Data infrastructure for AML supervision
R2A Trials Data Warehouse For Mexico’s CNBV to Boost the Fight Against Money Laundering
The Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores, or CNBV) requested a partnership to reengineer its data infrastructure to strengthen its anti-money laundering (AML) supervisory capacity and to accommodate a growing fintech sector. Currently, CNBV lacks an efficient means to extract insights from existing data since supervisors often must load appropriate data from compact discs and paper files.
Partnering with R2A and Gestell, the CNBV has created a prototype that:
- Allows financial institutions to submit information for AML compliance digitally and automatically to the CNBV.
- Increases the volume, granularity, and frequency – and improves the quality – of AML-related data submitted to the CNBV.
- Enables CNBV staff to import historical records into the central data storage platform.
- Enables CNBV staff to improve AML-related data validation and analysis, and generates customized reports for supervisory and policy development purposes.
Once the application will be deployed, the CNBV staff will have greater bandwidth and enhanced intelligence for both off-site and on-site supervision. By improving data quality and access and developing new tools for data visualization and analysis, the project supports CNBV’s efforts to effectively implement a risk-based AML supervisory approach that reduces compliance costs and promotes financial inclusion while ensuring financial integrity.
Code for this solution can be downloaded here. Due to its sensitive nature, proprietary/confidential information has been omitted from the code.
In October 2017, R2A published a request for applications for the development of a data request/storage platform and tools for data-driven metrics and insights for the AML department. A panel of judges awarded a grant of up to US$100,000 to the winning firm, Gestell.
Gestell was founded to empower financial institutions and other agencies by utilizing new technologies to create intelligent systems to make financial oversight and operations more efficient and less costly. It has previously worked with the Mexican Notary Offices and various private-sector clients.
Former PayPal Executive
One of the original employees at PayPal (#22) who pioneered early internet anti-fraud systems. He has deep expertise in running large organizations and scaling businesses, as well as building companies and testing and launching new products.
Head of Research and Insights at Atlassian
Built and led teams that transformed public services with user centered service design with the Australian government and UK Government at the Government Digital Service (GOV.UK).
LOUIS DE KOKER
Professor at La Trobe Law School
His research focuses on financial profiling data and on managing the relationship between financial inclusion and anti-money laundering and counter-terrorist financing (AML/CTF) objectives. He has undertaken research engagements with the World Bank, USAID, CGAP, and AFI financial integrity working group.