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AML using Dedupe

AML or Anti Money Laundering involves actitivities by the bank to thwart individuals and institutions from using the Bank for laundering money. AML activities are accomplished by indiviuals using fake identities, social engineering tactics and brute force or a combination fo all of them. There are several tools for the Bank to detect and identify cases of Money Laundering the simplest of them being Dedupe.

Dedupe is the process of checking a person's identity against the customer database of the bank/ financial institution to check if the person has already availed  of any services. The most common parameters used for the dedupe process are

  • National Identity like a Social Security Number in the USA or Aadhar Card in India
  • Tax Identification Number like the PAN Card in India
  •  Phone Numbers both terrestial lines and Mobile Numbers
  • Email Id's
  • Bank Account Number
  • Postal Address
  • Date of Birth and the Postal Code of the place of birth

Running this check against the existing database of customers could mean that the process can run for hours before it can throw up any results. The dedupe process in the AB Suite triggers all these processes in parallel. What more these processes can be scheduled to run after banking hours so that no undue demand is placed on server resources when customers are being served. Here is a short clip of the dedupe process


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