The Wolfsberg Group also wants to be able to use customers' dynamic behavioral information in proportion to risk when investigating suspicious activity. As examples, the group cites customers' social media accounts, IP addresses and device IDs.
The Wolfsberg Group includes Banco Santander, Bank of America, Barclays, Citigroup, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan Chase, MUFG Bank, Standard Chartered Bank and UBS. These international banks believe that the continuous flow of suspicious activity and transaction reports does not contribute proportionately to effectively combating financial crimes.
Consequently, these banks, they say, want to cast a wider net than just transaction monitoring. They argue that customer behavior and customer attributes combined with transactions can provide more insight into suspicious activity. Analysis of this information should take place with machine learning models, according to the Wolfberg Group.
Click here for the letter from the Wolfberg Group.
