Patent ID: 8095441

Claim:
A computer-implemented method for administering a money laundering prevention program by a financial institution, comprising the steps of: identifying a plurality of risk factor types, each risk factor type associated with a plurality of risk factors indicating a potential for conducting illicit activities in connection with an account held at the financial institution, wherein the risk factor types comprise at least two of a jurisdiction-based risk factor type, an entity-based risk factor type, or a business type-based risk factor type; ranking each of the risk factors within each risk factor type in order of importance; assigning each of the risk factors to one of a plurality of tiers based on the rank of each of the risk factors, wherein each of the tiers represents a level of risk that illicit activities will be conducted in connection with the account; reviewing information submitted in connection with the account; determining whether the information implicates any of the risk factors; identifying a highest level tier to which any of the implicated risk factors is assigned; and identifying one or more activities to be performed in connection with the account based on the highest level tier identified; wherein at least one of the identifying, ranking, assigning, reviewing and determining steps is performed by software running on a data processing apparatus.