Financial Crime World

Puerto Rico Tackles Financial Crime with Data Analytics

In an era of rapid technological advancements, Puerto Rico’s financial crime investigators face a daunting task: uncovering and prosecuting illegal financial activities. The proliferation of cryptocurrency, encrypted communications, and virtual transactions has made the landscape of financial crime increasingly complex.

Challenges in Financial Crime Investigations

Financial crime investigations involve tracing the flow of money, identifying suspicious patterns and anomalies, and gathering evidence of illegal activity. Law enforcement investigators and analysts must analyze various data sources, including:

  • Financial records
  • Transactions
  • Documents

However, the sheer volume of data has created an information overload for analysts. Data is often siloed in different sources and systems, making it difficult to access the right data needed for an investigation.

Some common challenges include:

  • Data overflow: Fusing vast amounts of structured and unstructured data from different sources to present a cohesive investigation picture.
  • Technological barriers: Overcoming encryption, cryptocurrency, mobile payments, and Dark Web anonymity to uncover critical details.
  • Globalization: Deciphering data in different languages and across databases for transnational crimes.

Accelerating Financial Investigations with Decision Intelligence Platforms

To accelerate financial investigations, the Puerto Rico Financial Crime Unit has turned to decision intelligence platforms. These platforms enable teams to fuse multiple sources of data, convert and collate data into relevant patterns, profiles, and connections, regardless of format or language.

By leveraging a decision intelligence platform, investigators can:

  • Unify financial investigations into a single workspace, saving time and money by fusing scattered data.
  • Multiply case rates and discover more illicit transactions through advanced analytics and risk scoring.
  • Facilitate collaboration between teams with multi-layered access control and fine-grained permissions.

Cognyte’s NEXYTE Decision Intelligence Platform

Cognyte’s NEXYTE decision intelligence platform has been implemented in Puerto Rico to transform financial investigations. The platform allows investigators to:

  • Tag and correlate images, financial records, Dark Web interactions, blockchain transfers, encrypted communications, social media posts, and more
  • Uncover previously undetectable insights and hidden relations

Benefits of Cognyte’s NEXYTE

With Cognyte’s NEXYTE, Puerto Rico’s financial crime investigators can:

  • Accelerate decision making
  • Boost financial investigations
  • Bring perpetrators to justice

To learn more about how this platform can transform your financial investigations, download the financial crime investigation use case today.