THE CHALLENGE A leading financial intelligence and anti-corruption government organization was facing a significant and increasing amount of corruption and money laundering nationwide. Data challenge - The FIU had access to large volumes of diverse data sources, but was unable to fuse information from the disparate sources into one unified view in order to extract actionable insights and uncover illicit financial activities. Analysis challenge - The FIU employed time-consuming and ineffective investigation processes, characterized by a manual approach to analyzing data, assessing risks, and mapping connections between suspicious entities. The organization struggled to uncover the identities of ultimate beneficial owners (UBOs) behind financial assets and activities, and to detect hidden links, suspicious patterns, and other risk factors in a timely manner. THE SOLUTION The FIU turned to NEXYTE, Cognyte’s decision intelligence platform, with the goal of accelerating financial investigations and improving case resolution rates. NEXYTE provided a cohesive view of the organization’s disparate data sources, encompassing both structured data, such as bank records and company registries, as well as unstructured data, such as STRs/SARs, adverse news reports and digital forensics. By fusing all relevant data, including diverse formats such as PDF, audio, image and video files, into one investigation workspace, NEXYTE enabled investigators to invest their time in high-value tasks, rather than manual data correlation and analysis. CHALLENGES • Processing millions of suspicious transaction reports • High rate of false positives from compliance alerts • Fast evolving tactics employed by bad actors to evade detection • Large investigation backlog SOLUTION • Unified investigation workspace for all data sources • Creation of holistic profiles for financial entities • ML-powered investigative insights and risk management • Data visualization, analytical and collaboration tools OUTCOME • Resolution of a 3-year investigation within 3 days • Takedown of a large money laundering and corruption network • Significant improvement in case resolution rates Combatting Money Laundering & Terror Financing Financial Intelligence Unit (FIU) Case Study