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 […]

Case Management: The Fraud and Money Laundering Connection

Case Management: The Fraud and Money Laundering Connection

When it comes to fighting fraud and money laundering, the connection between the two is critical as fraudsters work to find a way to legitimize their illicit funds. Proceeds from criminal activity related to fraud need to be laundered, so money laundering often follows soon after fraud occurs. Typically, following a successful money laundering activity, […]

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 […]

Top 5 measures for AML transaction monitoring systems

Active or real time monitoring of financial transactions should be the order of the day for institutions and businesses handling high volumes of deposits and withdrawals. This capability is essential in mitigating risks, thereby improving the monitoring and detection process. By effectively and actively monitoring transactions, organizations are in a better position to meet their […]