What is OSINT Framework in AML?

Have you ever thought seemingly less valuable data would help put criminals behind bars?

Does it seem exaggerated? OSINT techniques of collecting data are so powerful not only for detectives but also for the banking sectors that are always on the verge of being exposed to financial crime. 

Like any other organization, Financial institutions can also use structured data available over the Internet to detect and combat money laundering and other financial crimes.  

Social media platforms have also made the data collection method more easy as every individual is using one or another social media channel and they often leave some leads that organizations can use for intelligence. 

How can financial institutions get help from OSINT?

 Well, before answering the query, you need to understand what OSINT actually is. 

There are millions of records available over the internet on different platforms, such as Google, social media platforms like Facebook, Twitter, Instagram, etc., and adverse media news published by well-reputed organizations. 

When we see a million of files as just raw data, for OSINT  it is actually a way of finding sources where data could be collected for intelligence purposes, an AML compliance program, and concluding the results for a better global financial system. 

However, the question is still there. Is OSINT really helping businesses detect and combat money laundering, and is there any tool for collecting data?  

In this blog, we will discuss the top tools that any organization can use for data mining and analytical purposes to conclude any results, focusing on the AML compliance program.  

Understanding the OSINT in AML Compliance

In the context of AML compliance, open source intelligence (OSINT) is a means of gathering information that is publicly available on different platforms, such as websites, social media platforms, public records, adverse media, and online forums.

 The term is also well known as the OSINT digital footprint industries, as OSINT gathers data on individuals, entities, and their transaction history to identify suspicious activity that could lead to money laundering and other financial crimes.

Based on the conclusions and available data, OSINT can help regulatory bodies introduce new regulatory compliance programs.

 How OSINT Can Combat Financial Crime?

For financial institutions, money laundering and other financial crimes pose significant risks, not only to the organization’s reputation but also to the fines and penalties that could be imposed for non-compliance with the regulations.

What can OSINT do for financial institutions?

As everybody knows, Money laundering is a complex and evolving threat that poses significant risks to the economic system’s integrity.

Open Source Intelligence has become an essential tool in the fight against financial crime.

Using easily accessible information that can be accessed using different tools, OSIN enables financial institutions, regulatory bodies, and law enforcement agencies to detect, monitor, and mitigate the chances of money laundering and other financial fraud. 

It can also help businesses enhance their overall compliance efforts. Because the available data could be used to assess the relationship between the people and their risk of indulging in financial crimes. 

TOP  2 OSINT resources for AML compliance

Access to clear and more accurate data makes compliance efforts relatively easy for Professionals. However, where can they access the data? 

The following content will discuss the different resources that can help Businesses and organizations make their compliance programs more effective and reliable.

•  OSINT Framework

The OSINT framework is essential for businesses looking to develop their compliance programs according to regulatory bodies’ requirements. It helps companies navigate the regulatory landscape and combat financial crimes effectively.

 The OSINT framework follows an approach that makes the investigation process more effective and helps organizations identify what patterns and unusual activities could lead to money laundering and other financial crimes.

•  Accurint

Data must be integrated, structured, and easily accessible to make the detection process more accurate and reliable. This will help businesses detect and prevent fraud. So, how does this tool work? This tool collects big data, providing a structured and wide range of data from public records, where the compliance team can easily apply AML checks for better results.  

 Can Easy access cause Cybercrimes?

Yes, open-source intelligence (OSINT) can also significantly help hackers use the publically available information of their target and commit cyber crimes. 

Hackers can leverage OSINT to conduct thorough reconnaissance, gathering details about an organization’s infrastructure, key personnel, and security measures.

After they have detailed information about an organization or individual, hackers can craft more convincing attacks and even plan more precise cyber attacks.  

 Is there any single solution for Financial Organization?

Implementing and relying on multiple tools isn’t easy for an organization because it requires allocating resources, time, and money to handle such information. Above all there are unlimited OSIN industries searches that are not possible for any organization to have a grasp on all of them. 

So, what should businesses do to make the compliance effort more accurate?

 Financial institutions must integrate AML software that complies with all AML regulations within their business operations, such as the one AML Watcher provides to financial institutions and businesses.

AML Watcher’s advanced monitoring and screening tools are AI integrated. They update their database every 15 minutes and never let any compliance requirements go unnoticed.