All Investigations are created equal…right?
Intelligence-Led Investigations: Simplifying the Chaos There’s an open investigation. We’ll investigate. An investigation is underway. Everyone has heard of these terms before. For some, the terms might transport them to a classic Sherlock Holmes novel, or perhaps a gritty detective show that enthralled them. But for others an investigation is something that is much more real – it’s what they do on a day-to-day basis. Investigations are at the heart of the hard work performed by people in financial crime units across the public and private sector. But what exactly is an investigation? What does the process entail? While an investigation, no matter the industry, can be summed up in a few words; it’s a complex process that involves navigating many red flags, data points and multiple steps. All investigations are the same. Right? Investigations are not as simple and straightforward as gathering the facts (nothing but the facts) to determine what transpired. For many investigation units, the process of completing a thorough investigation is dependent on a number of factors such as: What was the catalyst for initiating the investigation? How many other cases are in the queue that also need attention? How much time is left to complete this case? How much data (i.e., information) was initially provided to start the investigation process? Will the investigator need to go out and gather a lot more information to understand the overall context of what took place? Has any of the data already been triaged by a system? Is it trusted and/or need to be validated as part of the investigation? Are there unknown entities involved or leads to explore? Where is that information held – multiple applications, different lines of business/departments or external to the organization? Does the investigator have the experience and expertise in which to process the raw facts of the investigation into an actionable outcome and decision? In the most basic terms, an investigation needs to answer the who, what, where, when and why questions. Depending on the type of investigation, this might involve collecting different artifacts such as individual / business activities, forensics, financials, legal documents, open-source records, communication records, copies of videos and more to support any investigation. These are critical in defending a determination when a case is escalated or closed, as each investigator needs to document the steps and reasoning behind an action or decision. Context brings all these together and plays a critical role in any investigation to help identify criminal, terrorist and fraudulent activities. A lack thereof will hinder an investigator’s ability to make a sound decision on the outcome of the case. Leading potentially to an incomplete understanding of the entirety of what took place and whether that activity is indicative of criminal actions. Finally, how an investigation is completed can vary and largely depends on the factors listed above. As such, investigation units should have procedures to assure that operational processes are adhered to. Often these processes are simply called “workflows” and can be manual, automated or in most situations, a combination of both. Regardless of the process, there are a few similarities that need to be applied to most investigations to be as efficient and effective as possible. A complex example Imagine, as a practical example, a financial crime investigator is tasked with looking at a few transactions taking place from accounts held by entities in different regions, several hundred miles away from each other. There are cash transactions coming into the accounts of one entity through bank branches in one area but transferred into accounts of the counterparty located in another region within a day of the incoming funds. On the surface, it’s an example of rapid movement of funds. As an investigator you’re trained to follow the movement of money to determine a reason why this activity took place. At first, there are at least two entities involved to begin the investigation, but as the money is traced from one entity to another, the list of entities that needs to be reviewed as part of the transaction string grows. And not just the entities receiving or sending money, but the owners and signers of the accounts that are reviewed as well. There are several questions that an investigator will need to consider and answer to determine if this activity is suspicious or not. Are the individual transactions in low amounts, but aggregate to large amounts? Are the transactions being conducted by the same people? At the same locations? Do the businesses appear to be conducting activity that is consistent with their industry? Do any of these businesses appear to be shell companies? Where are these businesses registered and who are the owners? Do the owners receive the benefit of the funds, or use the funds for personal gain? Are the owners on any internal or external watchlists? How do I know that this person associated with one business is the same as other businesses – or named in multiple different documents? The investigation process must comprehensively answer: Who is involved? What are the businesses and the activities for? Where are these entities located and the activity occurring? Why is this taking place? How did the activity occur? Which oftentimes results in the investigation becoming much more labor intensive and complex from gathering data that could take up to 80% of an investigators