AML with Event processing and Rule Engine
I have to build a demo and a presentation (co -presented) for IBM WebSphere Impact 09 on how business rules and business event work together in the context of Anti Money Laundering. James Taylor did a good summary on his blog. I promised some time ago on this blog to go through a complete example of executing ABRD on a project. So lets take this demo as a main example. Lets start with this first blog on a short description of AML and its high level process. AML business context : Money Laundering is the act of hiding illegally earned money from police and tax authority by making illicit funds appear as initiated from legal business. The Money laundering is a three step process. The first step, called ‘placement’, is done by depositing illicit funds in a business bank account. If one makes a cash deposit above 10000$ the bank is required to report the transaction to the government. The next step is called ‘layering’, wherein funds are moved from bank to bank and consolidated. The last...