Anti-money laundering system

A first computer system for monitoring a subject who is one of a plurality of customers to detect money laundering activity, the apparatus comprising:

• a memory;
• and
• at least one processor coupled to the memory, the at least one processor configured:
• to transform a first set of money laundering risk factors, associated with data related to a customer background, into a first set of risk scores, one risk score for each risk factor;
• to transform a second set of money laundering risk factors associated with data related to customer transactions into a second set of risk scores, one risk score for each risk factor;
• to transform the first set of risk scores and the second set of risk scores of each customer into a total risk score of the customer;
• to select a monitoring function to monitor the subject based on the subject's total risk score by comparing the subject's total risk score with a value determined from total risk scores of the plurality of customers;
• to transmit, to a second computer system, at least a portion of transactional data of the subject when the selected monitoring function triggers an alert;
• to receive, from the second computer system, an instruction to report the subject as having conducted a money laundering activity;
• and
• to transmit, to a third computer system, a report of the money laundering activity.

A non-transitory computer-readable medium having program code recorded thereon for monitoring a subject who is one of a plurality of customers to detect money laundering activity, the program code executed by a processor and comprising:

• program code to transform, by a first computer system, a first set of money laundering risk factors, associated with data related to a customer background, into a first set of risk scores, one risk score for each risk factor;
• program code to transform, by the first computer system, a second set of money laundering risk factors associated with data related to customer transactions into a second set of risk scores, one risk score for each risk factor;
• program code to transform, by the first computer system, the first set of risk scores and the second set of risk scores of each customer into a total risk score of the customer;
• program code to select, by the first computer system, a monitoring function to monitor the subject based on the subject's total risk score by comparing the subject's total risk score with a value determined from total risk scores of the plurality of customers;
• program code to transmit, from the first computer system to a second computer system, at least a portion of transactional data of the subject when the selected monitoring function triggers an alert;
• program code to receive, at the first computer from the second computer system, an instruction to report the subject as having conducted a money laundering activity;
• and
• program code to transmit, from the first computer system to a third computer system, a report of the money laundering activity.