Be the first to like this
Financial crime prevention is something that affects everyone in one way or another. From the Deutsche Banks of the world to small and medium online merchants, regulations for anti-money laundering, know your customer, and customer due diligence apply.
Failing to comply with such regulations can bring on substantial fines. Even more importantly, it can hurt the bottom line and reputation of businesses, having far-reaching side effects. Complying with such regulations, and actively cracking down on financial crime, however, is not easy.
Cross-referencing interconnected data across various datasets, and trying to apply detection rules and to discover patterns in the data is complicated. It takes expertise, effort, and the right technology to be able to do this efficiently.
A natural and efficient way of looking for patterns and applying rules in troves of interconnected data is to model and view that data as a graph. By modeling data as a graph, and applying graph-based algorithms such as PageRank or Centrality, traversing paths, discovering connections and getting insights becomes possible.
Graphs and graph databases are the fastest-growing area of data management technology for a number of reasons. One of the reasons is because they are a perfect match for use cases involving interconnected data.
Queries that would be very complicated to express and very slow to execute using relational databases or other NoSQL database technology, are feasible using graph databases. With the rise in complexity of modern financial markets, financial crimes require going 4 to 11 levels deep into the account – payment graph: this requires a different solution than either relational or NoSQL databases.
How are organizations such as Alibaba, OpenCorporates, and Visa using graph database technology to not just stay on top of regulation, but be one step ahead in the race against financial crime?
Is it possible to do this in real time?
What do graph query languages have to do with this?