False Positives in AML Transaction Monitoring

AML Compliance

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, […]

5 Steps to Strengthen AML Compliance

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

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 […]

The Rise of goAML Reporting and the Impact of Data Quality

Rise of GoAML

The goAML portal came into being in June 2017 when the Irish reporting entities were required to hand in their regulatory reports to the Irish Financial Intelligence Unit (FIU) using this portal. This was a part of a bigger global trend where regulators were attempting to standardize the reporting platforms, thereby providing proof of the […]

3 ways AI can take on money launderers more effectively

AI ComplyRadar

It is estimated that around 2 to 5 percent of global GDP, or $800 billion to $2 trillion a year fall victim to money laundering. In the UK, money laundering is out of control with an estimated £100 billion flowing through the country each year. Yet recent reports show there has not been a single […]

Covid-19 and AML: The Impact, Challenges, and Future

The effects of Covid-19 have been felt in every industry, in every country. As the world continues the fight to quell the virus, everything about the way we live and work has changed. However, among all the chaos, heartache and fear, there are people who see the opportunities that Covid-19 has brought. Namely money launderers, […]

Harnessing analytics in the fight against fraud and money laundering

The fight against fraud and money laundering no longer sees businesses and compliance personnel going up against easily identifiable, shady criminals. Auditors can no longer identify patterns of suspicious behaviour months after the transaction was completed. It is no longer feasible to work in a reactive way.  Transactions are done so fast nowadays that a […]

COVID-19 and Transaction Monitoring: Managing AML Compliance

Corona Virus

As a result of the ongoing global struggle with the COVID-19 pandemic, financial institutions are experiencing novel compliance challenges linked to this outbreak. The new strain of coronavirus has sent global financial markets into widespread turmoil and this unfortunately presents criminals with new opportunities to generate and launder funds gained from illicit activities. As a […]

5 key challenges when tuning AML transaction monitoring software

Having a correctly tuned AML solution is essential for any organization dealing with high volumes of financial transactions. With compliance risks being higher nowadays, regulators are constantly inspecting AML transaction monitoring systems to ensure adherence to international regulations. One of the main issues faced is the high number of false positives which can be caused […]