Bank Outsources to Catch Launderers

eWeek
Catching money launderers might sound like an exciting covert operation, but it is an onerous, labor-intensive task. In the United States, banks and other financial institutions must report illegal cash transfers to authorities, and this task requires them to have automated systems to detect suspicious activity and to have a sizable staff to pursue leads. Even the best money-laundering detection systems produce many false positives, wasting a lot of valuable staff time on wild-goose chases. One major U.S. bank recently decided there was a better way. Rather than grappling with these time-intensive processes in-house, it decided to turn them over to a third party, Kanbay International Inc., which was already handling many of the bank's other back-office IT functions from a staffing center in India. more..