Financial Crime Data Analytics Tools: A Key to Tackling Organized Crime in Mexico
Mexico has been grappling with the menace of organized crime, with money laundering and corruption fueling the activities of powerful cartels and gangs. As a former Assistant Director of Tax and Financial Investigations at the Mexican Tax Attorney’s Federal Office, I have witnessed firsthand how financial crime data analytics tools can be utilized to combat this growing issue.
The Growing Problem of Organized Crime
According to INTERPOL, organized crime is on the rise globally, with transnational crimes increasing at an unprecedented rate. These networks are notoriously difficult to take down, but successful financial investigations have proven crucial in disrupting their operations. One notable example is the 2021 arrest of 21 members of the Sinaloa Cartel and Jalisco New Generation Cartels of Mexico, who were charged with money laundering related to their cross-border drug trafficking operations.
The Importance of Advanced Technologies
To effectively combat organized crime, law enforcement agencies must adopt advanced technologies that can quickly analyze vast amounts of data. Machine learning (ML) and Artificial Intelligence (AI) are essential for case triage, compliance, and investigations. Automated risk scoring capabilities can prioritize cases based on known criminals, previous investigations, and other parameters, allowing investigators to utilize resources effectively.
Risk Scoring and Compliance
Risk scoring can be based on business rules, ML models, or a combination of both. Once financial investigations are underway, strict compliance with international, federal, and local regulations is essential. Advanced tools help ensure that investigators stay in compliance, avoiding data leaks and missteps that could compromise cases.
Next-Generation Financial Investigations
Taking financial investigations to the next level requires capabilities such as:
- Data fusion
- Risk scoring
- Data visualization
- Automatic alerts
- Decision intelligence
Cognyte’s decision intelligence platform, NEXYTE, offers a powerful tool for law enforcement agencies looking to streamline their investigations.
Conclusion
As someone who has worked in law enforcement and now works with Cognyte, I can attest that financial crime data analytics tools are critical to tackling organized crime in Mexico. By leveraging advanced technologies like machine learning and AI, investigators can stay ahead of criminals and bring them to justice.