Risk Based Approach

Once the customer demand for services increases and business growth ensues, transaction volumes and variety become so large that a one-size-fits-all transaction monitoring approach no longer becomes feasible or effective.  Traditional transaction monitoring rules tend to be set as thresholds impacting most of the customer-base with the least-risk cut-off point.  This results in rules that […]

Powering Anti-Money Laundering efforts with Artificial Intelligence

The question that follows, is how can artificial intelligence assist organisations with combatting Money Laundering? Although in essence the ultimate question which  needs to be answered is a binary one – is a particular activity hiding illicit money laundering activity or not – reaching a simple and correct conclusion is in many cases not an […]

Business and Reputational Risk – The True Cost of Not Being Compliant

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Rarely a week goes by that we do not hear of the latest multi-million fine being imposed on a bank or a financial institution or a gaming company for lack of compliance. AML failures that have been highlighted consistently include Know Your Customer, Customer Due Diligence and Monitoring Suspicious Transactions. Last year 2020 saw some […]

Transaction Monitoring Solutions and Why Your Business Cannot Do Without One

ComplyRadar -What is AML transaction monitoring

A transaction monitoring (TM) solution focusing on Anti-money laundering (AML), Fraud or Responsible Gambling, provides financial institutions with the tools to monitor customer transactions and identify risky or suspicious transactions effectively in real-time. The role of a transaction monitoring solution is to: Provide a clear and precise process to tackle AML, Fraud and responsible gambling […]

Financial crime in the UK: 2020 Report Results

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The year of the pandemic brought on a new dimension of accelerated illicit activities by individuals or organisations who engage in online fraud. It created parallel realities with businesses combatting these attacks on the one hand and fraudsters capitalising on newfound opportunities for social engineering scams and malware on the other. The UK Finance issued […]

What Is AI/ML Anomaly Detection

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Anomaly detection is an advanced technique that uses an organisations’ data and machine learning to detect behaviour that doesn’t fit within the expected normal behaviour profile. This module works an additional filter for suspicious transactions over and above the ComplyRadar rules engine. There are different types of anomalies that can be detected, including:  Point anomalies; […]

False Positives in AML Transaction Monitoring

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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, […]

ComplyRadar goAML Schema XML Converter

ComplyRadar goAML Schema XML Converter

We are all aware just how the world has changed in recent times, becoming even more uncertain with companies struggling to streamline their operations to meet the “new normal”.  When it comes to money laundering and terrorist financing, there has never been a bigger push to find solutions to assist companies to detect suspicious behaviour […]

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 […]