time. How can the paradigm be shifted? Although at times this process may seem daunting, advanced capabilities, such as those that underpin the Quantexa Intelligence-Led Investigation’s platform, exists to help investigators automate the collection of different internal and external data points, build connections via relationships, social and financial interactions, determine common points of interest and compile these into an easy-to-understand, meaningful outcome. For traditional systems, these continue to be labor intensive steps, where investigators usually spend hours, if not days, leveraging multiple systems, looking through data sources, loading data into spreadsheets and uncovering new leads to review, before analyzing the findings. In turn, by automating these steps and creating a frame of reference investigators can spend more time focusing on analyzing the information that coincides with their intuition for a more confident decision. An important first step is to ensure that there is a holistic view of each relevant party involved through Entity Resolution. This involves building a unified view of profiles and accounts to ensure that James, Jim, Jimmy, Jamie and Jay are all the same person associated by a phone number, or address, or who owns or is connected to a business. This is something that can be done not only for subjects of interest for an organization, but also for external parties as well. Doing so can also define and identify personas such as victims, perpetrators, and accomplices. By taking this important step, investigators gain a clearer picture of the parties involved as well as their relationships without the need to manually pull it all together. Once this step takes place, financials, forensics, communications records, timelines, corporate hierarchies, geolocation mapping and/or other external data sources can be overlaid into the entity structure. By including these data elements, a network build can be generated to show hidden relationships between seemingly unconnected entities and key events. The outcome of these steps provides investigators with an enriched view into the true number of parties to be included in the investigation, how they are related and the activities taking place between them. Quantexa’s Intelligence-led Investigations automates these steps and has been proven multiple times to reduce the overall investigation time by up to 60%. We eliminate manual process so that more time is dedicated to analyzing and assessing critical data points, flipping the paradigm to 80% of their time assessing and only 20% gathering data. With many investigation case queues in the double digits, providing automated insights will generate context for holistic decision making and ease time management constraints. Summary Whether a complex or straightforward investigation, innovative tools exist to help automate and streamline the manual steps many investigators face per case. Quantexa provides comprehensive views of entity profiles, their relationships to other parties and the patterns of activity that take place between those parties. By taking a transformative approach that involves enriching our understanding of activities, such as the breadth and complexities with subjects of interest, movement of money, and uncovering relationships and activities, we create the context needed to drive investigators to automate their efforts while at the same time, make more informed, intelligent decisions.
Scoring Concepts: Scenarios & Risk Factors
This guide explains how to differentiate between Scenarios and Risk Factors. At Quantexa, we aim to give our clients meaningful Alerts. We focus on those that pose the highest risk to investigators. This article targets Business Analysts, Business End Users, and Subject Matter Experts (SMEs). It focuses on individuals engaged in risk assessment, decision-making, or developing Scores. When readers grasp these distinctions, they can design Scores and Scorecards better. This helps us show only the most relevant risk profiles to investigators. Read the full article for: Definition of Scenarios and Risk Factors Best Practices for Setting Scenarios vs Risk Factors How Scenarios and Risk Factors affect Alerting and Re-Alerting Using Detection Packs 4. Scoring Concepts: Scenarios & Risk Factors - Quantexa Community This article explains how to differentiate between Scenarios and Risk Factors. At Quantexa, we aim to give our clients meaningful Alerts. We focus on those that pose the highest risk to investigators. This article targets Business Analysts, Business End Users, and Subject Matter Experts (SMEs). It focuses on individuals…
Explore the new Trade AML demo 🔎
Trade-based money laundering is becoming increasingly complex Criminals hide behind complex patterns of collusion which traditional transactional monitoring (TM) systems are unequipped to identify systematically. To stay one step ahead and effectively fight crime, financial institutions need to upgrade their AML technology to be able to examine social connections and understand transactions in the context of a wider network. This interactive demo explores how exactly Quantexa's Decision Intelligence Platform enables AML teams to identify and investigate highly complex TBML cases. Launch the Trade AML Demo📢 Introducing the Community Training Program 📢
