20240013225. Method, Device, and System of Detecting Mule Accounts and Accounts used for Money Laundering simplified abstract (BIOCATCH LTD.)
Contents
Method, Device, and System of Detecting Mule Accounts and Accounts used for Money Laundering
Organization Name
Inventor(s)
Avi Turgeman of New York NY (US)
Method, Device, and System of Detecting Mule Accounts and Accounts used for Money Laundering - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240013225 titled 'Method, Device, and System of Detecting Mule Accounts and Accounts used for Money Laundering
Simplified Explanation
The patent application describes a method, device, and system for detecting a bank account that is being used as a mule account for illegal activities such as terror funding or money laundering. The method involves monitoring the user's interactions with a computing device during online access to a bank account and determining if the account is being used for illegal activities based on the monitoring.
- The method monitors the user's interactions with a computing device during online access to a bank account.
- The method determines if the bank account is being utilized as a mule account for illegal money transfers or for money laundering or terror funding.
- The method considers various indicators such as the use of a remote access channel, virtual machine, or proxy server, unique behavior across multiple accounts, temporal correlation among operations, detection of a set of operations following a pre-defined mule account playbook, and detection of multiple incoming fund transfers from multiple countries followed by a single outgoing fund transfer to a different country.
Potential applications of this technology:
- Banks and financial institutions can use this technology to detect and prevent illegal activities such as money laundering and terror funding.
- Law enforcement agencies can utilize this technology to identify individuals or organizations involved in illegal financial activities.
- Government regulatory bodies can employ this technology to ensure compliance with anti-money laundering and counter-terrorism financing regulations.
Problems solved by this technology:
- This technology helps in detecting and preventing the use of bank accounts for illegal activities such as money laundering and terror funding.
- It provides a proactive approach to identify suspicious transactions and accounts, allowing for timely intervention and prevention of illegal financial activities.
Benefits of this technology:
- Enhanced security and protection against illegal financial activities.
- Improved detection and prevention of money laundering and terror funding.
- Efficient utilization of resources by focusing on high-risk accounts and transactions.
- Compliance with regulatory requirements and avoidance of penalties.
Original Abstract Submitted
method, device, and system of detecting a mule bank account, or a bank account used for terror funding or money laundering. a method includes: monitoring interactions of a user with a computing device during online access with a bank account; and based on the monitoring, determining that the bank account is utilized as a mule bank account to illegally receive and transfer money, or is used for money laundering or terror funding. the method takes into account one or more indicators, such as, utilization of a remote access channel, utilization of a virtual machine or a proxy server, unique behavior across multiple different accounts, temporal correlation among operations, detection of a set of operations that follow a pre-defined mule account playbook, detection of multiple incoming fund transfers from multiple countries that are followed by a single outgoing fund transfer to a different country, and other indicators.
