the data collected from the account activity of various customers and businesses. Financial institutions face the task of pinpointing suspicious activity in their transactional data without establishing a threshold that creates an onerous workload for its analysts dealing with false positive alerts.

Booz Allen Hamilton employs Knowledge Extraction as a tool to analyze data from multiple dimensions, categorize it, and summarize identified relationships. This supports the ability to find correlations or patterns among dozens of fields in large relational databases. The purpose of the methodology is to align data against different categories and locate “hot spots” in a bank’s business that are more vulnerable to illegal activity; financial institutions can then reinforce their compliance efforts and spending on the identified “hot spots.”

Booz Allen uses Knowledge Extraction to answer the AML/CTF questions of who and what. By applying knowledge extraction techniques to its databases, financial institutions can:

Screen data streams for AML/CTF activities against persons of interest lists
Conduct entity resolution on politically exposed persons—developing comprehensive entity profiles by capturing all financial records and cross-referencing data elements
Extract and analyze AML and CTF affinity groups—discovering unknown relationships through the analysis of common attributes

Knowledge extraction can improve the robustness of an AML/CTF monitoring program and the accuracy of SAR reporting.

Booz Allen’s Advanced Analytics service offering combines the industry knowledge and analysis experience of our staff with the technical capabilities of knowledge extraction and network analysis software tools, allowing clients to perform comprehensive data analysis activities in just a few weeks. Booz Allen works closely with each client to develop the right solution, translating expertise into even more powerful, tailored analytic tools and techniques that produce definitive results for the client.