Financial institutions are actively required to track clients engaged in illegal/suspicious activities in order to understand their overall risk exposure. Such activities are currently performed manually. Moreover, there is a lack of suitable product(s)/technique(s) in the market for real time, adverse media scanning. Additionally, the currently used products/techniques are associated with many possible limitations such as limited name matching parameters, imprecise transaction filtering rules, presence of false positives, significant human interventions, and absence of appropriate platforms for information sharing. The invention discloses a novel system/method to facilitate detection and reporting of suspicious/illegal activities over the internet.
Value Proposition
The system/method:
•Is highly automated
•Allows for effective keeping and updating history
•Involves use of semantic analysis to infer entities and nature of crime
•Effectively enables importance based sampling to scale the system
•Allows for an intelligent and targeted search from websites and newsfeeds
•Scours the internet and finds entities/names who have participated in such activities
•Extracts the salient information from the internet and cross-connects it to the client database in order to update blacklists/whitelists
•Effectively combines a natural language processing with a link analysis techniques as compared to conventional procedures/techniques
•Would be commercially useful for the following applications:
o Use by compliance departments of financial institutions
o Use by government and regulatory agencies
o Use by research organizations and other think tanks
Intellectual Property status
Provisional Application 61/749,704 and 61/749,759
License status
Available for license
Direct Link:http://neu.technologypublisher.com/technology/12065
Northeastern University is a private national research university located in Boston, Massachusetts. Northeastern is a leader in worldwide experiential learning, urban engagement, and interdisciplinary research that meets global and societal needs. The University offers a comprehensive range of undergraduate and graduate programs leading to degrees through the doctorate in nine colleges and schools. Areas of technology research and development range across the Life Sciences and Material Sciences.
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