Fight Against Human Trafficking, Opioid Misuse, Elder Abuse

Capital One is using real-time financial data to analyze anomalies associated with money laundering typologies to prevent fraud

This story is highlighted in Capital One’s 2019-2020 Corporate Social Responsibility report. To view the full report, click here.

With the assistance of data analytics and machine learning algorithms, Capital One associates are using the latest anti-money laundering tools to have lineof sight into issues that directly affect less visible populations. Daily across the company, Capital One’s Anti-Money Laundering (AML) associates huddle at computer screens, using real-time financial data to analyze potential anomalies associated with human trafficking, opioid misuse and elder abuse, among other money laundering typologies.

Capital One puts significant investments into its Financial Exploitation of Vulnerable Adults (FEVA) prevention and recognition training program so associates will have a greater awareness of suspicious activities. At one bank branch, associates temporarily froze funds after a man tried to empty his elderly mother’s bank account and transfer her funds into a joint account. The transaction was stopped, preventing a potential $16,000 loss.

“We are here to help people achieve their financial milestones. But there also fraudsters who want to take advantage of that,” says Capital One’s Chief Anti-Money Laundering Officer Jim Candelmo. “As a top bank, we want to protect our customers. If not us, then who?”

Candelmo and his team proactively work with law enforcement officials to be partners to non-governmental organizations such as the Polaris Project, which works to combat and prevent modern-day slavery and human trafficking. In a recent hackathon, machine learning engineers, lawyers, business analysts, AML investigators, data scientists, human trafficking experts and former federal law enforcement officials partnered to combat modern-day human trafficking.

For Candelmo and his team, their hard work is in the details. On a monthly basis, the AML team screens 9.3 billion records using data models, reviews 250,000 alerts and files 8,700 suspicious activity reports with the Financial Crimes Enforcement Network (FinCEN).

“The customer data we have has the ability to save people’s lives,” he says.

Capital One is on a mission to change banking for good. To be authentic and impactful, our goals for our customers, associates and our communities must be clearly linked. Our 2019-2020 Corporate Social Responsibility Report illustrates this commitment. Learn more about Capital One’s commitments, here.

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