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Financial Crime Data Analytics Tools Help Island Nation of Réunion Take Bite Out of Fraud and Money Laundering

Réunion, a French island in the Indian Ocean, is known for its stunning natural beauty and rich cultural heritage. However, like many countries around the world, it’s not immune to financial crime. In recent years, authorities on the island have been working to strengthen their ability to investigate and prevent fraud and money laundering.

The Challenge of Financial Crime Investigation

Financial crime investigations on Réunion involve analyzing a wide range of data sources, including financial records, transactions, documents, and more. This process is often complex and time-consuming, requiring investigators to work with various entities such as international law enforcement agencies, financial institutions, and regulatory bodies.

• According to Deloitte estimates, the amount of money laundered globally is between 2% to 5% of global GDP, or between €715 billion and €1.87 trillion.
• On Réunion, authorities are working to stay ahead of these trends by implementing robust data analytics capabilities that can help them track down illicit funds and bring perpetrators to justice.

Top Challenges for Investigating Financial Crimes

One of the biggest challenges facing investigators on Réunion is the sheer volume of data they must sift through. This siloed data often comes in different formats, including:

• Audio
• Text
• Image
• More

New technologies such as encryption, cryptocurrency, mobile payments, and use of the Dark Web have also created new challenges for investigators on Réunion. These digital means increase anonymity, obscuring critical details needed to build an investigation.

Accelerating Financial Investigations with Data Fusion and Analytics

To address these challenges, investigators on Réunion are turning to decision intelligence platforms that can help them accelerate decision making and boost financial investigations through multi-source data fusion and analytics.

• These platforms allow investigators to convert and collate data from various sources into unified profiles and entities, regardless of their original language or format.
• This enables better financial crime investigations by:
  • Unifying scattered data into a single workspace
  • Multiplying case rates and discovering more illicit transactions
  • Facilitating collaboration between teams

The Future of Financial Crime Investigation

By leveraging these advanced data analytics capabilities, authorities on Réunion are better equipped to tackle the complex challenges of financial crime investigation and bring perpetrators to justice.

To learn more about how Cognyte’s NEXYTE decision intelligence platform can transform your financial investigations, download our financial crime investigation use case.