Education Services and the Quantexa Community are excited to announce the launch of the Community Training Program: Quantexa User Foundations and Quantexa Technical Foundations! Powered by the Quantexa Academy, the Community Training Program provides registered Customer and Partner Community Members an opportunity to access the content of the Quantexa User Foundations and Quantexa Technical Foundations programs easily and at no extra cost. "What I love most about the Community Training Program is the speed of providing access to training materials. This has been particularly useful to client Product Managers and business stakeholders being onboarded onto projects. They can jump right into the topics that interest them. It’s a flexible and accessible approach to learning that is responsive to individual needs." , Technology Account Partner Benefits for You and Your Team Reference & Refresher Material: Perfect for revisiting key concepts and keeping skills sharp, especially for those who have previously completed the Academy. Enhanced Knowledge: A great way for non-end users to build awareness of how their colleagues use the Platform. Team Development: Share this with your team to expand their knowledge of Quantexa’s functionalities— they may uncover new features or techniques to enhance their work. Quantexa User Foundations (QUF) This program introduces the key concepts of the Quantexa Platform through tutorials, demos, and easy-to-follow guides for end-users, such as Analysts and Investigators. Modules: Introduction to Quantexa Decision Intelligence Platform: A high-level introduction to what the Quantexa Platform is and what it does. The module also explains some of Quantexa's capabilities and the benefits it offers to customers looking for a cutting-edge and user-friendly Decision Intelligence Platform. Core Concepts: This module introduces the foundational concepts of the Quantexa Platform, including Networks, Documents, and Entities, while exploring features like Search, Investigations, and Scoring to help users understand data structure, Entity Resolution, and Network creation. Search: This module provides an in-depth overview of the Quantexa Platform’s Search function, teaching users how to configure Advanced Search Options, construct effective queries, and interpret Search Results to support investigative work. Investigations: This module introduces the Quantexa Platform’s User Interface for conducting Investigations, focusing on mapping the 5W process, navigating Network Visualizations, and utilizing features like the Multi-Panel UI, Contextual Search, Scoring Panel, and Entity Lab. Quantexa Technical Foundations (QTF) This program introduces some of the more technical components of our Platform, namely Data Fusion (ETL) and Assess (Scoring). We recommend completing Quantexa User Foundations (QUF) before beginning Quantexa Technical Foundations (QTF). Modules: ETL and Data Fusion: The module covers the key concepts and definitions related to the Extract, Transform, and Load (ETL) process utilizing Data Fusion: Quantexa’s data modeling tool. Scoring with Assess: This module introduces you to the key concepts and functionalities of Assess: Quantexa’s Modelling and Scoring capability. The important process of Scoring, which allows you to identify the subjects of interest linked to your data, will be explained in detail. Learn more: More information on the Quantexa Academy and Community Training Program can be found in the Community Library: 6. Community Training Program - Quantexa Community The Community Training Program is powered by the Quantexa Academy. The materials provide an exciting opportunity for Community Members to learn more about Quantexa's capabilities. Use the materials as a reference or to refresh your knowledge. Program scope The Community Training Program is a work in progress and it… Important Note: The Community Training Program is a great learning opportunity. However, using the materials on the Quantexa Community does not provide an official accreditation. If you require official accreditation, you will need to complete an official certification program through the Quantexa Academy.
📣 Announcing Our Upcoming Webinar: Tips & Tricks for Managing Large and Complex Networks 📣
We’re excited to announce our upcoming session based on the very popular article Tips & Tricks for Managing Large and Complex Networks by . In this session, Stacey will team up with , Head of Product Design, and , Head of AML Solutions, to delve into practical strategies and new functionalities that simplify the complexities of working with large-scale networks, ensuring you can harness their full potential. To make this webinar as relevant and valuable as possible, we want to hear from you! Submit your questions ahead of time to ensure we cover the topics that matter most to you. Get Involved: Share Your Questions: What specific challenges do you face when managing large or complex networks? Are there any network features you'd like more clarity on? Highlight Your Interests: Are there particular techniques or features from Stacey’s article that you'd like to explore further during the session? Let us know! How to Submit Your Questions & Topics: Comment Below: Drop your questions or areas of interest in the comments ⬇️ Suggestion Box: Alternatively, submit your thoughts via our Community Suggestion Box. Community Suggestion Box Help us make the Community better! Let us know if there is anything that would improve your experience on the Quantexa Community. What's Next: We'll be collecting your questions over the next few weeks, so don’t miss your chance to contribute! Stay tuned for the official session announcement and invitation. We can't wait to see you there!
