Money laundering is a $2 trillion problem, per annum. The illegal process of cleaning dirty money requires passing funds through an intricate and interconnected network of accounts. Why then do AML initiatives focus on entity-level (client, business, transaction) risk scores without viewing them within the context of the greater network risk score? The short answer is a lack of technological prowess that unites all dimensions of predicting AML. Until now. A fatal flaw in current AML initiatives is taking a micro entity-level look at a massive network problem driven by complex relationships between people, places and things and their inherent but otherwise unseen interconnections. In this talk we’ll show a real-world example of how entity risk scores failed to identify a fraudulent money laundering scheme that was later caught when examining the greater network risk score using Tresata’s Spark-powered software. With TEAK, Tresata has launched in the market the first Spark-powered anti money laundering capability that is so adept at identifying fraud networks that clients have been able to cut their investigation time and effort in half. More importantly, by architecting to run it on the DataBricks cloud, this Spark-powered relationship discovery engine provides to every single bank, retailer or telecom the best AML solution in the market.
Katie Levans, Marketing Director Tresata, is a passionate voice in the world of Big Data with her rallying cry – ‘Humanize Big Data’. At Tresata Levans leads the conceptualization, creation and delivery of Tresata’s mission – to deliver customer intelligence and become customer advocates. Prior to Tresata. Levans worked in a variety of roles across a wide range of industries including marketing, social media engagement, consulting, and human sciences. She specializes in taking abstract Big Data concepts and ideas and weaving them into a compelling narrative that communicates the most important message of all – how to monetize big data.