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Transaction Intelligence

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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

 

Other Use Cases

KYC Utility – demonstrating modular, cross-functional nature of ELEMENT as part of a combined SaaS and Managed Service provision[...]

Modernization of a tier-1 bank replacing multiple legacy systems with PaaS based applications – demonstrates multi-purpose, digital transformation inside a highly regulated data-intensive organization and as an OEM[...]

Next generation FIU technology PaaS for ventures brands (outperforms legacy systems using paid sources) – demonstrating advanced data source integration and rapidity of deployment[...]

Improvement of lead generation as part of customer acquisition at a world-leading bank, by monetising information available to the bank from internal and external sources [...]

About BlackSwan Technologies

BlackSwan Technologies is a SaaS Product company. Its Flagship product ELEMENT is a cognitive operating system that enables rapid development of Enterprise AI-Driven applications. ELEMENT is the foundation that can be used by enterprises across multiple industries to build robust AI applications, tools and workflows. With hundreds of pre-configured data fetchers, analytical functions, models and user interface components, element makes heavy use of knowledge graphs and a range of Machine Learning techniques to help companies improve outcomes and reduce costs.

BlackSwan ELEMENT is trusted by some of the largest, fastest, and most innovative companies in the world.