Open-Source Intelligence for AML Practitioners Solution (AML 5&6)

“… a more connected, impactful and sustainable fight against financial crime”

Financial Institutions (FI) and the supply chain need a more connected, impactful and sustainable new perspective of how financial crime should be combatted. A series of directives have been introduced over the past few years, which aim to strengthen the barriers in the battle against money laundering and terrorist financing, including the following:

  • Increasing ownership transparency through organisations with opaque ownership structures.
  • Creating centralised bank account registers to increase and improve the capabilities of Financial Intelligence Units (FIUs) across Europe.
  • Reducing the risk of anonymous virtual currencies and pre-paid instruments (Crypto transactions).
  • Improving the cooperation and exchange of information between AML supervisors and the ECB.
  • Broadening the criteria for the assessment of high-risk countries and ensuring that all in-scope organisations apply the same stringent standards.

The Concept

The concept of Open-Source Intelligence (OSINT) and why it is an increasingly powerful tool for financial investigators.

  • Search engines
  • Advanced search methodologies
  • Boolean logic
  • Enforced term operators and field-type commands
  • The Deep Web
  • Image search and analysis
  • Problem analysis
  • Establishing corporate ownership via open-source directories

The Process

The OSINT process and advanced methodologies for structured searching. Various, specialised information gathering and management techniques and tools.

  • Content management
  • The intelligence cycle and OSINT processes
  • Source and identity verification
  • Automated translation tools
  • The Internet Archive and The Wayback Machine
  • Deep Web directories for financial investigators
  • Investigating corporate corruption
  • Visualisation of digital networks
  • Locating intentionally hidden pages using the robots file exclusion protocol

Legislation & Implications

Focusing on recent legislation changes in North America and Europe, in relation to financial crime and the resulting implications.

  • The European Union AML Directive and the UK Bribery Act
  • Investigating corporate ownership structures
  • Enhanced Due Diligence (EDD)
  • International sanction lists
  • Ultimate Beneficial Ownership (UBO) of companies and assets
  • Politically Exposed Persons (PEPs)
  • Establishing sources of wealth

Real-Time Monitoring Tools & Advance Security

How to uncover early warning signals of potential risks, and introducing real-time monitoring tools, advanced security and anonymizing techniques.

  • Amber flags and early warning systems
  • Creating and managing alternative Identities
  • Investigating the "squeaky clean"
  • Specialised databases and online resources
  • Locating expert sources and building 'source ladders'
  • Real-time monitoring platforms
  • Cyber currency and money laundering
  • Trade-based money laundering
  • Specialist LinkedIn groups for financial investigators
  • Social Media Intelligence (SOCMINT) and the dangers of user-generated content

Leverage your risk program through AML and Compliance solutions. Our services are designed to evaluate the effectiveness of your program proactively and develop solutions that mitigate the risk. Empower your staff and board with the skills they need to navigate their way through the ever-changing and complex regulations.

Our team of trusted associates includes highly qualified investigators, intelligence analysts, psychologists, educators, legal practitioners, and other professionals, all of whom maintain the highest standards of integrity.

Contact us today to find out more about how our AML solutions can help your business and transition your team into a powerful proactive system. Together we can beat financial crime.

‘It assists our members in fighting all types of illegal and criminal activities, including fraud, tax evasion, handling of stolen goods, corruption, money laundering, document falsification and more…’ P. A.

Written by:Remie Kalloe
May 16, 2022