In recent years, the Governments of many countries have taken various measures to combat money-laundering and the financing of terrorism. However, the rapid escalation of terrorist groups is forcing us to look for new means of struggle. Big Data is becoming, therefore, an essential tool in this fight.
But what is Big Data?
Big Data is the set of IT tools that are used to manage, study and analyze large volumes of data that cannot be processed in the traditional way due to their size, which exceeds the limites and capabilities of a usual data processing software. This concept includes infrastructure, technologies and services, but also structured and unstructured data sets, such as social media messages, audio files, digital images, forms, emails, etc.
The goal of Big Data is to transform data into information to facilitate the decision-making process, thanks to its technological infrastructure giving the possibility to quickly store, process and analyze the large amount of data generated day after day. For this, the development and implementation of specialized hardware and software are necessary to manage all this data to obtain the desired useful information.
How can Big Data help in the fight against the financing of terrorism?
Criminal and terrorist organizations use international trade to conceal their illicit funds, they have moved somewhat away from the financial system to evade current controls, not only by developing new techniques but also by taking over the old ones. This is why Big Data is becoming a key tool to deal with these new techniques.
Currently, all connected, we are a constant source of information : Bank accounts, social networks, travel, online activities and even purchase registers, represent data, structed and unstructured. Even if in appearance, they do not have a very strong link, they represent valuable information at the time of Big Data analysis, making it possible to detect and predict actions and suspect profiles.
Big Data analyzes and transforms data into information that will be used in the detection and prediction of dangerous profiles and behaviors, this information will also make it possible to determine the links of terrorist groups, who finance them, etc. Identifying, in real time, the actors and operations with which terrorist groups collect money to finance their criminal activities is, without doubt, an effective tool in the fight against the financing of terrorism. The development of terrorist financing schemes through cryptocurrencies requires even more data analysis mechanisms in order to be able to usefully analyze flows.
Le Counter Financial Crime (CFC) advocates :
The implantation of new Big Data analysis techniques in companies and other relevant organizations. The CFC, aware of the importance and cost of this tool, proposes to obtain an adapted offer for companies, with less than 20 employees, interested in using Big Data with a pooling of licenses.
The development of a training in Big Data, under the aegis of the CFC, in order to train various organizations concerned in the use of Big Data analysis in the fight against the financing of terrorism.
Mechanisms to control the flow of cryptocurrencies by giving secure access only to FTML control bodies, beyond other regulators,
CFC provides assistance in the development of training programs and the implementation of Big Data analysis in the fight against the financing of terrorism. In the same context, the CFC proposes the labeling of the most efficient and efficient processes in terms of Big Data.
Website : www.counterfinancialcrime.org contact : contact@counterfinancialcrime.org
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