ELEMENT of Compliance – Transaction Intelligence
Today’s Transaction Intelligence Challenges
The timely investigation of alerts resulting from transaction monitoring systems is mandatory for regulatory filings such as Suspicious Activity Reports (SARs). However, financial institutions face obstacles that lead to a backlog of cases:
Increased cost of investigating false positives
due to unproductive scenarios, such as duplicate cases, which are common and time consuming.
Labour-intensive investigative processes
that involve the consolidation and analysis of information.
Limited increase in productivity
due to the lack of integration of KYC information and open source intelligence during investigations.
To avoid the penalties and operational consequences of not investigating legitimate cases on time, financial institutions need a more advanced approach with improved precision and efficiency.
BlackSwan’s Approach
BlackSwan Technologies’ ELEMENT of Compliance is an industry-leading KYC/AML solution recognised by Chartis Research for its innovative use of artificial intelligence and data visualisation, which improves the precision and efficiency of the investigation process.
The system’s Transaction Intelligence capability centres on the creation of a highly-enriched, 360° view of an entity, its activities and relationships. After gathering entity information from various internal and external sources, ELEMENT presents them to the analyst in the context of the case being investigated. Moreover, ELEMENT visualises and discovers relationships between the entities involved in transactions, identifies the relevant risk factors, and derives risk scores in order to identify red flags. It also reduces investigation time by 80% through automated entity enrichment.
To improve the efficiency of the case investigation process, ELEMENT allows analysts to tailor and streamline investigations according to their specific requirements through workflows and case management, while facilitating escalation and collaboration.
The Transactional Intelligence module can operate synergistically with ELEMENT of Compliance’s screening, transaction monitoring, risk management, and KYC capabilities; or alternatively, integrate as an investigation tool with an organisation’s existing AML systems.
Key Differentiators
Risk Scoring
Derivation of risk scores via AI models tailorable to specific risk management requirements, including legal jurisdiction, while combining risks from processes such as KYC and watchlist screening to create a single customer risk view.
Visual Link Analysis
Visualisation and discovery of relationships and hidden patterns inferred from millions of transactions; consolidating data fragments residing in multiple silos to increase both effectiveness and efficiency of the investigation.
Workflow & Case Management
Bespoke case management with customisable flow and roles management, allowing AML analysts to tailor the investigation process, including questionnaires and messaging; while enabling escalation, collaboration, case auditing, and SAR filing.
Transaction Intelligence provides a full repertoire of capabilities including Visual Link Analysis, dashboards, presentation of transaction statistics and alert investigation tools.
Knowledge graph technology enables you to enrich information about counterparties, and discover and visualise relationships between these parties and counterparties.
Additional Features
- Entity Enrichment
Enrichment of profiles of all entities involved in transactions with data from open source intelligence and paid sources using natural language processing to interpret information plus AI models to identify risk factors. - Automated Compilation of Information Requests
Presentation of all relevant prior AIRs (Additional Information Requests), including those generated for other entities involved with the same counterparty or transaction, to expedite the investigation process and reduce the risk of omitting vital information. - Streamlined Identification of related cases
Identification of related cases based on a given entity, the counterparties involved, and various data points of the current case using knowledge graph technology, reducing the time spent and increasing the likelihood of identifying red flags. - Advanced AML Scenarios
Execution of novel AML Scenarios by utilising a full suite of risk factors, as well as knowledge graph technology, to detect relationships of concern. - Shell Company Identification
Identification of red flags related to shell companies, while utilising various processes and machine learning algorithms, including an adjustable scoring model, to calculate front/shell company risk scores in order to identify potential front/shell companies. - Managerial Decision Assistance Capabilities
Presentation of KPIs, productivity levels of scenarios, dashboards, and smart insights based on all entity and transaction data. - Integration of KYC Module
Integration of the KYC module to streamline the process of gathering customer information for alert investigations, thereby circumventing the need for information requests and the need to access multiple systems.
An Integrated Component in Financial Crime Compliance
Transaction Intelligence is a core component of BlackSwan Technology’s ELEMENT of Compliance™. The solution addresses the full range of capabilities to support and augment financial crime compliance, including:
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