Case Study

Trade anti-money laundering for a major Japanese investment bank

Data | Banks | London

The Background

  • NextWave was mobilised by a major Japanese investment bank to identify potential markets' fraudulent cases in a proof of concept project 

  • The combined team roles/skills mix was:
    Head of Customer Insight Solutions

    - Customer Success Manager
    - Project Manager
    - Solutions Architect
    - Business Analyst
    - Team Lead
    - Developers x 4

  • Additional Quantexa resources were utilised to support certain aspects of the solution, including scoring and the ETL of OTC data

The Challenge

  • The client sought a solution that would enable them to identify fraudulent cases with ease, thus adding value to their business

  • They also wanted to evaluate the flexibility of the solution to expand this approach to tackle other fraud cases in the future

The Approach

  • The primary focus was to deliver risk scores that would enable the client to detect and assess risk efficiently, empowering their fraud investigators to investigate fraudulent networks with ease

  • To  deliver this, we utilised all aspects of the solution available in version 2.2 of the platform, including fusion, assess, and detection packs 

  • Detection packs are a set of reusable scores that we configured to work in our project and are reusable for future use cases – NextWave was among the first to successfully incorporate detection packs into a project

  • In addition to the initial scope of work, NextWave was tasked with deploying the UI to an externally facing IP address, which required working with various security policies and the Quantexa cloud platform to ensure the client had access to the risk data

  • The solution approach required: ETL -> ENG -> Graph Script DSL -> Scoring, as well as UI development including dynamic scoring

The Impact

  • The POC successfully demonstrated the platforms' ability to identify unseen risk, producing some surprising results

  • Custom scores covered:

    - Currency country mismatch
    - Unusual currency pair
    - Third party settlement

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