Financial Crimes Enforcement Network (FinCEN)

FinCEN is a bureau of the U.S. Department of the Treasury whose mission is to safeguard the financial system from illicit use and combat money laundering. FinCEN promotes national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities. FinCEN needed Onyx to identify those entities that were facilitating funds transfers to sanctioned countries.

Learn more about the Financial Crimes Enforcement Network

Issues:
  • Due to abbreviations, alternate spellings, and errors, transaction data from banks sometimes contains duplicates.
  • Illicit entities will “layer” transactions, shifting money through multiple shell companies.
  • FinCEN needed to determine which entities are providing the funds which flow to sanctioned countries.
Solutions:
  • Used best practices and custom coding for data munging and entity recognition to determine which transactions involve the same entity.
  • Used network analysis tools and statistics to analyze patterns of transactions.
Results:
  • Provided international law enforcement and US Treasury investigators with leads on previously unidentified funders of terrorist states and groups.
  • Enhanced bureau capabilities with entity resolution techniques.
  • Helped catch the bad guys.