Log In | Subscribe | | |

Astonishing failure of money laundering detection and monitoring software

A report in the Vancouver Sun details the amazing failure of a project called "Statistical Analysis Software", currently in its fourth year and so far costing CND7.3 million, to design and implement money laundering risk identification and assessment software at the British Columbia Lottery Corporation's casino business which is deeply embroiled in money laundering investigations by the RCMP. It's a case study in how to stuff up = and now questions relating to the software and its failure are being added to the investigation.

The report at http://vancouversun.com/news/l... is a case study in how to stuff up.

The Vancouver Sun's "Postmedia" section has undertaken a great deal of research into the state of the BCLC's counter-money laundering systems. And its results are shocking. "Even though the software was designed for BCLC, it hasn’t been functioning to meet BCLC’s needs. The system was supposed to be running in 2016, but its launch was expected to be delayed until later in 2017..“Currently, most of BCLC’s customer and transaction monitoring is done manually by BCLC investigators and analysts using a variety of global databases to confirm the details provided by patrons.” a memo the newspaper obtained said. The current position, the report says, is that analysts are having to manually filter vast amounts of information and that they cannot make the software do as it is meant to do.

BCLC says that teething troubles are inevitable because it is developing the first such software for Casinos in North America.

Author: 
World Money Lau...