Appropriate reporting of electronic transmittal’s are reasonably necessary for the fight against money laundering and terrorist financing in this century of advanced products and technological up-gradation.
Messaging formats primarily are standardized, relatively, these days. However, format of an internal fund transfer databases that are maintained by different financial institutions vary based on various factors.
Accounting, storage and tracking procedures are hard to decipher without the presence of an able data analyst and strategist within the financial institution.
Centralizing cross border transfer information in a single format while linking with financial intelligence is an important epoch.
Transfer data value is linked with additional identifiers that include personal information, bank and branch identification codecs, telephone numbers, among others.
Such requirement and specifics over types of information requires substantial changes to payment systems in line with collection systems such as FED-WIRE, CHIPS , SWIFT etc.)
From a reporting perspective, customer parties’ and their associates details are mandatorily required that include identifiers such as account numbers, addresses and phone numbers.
Flow of data…
Additional financial institutions involvement within the transaction flow is data obstinacy for data scientists to rely on the capacity to search for funds data specific to names and account numbers within seconds.
There are many commercially available tools that perform the functions of “exact key word searches” and with “wildcards” for complex character and pattern matching. These tools are capable of providing unified results from multiple, simultaneous searches across disparate data sources.
Upon the availability of such commercially available tools regulators are seamlessly able to match with their specific needs,to identity resolution, among many other reports and documents.
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