This was the OSINT that helped the professor (the main character in the money heist) gather information about the people who could benefit him in stealing and laundering the biggest amount in Spain.
And surprisingly, the team of culprits successfully did this not once but twice.
We understand it was a Netflix series that sometimes showed impossible things in real life. However, their techniques are possible, and that is using the OSINT industry digital footprint.
OSINT has become so powerful, not only for investigators but also for criminals, particularly those involved in creating fake identities and committing hacking-related crimes.
We see that the laundered money exceeds 2-5 trillion dollars annually since launderers are playing with the OSINT framework. Cryptocurrencies, gaming, and gambling by creating fake identities are some tactics criminals use to launder money and help terrorists.
So, these activities must be handled with iron hands. Can OSINT be those ironic hands in fighting and combating money laundering?
Let’s explore this in this article, where we will discuss OSINT in AML compliance efforts for businesses and what OSINT techniques could be used to halt the chances of financial crimes.
OSINT and its important in AML
Since the evaluation of social media platforms and enhancement in internet activities, including financial transactions and global trade system online transactions, OSINT has become very powerful in investigating, monitoring, and detecting money laundering.
So you wonder how this is possible?
You must have noticed that almost every person uses one or another social media platform, and he/she often shares photos, thoughts, or activities.
For investigators, such information is much more valuable; they can analyze the activities, associations with people, and crimes related to them. This is very helpful, particularly when monitoring the PEPs for any criminal activity.
When we look at OSINT’s benefits, the most important is its global reach. Financial crime is committed beyond borders, and so is OSINT.
Using the available data over the Internet and other platforms, monitoring activities could be more effectively conducted across different regions and jurisdictions because OSINT provides a comprehensive view of how money flows through various channels.
This global perspective is crucial in understanding and intercepting cross-border money laundering operations.
OSINT Techniques and Methods that Every Business Should Look for
Though OSINT techniques have been used by investigators since World War II, with advancements in technology, they have become a major tool in investigating criminal activities, including money laundering and other financial crimes.
1. Comprehensive Data Collection and Aggregation
The bigger a business’s data collection, the higher the chances that it will combat money laundering activities.
Open-source intelligence can gather and aggregate data from various platforms, including social media, news articles, publically available records, and the dark web, which is a hub of criminal records and information.
That more comprehensive range of data helps businesses detect potential risks and suspicious activities.
2. Advanced Search Capabilities
The next thing financial institutions must look for is the incorporation of advanced search capabilities. Because of the use of specialized search operators and deep web access to find specific, hard-to-reach information.
Do you know what benefits it brings for businesses? There are so many because Advanced search capabilities enable businesses to uncover hidden connections and details that may not be possible to reveal through standard search methods.
3. Real-Time Monitoring and Alerts
No matter how big your data is, if it is not managed and monitored properly, it is useless.
Therefore, businesses need to manage it according to their requirements; the best way is to set up alerts on specific keywords or activities. This will help businesses combat the chances of crimes within their organization.
Above all, Real-time monitoring helps businesses stay one step ahead of criminals and the threats they can pose by allowing them to take timely action regarding suspicious activities or emerging risks.
4. Geospatial Intelligence (GEOINT)
Knowing your customers’ and clients’ movements and activities would make the monitoring process more accessible. It definitely would.
But how? Geospatial intelligence is another way of collecting information about human activities. How will this affect money laundering?
Well, any business can see where the money is actually flowing, whether your customer is using a jurisdiction that is more prone to financial crimes and has weak regulatory efforts.
Therefore, GEOINT helps businesses in many ways, including mapping out the location where the money is actually flowing. It ultimately helps you identify high-risk locations and uncover threats and suspicious activities.
5. Social Media and Network Analysis
In the last half-decade, social media has become a hub for information collection, analyzing people’s activities, their connections, where they are heading, what they are wearing, purchasing, and selling.
So, businesses need to monitor social media closely to check the connections between individuals and entities.
How will this be beneficial? By analyzing, if you find a relationship and association between the clients and the money laundering activities, you can halt them at an early stage.
Is there any tool that helps businesses in OSINT?
Collecting relevant information is more important because raw data can be a headache for companies if not appropriately sorted. So, what should businesses do with such a huge amount of data?
They need to incorporate software that automatically collects data from using OSINT industries alternative techniques, and one such tool is the AML Watcher.
With AML Watcher, you can have an updated collection of organized rules that help you set your own customized rules according to your requirements.
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