As a financial institution, our customer is mandated to proactively monitor risks and identify any unwanted or illegal activities. We were engaged to collaborate on the development of systems to fulfill these regulatory requirements.
In order to achieve swift and effective results, the team approached the challenge of implementing a transaction monitoring system by developing a set of advanced SQL queries on customer and transaction data. We collaborated closely with transaction investigators to gain insights into different risk scenarios and the measures currently implemented. It was necessary to establish new data models by combining internal and external data, creating representations that accurately depicted the domain. The transaction monitoring rules implemented by the team generated training data, which later facilitated the implementation of AI-based models to improve the accuracy of the system.
Our customer is continuously evaluated by the financial authorities and has always met the required standards. In addition, unwanted activities are quickly detected, and users who don’t adhere to terms and conditions or Norwegian law are blacklisted and, in some instances, reported to the police. The latter has resulted in several news headlines in the last few years, creating a safer product for the users.