Entity Quality: The Good, the Bad and the Ugly 🎭
This article looks at Entity Quality and how to judge it based on business need. It introduces Overlinking and Underlinking as a product of Entity Resolution, and these two concepts are two ends of a continuum. Entity Quality is the bedrock of any Entity Resolution (ER) based solution and has implications up and down the Quantexa stack. Getting this right is an essential part of an effective deployment. In this article we look at the basics of how to frame this problem and highlight that context is king for each solution. Read the full article here (login required): 3. Entity Quality: The Good, the Bad and the Ugly - Quantexa Community This article looks at Entity Quality and how to judge it based on business need. It introduces Overlinking and Underlinking as a product of Entity Resolution and these two concepts are two ends of a continuum. Note: All the examples in this article are fictional to illustrate how to approach Entity Quality. Entity Quality…Resources for Investigators 🔎
📚️ Did you know you can find everything in the Community tagged with Investigators in one place? Check it out here: Investigators We’re excited to announce our upcoming session based on the very popular article Tips & Tricks for Managing Large and Complex Networks by @Stacey_Parsons. In this session, Stacey will team up with @Mark_Cossey, Head of Product Design, and @Matt_Long, Head of AML Solutions, to delve into practical strategies and new… The Investigator collection includes: A day in the life of… Investigator including: Fraud Manager Investigation Team Leader Chief AML Officer Tips & Tricks for Managing Large and Complex Networks A Tale of Two Investigations: Transforming Financial Crime Risk Monitoring and Investigations All Investigations are created equal…right? Investigating Network Fraud: 4 Key Areas for Investigators Quantexa Certifications from the Academy: Quantexa Investigations Series: AML Investigator - This course for AML Investigators teaches individuals how to combine many of the key components of the Quantexa Platform (presented in the Quantexa User Foundations program) to facilitate their ability to conduct an AML-themed Investigation. Quantexa User Foundations (QUF) - This program introduces the key concepts of the Quantexa Platform for end-users, such as Analysts and Investigators, through tutorials, demos, and easy-to-follow guides. Having completed the program, learners will understand the core concepts and how to use the key UI components of the Quantexa Platform - based on a Know Your Customer (KYC) use case. These resources are also available through the Community Training Program for all Community members to access. 💭 Don't forget to join the Financial Crime user group for industry & solution focussed discussions & events on financial crime and fraud detection, prevention and investigation.Join an Exclusive Case Management UI Demo & Feedback Session
🚀 Unlock the Future of Security with Our New Case Management UI Join one of our three exclusive sessions for a sneak peek of Quantexa’s new Case Management UI as we unveil the latest in financial crime prevention technology. Be part of a collaborative event and have your say on Case Management UI. Event Highlights: 🌐 Demo by @Sam_Carr-Archer: Witness the power of innovation as Sam Carr-Archer takes you on a journey through our latest Case Management UI. Explore its intuitive design, advanced functionalities, and seamless user experience that sets a new standard in the industry. 🤝 Feedback Session: Your opinion matters! Join a dynamic small group interview where we invite our Financial Crime and Anti Money Laundering customers to share their thoughts on the new UI. Your insights will shape the future of our platform. Why Attend? Gain exclusive insights: Explore the latest advancements in financial crime prevention & be among the first to see and interact with our new Case Management UI. Shape the future: Contribute directly to the evolution of our platform through your valuable feedback. Network: Connect with industry experts and fellow professionals. Spaces will be limited to ensure that all attendees can share their feedback during the session. RSVP now and secure your spot. Don't miss this opportunity to learn more about Quantexa’s Case Management UI and shape its future functionality. Available Sessions (log in required): Session one: Wednesday 14th February (4- 5pm GMT) https://community.quantexa.com/events/129 Session two: Thursday 15th February (10:30am 11:30 GMT) https://community.quantexa.com/events/130 Session three: Friday 16th February (1-2pm GMT) https://community.quantexa.com/events/131 Not able to attend? 📋 You can alternatively provide your feedback on Case Management via survey. Interested in participating in more research? 🔍 Join our User Research Panel: This event is not just a showcase; it's a collaboration. Join our User Research Panel and play a pivotal role in refining our solutions. In joining the User Research Panel, you can stay up to date with all the latest feedback opportunities, early-access &insights to features and gain a Community badge. Your feedback will directly influence the enhancements we make to better serve your needs.
Advancing Correspondent Banking Insights: Managing Respondent Banks Risk
As a follow up to my previous blog on Managing non-customer risk in Correspondent Banking, I have written a new blog on Managing Respondent Banks Risk. 3 key points from the new blog are: Correspondent Banking Risks: The article explores risks in correspondent banking, covering both macro and micro aspects. FATF Recommendations: FATF advises correspondent banks to manage risks through updated customer due diligence on Respondent Banks, considering their customer types, and profiles, with a focus on leveraging technology. Quantexa's Solution: Quantexa's Decision Intelligence platform, using Entity Resolution and Advanced Analytics, offers a tech-driven solution for understanding and managing risks in correspondent banking. Read more in the new blog: How to Manage Correspondent Banking Risk - QuantexaDon't miss our new 'A day in the life of... an Investigator' series 🔎
Did you know we've recently added a new section for investigators to our A day in the life… series? Check out the series (login required) to read about a typical day of some of the best investigators using Quantexa, as well as some of their top investigation success stories. Interested in contributing your story? Let us know at community@quantexa.com
