Identify SUSPECT TRANSACTION by tracking Customer Behavior data to Spot Out-of-character Financial Transactions
The laundering of money has now become the leading source of compliance fines for Financial institutions. Fraudsters and criminals have used banks and financial institutions (FIs) as conduits. The estimated amount of money laundered globally in one year is 2−5 percent of the global GDP, or in the range of US$800 billion to US$2 trillion. Even with these staggering numbers, estimates are that only about 1% of illicit global financial flows are ever seized by the authorities.
AML operations in Banks consume an inordinate amount of manpower, resources, and capital to manage the process and comply with the regulations. In recent years, financial institutions have navigated through a rising tide of regulatory obligations and compliance requirements counter-terrorist financing (CTF), Bank Secrecy Act (BSA) and Know Your Customer (KYC).
Given the plethora of new tools the financial industry has available, the potential headline risk, the amount of capital involved and the tremendous costs in the form of fines and penalties, a modern Intelligent AML solution with pre-packaged STR rules per FIU – RFI advisory with automated STR reporting is a must-have.
Use of AI-ML
Enables the quick incorporation of Business Rules and provides a foundation. Quickly expand to new channels, geographies and payment types.
Our platform is made to support your growth — not get in the way.
Supervised Learning is a powerful classification model built on historical Transactions with the ability to self calibrate the results post review by an analyst.
Unsupervised Learning with cluster and anomaly detection to uncover and learn new fraudulent techniques in real time Score events in milliseconds.
Make decisions effectively and extend frictionless experiences to your customers.
Reinforced Learning Reduces false positives. This stage analyses the behavior of the operators processing alerts
Functional Outlook
