Method and system for monitoring transactions
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United States of America Patent
Stats
-
Mar 17, 2009
Grant Date -
Sep 9, 2004
app pub date -
Mar 3, 2003
filing date -
Mar 3, 2003
priority date (Note) -
Expired
status (Latency Note)
Importance
Abstract
A method for monitoring financial accounts to determine the possibility of money laundering and other attempts at fraud includes monitoring the financial accounts owned by a person or entity. Data regarding withdrawals and deposits are extracted from a computer database and analyzed. The analysis includes determining the amount of time between a large deposit and the withdrawal (in one or more transactions) of a large portion of the deposit. A further analysis may include determining the amount of time between a large withdrawal and the time of the earliest deposit, wherein multiple deposits may be combined. Using the above-described data, accounts that are more likely to be used for money laundering and other fraudulent activities.
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