User data collected through ASTER RM. Use this data to rate your risk figures.
ASTER RM is a solution that collects data from social media and the Internet to measure the level of money laundering risk.
ASTER RM screens for money laundering risks through 27 sites and social media analysis. Observe your usual sentences and rate them according to the use of words directly or indirectly related to money laundering. Because of this, it finds risks that are not found in existing simple lookup systems.
ASTER RM also analyzes your friends. If the user registered as a friend is a dangerous person, the degree of closeness is measured through comments, etc., and the risk person is rated. Because of this, even if there is a lack of information on social media, you can screen out dangerous people.
Automated ASTER RM services allow existing people to do more than three hours of work in four to five minutes.
The importance of risk management
Over the past several years, a number of prominent global financial institutions have been fined astronomical amount for the violation against money laundering regulation and thus, the need to reinforce anti-money laundering operation has greatly soared at the request of regulators. For example, the global financial community was shocked when HSBC Bank, which was operating with a global financial network, was announced to be involved in money laundering in July 2012. According to U.S. authorities, HSBC's Mexican subsidiary was found to have engaged in financial transactions with sanctioned countries, including Iran, Libya and Sudan, for a considerable period of time, and fined as much as $1.9 billion.
Since then, Standard Chartered Bank and City Bank have been fined more than $600 million for similar reasons. In 2014, the world was shocked once again at the news of $8.9 billion fine on BNP Paribas. BNP, France's largest bank, agreed with the U.S. government to pay a $8.97 billion fine for conducting financial transactions with Iran, Sudan and Cuba, the U.S. financial sanctions-hit countries, and by this event, BNP recorded the biggest quarterly loss (more than $5 billion) in that year and its chairman resigned.
Other than those, many other similar cases occured like $215 million fine on Chinese Agricultural Bank, $180 million on Mega Bank in Taiwan, and in December 2017, the New York State Supervision Office DFS fined NH Nonghyup Bank headquarter and New York branch $11 million for failing to properly prepare the anti-money laundering system, along with a consent order to improve money laundering.