Method and system for monitoring transactions
AssigneeAmerican Express Travel Related Services Company, Inc.
InventorSimon Da Silva
Life of this patent
Estimating the term…
Abstract
A method for monitoring financial accounts to determine the possibility of money laundering and other attempts at fraud includes monitoring the financial accounts owned by a person or entity. Data regarding withdrawals and deposits are extracted from a computer database and analyzed. The analysis includes determining the amount of time between a large deposit and the withdrawal (in one or more transactions) of a large portion of the deposit. A further analysis may include determining the amount of time between a large withdrawal and the time of the earliest deposit, wherein multiple deposits may be combined. Using the above-described data, accounts that are more likely to be used for money laundering and other fraudulent activities.
Claims13
A method of monitoring financial transactions comprising:
- selecting an account;
- analyzing transactions performed on said account;
- and
- determining if the transactions performed are indicative of suspicious behavior.
A method of monitoring financial transactions comprising:
- selecting an account holder;
- searching a database to find an account owned by said account holder;
- filtering said database to extract data regarding a withdrawal over a first threshold amount, wherein said data includes an amount of said withdrawal, and a date of said withdrawal;
- extracting data regarding one or more deposits wherein said data includes an amount of said deposit, and a date of said deposit and further wherein the total amount of said one or more deposits is equal to or greater than a predetermined percentage of the amount of said withdrawal;
- calculating the number of days between the earliest of said one or more deposits and the withdrawal;
- formulating a constant by dividing said number of days by said amount of said withdrawal.
A system for monitoring financial accounts comprising:
- a computer system configured to access various financial data;
- storage for various financial data;
- a program configured to find and extract certain pieces of financial data and analyze the data for suspicious behavior;
- and
- output capabilities to transmit results of said analysis in a variety of different manners.
Dependencies are inferred from the claim text.