Definition of Category and Typology
Category: Refers to the primary function or subunit within financial crime teams. This allows for better organisation and targeted analysis of alerts.
Typology: Denotes common financial crime patterns. Scenarios can be assigned typologies to highlight specific behaviour or activity patterns, aiding in more precise monitoring and reporting.
By implementing Categories and Typologies, scenarios can be better standardised, allowing for apples-to-apples comparisons and help to better compare the performance or better indicate overlap of similar controls.
Categories and Typologies can be assigned directly within the scenario view.
Categories and Their Typologies
Anti-Money Laundering (AML)
Description: Scenarios that identify and monitor potential money laundering activities.
Focus: Sophisticated patterns and scenarios beyond single-transaction monitoring.
Typologies:
High Value Transaction
High Risk Jurisdiction
Large Cash Transactions
Velocity
Dormancy
Payment Frequency
Counterparty Count
Early Repayment of Loan
Use of Virtual Assets
Unusual Business Activity
Structuring/Smurfing
Money Mule
Drug Trafficking
Human Trafficking
Terrorism Financing
High Value Assets
Fraud
Description: Scenarios detecting fraudulent activities.
Focus: Typically managed by dedicated fraud teams in larger organizations.
Typologies:
High Value Transaction
High Risk Jurisdiction
Velocity
Dormancy
Payment Frequency
Unusual Business Activity
Money Mule
App Fraud
Romance Scam
Account Takeover
Identity Theft
Investment Fraud
Card Fraud
New Account Fraud
Counter Terrorist Financing (CTF)
Description: Scenarios focusing on identifying terrorism financing.
Typologies:
Terrorism Financing
Know Your Customer (KYC)
Description: Patterns and alerts facilitating KYC processes during onboarding and ongoing customer relationships.
Focus: Customer verification and identification scenarios.
Typologies:
High Value Transaction
High Risk Jurisdiction
Large Cash Transactions
Use of Virtual Assets
Sanctions
Description: Scenarios related to implementing financial sanctions.
Focus: Screening against third-party and custom lists, stopping payments based on strict risk appetites.
Politically Exposed Persons (PEP)
Description: Scenarios monitoring persons and transactions involving individuals exposed to PEP/RCA risk.
Adverse Media Screening
Description: Scenarios identifying entities or individuals with negative media coverage.
Payment Operations
Description: Scenarios related to payment logic, operations, and data quality.
Focus: Issues like missing values, short (single) names, and exceeding account limits.
Complex Investigations
Description: Scenarios requiring in-depth investigation.
Focus: Aggregated data analysis for complex cases.