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Powering Anti-Money Laundering efforts with Artificial Intelligence
The question that follows, is how can artificial intelligence assist organisations with combatting Money Laundering? Although in essence the ultimate question which needs to be answered is a binary one – is a particular activity hiding illicit money laundering activity or not – reaching a simple and correct conclusion is in many cases not an […]
FinXP implements ComplyRadar for automated transaction monitoring
FinXP, a European payments and banking service provider, has implemented the intelligent compliance technology solution ComplyRadar to enhance and automate transaction monitoring and help with case management. After experiencing rapid growth in its transaction volume, FinXP initiated a competitive selection process which involved examining several Anti-Money Laundering (AML) solutions. In the end, ComplyRadar was chosen for […]
Transaction Monitoring Solutions and Why Your Business Cannot Do Without One
A transaction monitoring (TM) solution focusing on Anti-money laundering (AML), Fraud or Responsible Gambling, provides financial institutions with the tools to monitor customer transactions and identify risky or suspicious transactions effectively in real-time. The role of a transaction monitoring solution is to: Provide a clear and precise process to tackle AML, Fraud and responsible gambling […]
Financial crime in the UK: 2020 Report Results
The year of the pandemic brought on a new dimension of accelerated illicit activities by individuals or organisations who engage in online fraud. It created parallel realities with businesses combatting these attacks on the one hand and fraudsters capitalising on newfound opportunities for social engineering scams and malware on the other. The UK Finance issued […]
What Is AI/ML Anomaly Detection
Anomaly detection is an advanced technique that uses an organisations’ data and machine learning to detect behaviour that doesn’t fit within the expected normal behaviour profile. This module works an additional filter for suspicious transactions over and above the ComplyRadar rules engine. There are different types of anomalies that can be detected, including: Point anomalies; […]
False Positives in AML Transaction Monitoring
It has ever been more important for companies to adhere to strict AML compliance rules. Not only is there a heavy price to pay, but any mishaps can hinder the company’s operation making it less profitable. Many companies are turning towards technology based solutions to help them keep abreast of their AML Compliance responsibilities. So, […]
ComplyRadar goAML Schema XML Converter
We are all aware just how the world has changed in recent times, becoming even more uncertain with companies struggling to streamline their operations to meet the “new normal”. When it comes to money laundering and terrorist financing, there has never been a bigger push to find solutions to assist companies to detect suspicious behaviour […]
5 Steps to Strengthen AML Compliance
Organisations all over the world are constantly striving to protect their business against financial crimes. In this journey, they are aided by regulators through the recommendations and regulations that help in the process. Regulators also enable them to detect the financial crimes beforehand so as to prevent them from taking place by employing the new […]
Improving AML processes using Artificial Intelligence – the challenge of false positives
Over the past couple years we have been successfully implementing AML solutions for financial, gaming and payment service organizations. Our flagship product, ComplyRadar, is one of the leading products in this area, specifically focusing on ongoing transaction monitoring. In this blog we will focus on a problem which from our experience is a primary problem […]
ComplyRadar Testimonial – European Merchant Bank
Currently, the European Merchant Bank has 38 employees, with 4 dedicated to compliance. The European Merchant Bank is a banking institution registered in Lithuania, serving SME’s and Fintech companies among others. We caught up with Franco Celis to find out how our ComplyRadar software improved their operation. How did you find out about ComplyRadar? The […]
