It is not my intention to digress from Analytics here but between long work hours, deadlines and dealing with all sorts of other crap at work, I am finding it hard to make time for some hands on practice these days. So, these days, I am mostly in reading mode, exploring more on applications of Analytics and how Big Data Analytics is making its way into the thought process of every problem there is in this world.
Having worked in Compliance technologies for sometime, I find Anti-Money Laundering quite interesting. So, I got to exploring more about that and came across some interesting articles.
Here's one that I found interesting. All credits for that article go to the author of the original article.
http://www.cio.com/article/2871684/big-data/how-big-data-analytics-can-help-track-money-laundering.html
Trade Based Money Laundering is a concept that has deep roots in India. I mean, just look around, we still live in a world of cash and kacha receipts, and for good reason but it still poses that question. How do we combat the threat of financing terrorists in a system that's so manual.
Anyway, back to Analytics, what is interesting to me as a learner of Analytics, as I read more on this topic and got to think about it, was the following:
I would love to hear other opinions about this.
Having worked in Compliance technologies for sometime, I find Anti-Money Laundering quite interesting. So, I got to exploring more about that and came across some interesting articles.
Here's one that I found interesting. All credits for that article go to the author of the original article.
http://www.cio.com/article/2871684/big-data/how-big-data-analytics-can-help-track-money-laundering.html
Trade Based Money Laundering is a concept that has deep roots in India. I mean, just look around, we still live in a world of cash and kacha receipts, and for good reason but it still poses that question. How do we combat the threat of financing terrorists in a system that's so manual.
Anyway, back to Analytics, what is interesting to me as a learner of Analytics, as I read more on this topic and got to think about it, was the following:
- AML is an excellent example where outlier detection and analysis is very helpful
- TBML at a micro-economic level poses many additional complications related to data gathering as well as Text Analytics because informal receipts don't have a fixed format, can be in any language and worse can be non-existant
- Even for formalized trades that are monitored via customs, where the data ingestion may not be such a big issue, unless underlying assumptions of data sharing and transparency across boundaries as well as agreed international standards / calculations are needed to achieve confidence in the accuracy of any type of predictive model
- There is potential for IOT in trading. E.g. in case of trades shipped via sea or air, the goods carrier be smart enough to understand what goods its carrying and detect anomalies
I would love to hear other opinions about this.
1 comment:
Thats wonderful to see your aspiration on analytics in a different angle - Keep the thoughts flowing...can see the enthusiasm of an entrepreneur inclined to a development of Analytics product.All the best
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