HEMOLIA

"Hybrid Enhanced Money Laundering Intelligence, Investigation, Incrimination and Alerts"

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 Obiettivo del progetto (Objective)

'HEMOLIA is a new generation Anti-Money Laundering (AML) intelligent multi-agent alert and investigation system which in addition to the traditional financial data makes extensive use of modern society’s huge telecom data source, thereby opening up a new dimension of capabilities to all Money Laundering fighters (FIUs, LEAs) and Financial Institutes (Banks, Insurance Companies, etc.). Adding the Telecom Plane to the existing Financial Plane may improve and dramatically change AML doctrines, since another dimension is added to the analysis and investigation processes. HEMOLIA, taking into account existing legal frameworks, will hybridize and correlate the Financial and Telecom Planes in order to create richer and more accurate alerts, intelligence and investigation tools, as well as information sharing, both nationally and internationally. A major part of HEMOLIA will be the legal research and provision of legal guidelines to all ML fighters. To respect privacy rights HEMOLIA will bring a new model of Push Privacy Preserving Alerts where all FIUs and FIs are pushed with alerts that mark a transaction or customer with a money laundering / fraud risk level or risk probability, yet without disclosing any private data. This model may have outstanding impact on AML because it means that FIs will be alerted based on data of all other FIs and based on Telecom service providers at the national and international level, opening up a new era of Money Laundering and financial crime reporting by FIs to FIUs. The HEMOLIA consortium includes 2 end users (Belgium FIU, Ministry of Justice of Poland) and 7 technological partners which bring together European SME’s, industries and academies, ranging from system and database design through to money laundering detection. HEMOLIA will be tested in an environment which simulates live network and systems of 3 different countries which have implemented the HEMOLIA concept and which will cooperate together to share AML information.'

Introduzione (Teaser)

Institutions such as banks and insurance and credit card companies identify and report suspicious transactions, but are limited by conventional procedures and the international reach of financial crime. An EU initiative has brought the money laundering (ML) fight to new heights.

Descrizione progetto (Article)

Financial institutions are required to report suspicious activity through anti-money laundering (AML), a set of procedures, laws or regulations designed to stop the practice of generating income through illegal actions. Given the nature of ML, financial intelligence units (FIUs) and law enforcement authorities (LEAs) need to cooperate and exchange financial intelligence around the world.

The EU-funded http://www.hemolia.eu/ (HEMOLIA) (Hybrid enhanced money laundering intelligence, investigation, incrimination and alerts) project developed an innovative alert and investigation system for AML that enables secure networking and global information sharing among FIUs and LEAs across Europe and globally.

In addition to financial information, the technology uses domestic and global telecom carriers, satellites, telephone networks, mobile phones and the internet as new intelligence sources. By combining all financial and telecommunications data, FIUs and LEAs have at their disposal enhanced alert, intelligence and investigation tools that significantly raise the level of prevention and detection while respecting privacy rights.

Work began by defining end-user and system requirements. This was followed by an overview of the legal framework at global, EU and national levels that will support the system's use, an analysis of regulations relevant to AML data exchange, and guidelines on data exchange and use for FIUs and LEAs.

Partners defined the system architecture by taking into consideration the legal framework. Software components were developed and algorithms were implemented for linking, investigating and filing data from various sources. An alerts engine tool and a graphical user interface for investigation tools were designed and integrated using the developed software.

The system was successfully demonstrated at an FIU in Bucharest. Two complex ML simulations were carried out involving global information sharing between three countries.

With money transactions and telecommunications activity at their fingertips, FIUs and LEAs are able to cooperate seamlessly in fighting financial crime around the world.