Transaction Intelligence
VALUE PROPOSITION
- Reduce the time spent by investigators on manual research via automating entity enrichment from internal KYC systems and external sources
- Provide a holistic view of risk with analytics that utilize an enterprise knowledge graph, a comprehensive, real-time representation of all relevant entities and their relationships
- Reduce false positives using advanced rule-based, network- and relationship-based scenario modelling
- Lower Total Cost of Ownership by shifting to OPEX via cloud infrastructure and PaaS. Decrease labor-intensive tasks by providing process-centric, AI-embedded applications
Improving the quality of Anti-Money Laundering processes while reducing the associated costs through process automation
BACKGROUND
High cost of operation – Anti-Money Laundering (AML) alert generation, alert triage and case investigation processes were largely manual, with very high rates of false positives (appx. 99%)
Legacy systems had limited automation and configuration capabilities, no self-learning capabilities, no entity enrichment from external (open or paid) sources, and no visually-assisted ability to explore related transactions and entities, resulting in manual investigation processes
High false-positive rates due to legacy, deterministic rules-based scenarios. Rule-based legacy monitoring systems produced many unproductive or low-productivity alerts and scenarios
Manual work procedures and multiple sources of data led to biased, segregated cases with limited or no feedback loop from operations
TARGETS
- Reduce false positive rates and alert triage times
- Improve investigation process and visualization and insight tools
- Improve alert configuration options including ease of creation, setting, grouping, tuning and testing
ADDRESSING THE NEED
- Case and Alert Management tools to investigate alerts and log findings
- Link Analysis tools for deep investigations, counterparty enrichment, and automated insights – revealing hidden links, networks and suspicious or non-obvious relationships, to seamlessly present a “customer 360-degree view” to the analyst
- Easily configurable alert triage, suppression rules, workflow orchestration and dashboards
- Ability to easily develop and deploy new scenarios utilizing full breadth of available data and risk factors including rules tuning and testing environment – accessible via user friendly UI, not requiring technological teams and expensive procedures
To read more about ELEMENT™ of Compliance CLICK HERE
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