Financial crime is a multi-trillion-dollar problem. According to the United Nations, the estimated amount of money laundered globally in one year is 2 – 5% of global GDP, or 800 billion – 2 trillion US dollars. While the cost of fraud and money laundering to financial organizations and other businesses is significant, the cost and damage to economies and society as a whole is immeasurable.
Adding Resistant AI’s capabilities to ComplyAdvantage’s transaction risk monitoring platform extends anti-money laundering (AML) and anti-fraud protections offered to financial institutions and other businesses by:
- Enabling them to detect previously unknown patterns of behavior and identify new risks faster.
- Delivering alert prioritization so organizations can focus on the highest risk areas and make the best use of their investigative resources.
With these capabilities, organizations can transition to a more dynamic approach to financial crime that uncovers novel behavior as it happens.
“Effectiveness and efficacy are key to scaling,” comments Valentina Butera, Head of AML and AFC Operations at Holvi. “Integrating an AI-driven transaction monitoring solution means we can grow our customer base without growing our headcount at the same rate. With Resistant AI and ComplyAdvantage, we can manage our known risks more efficiently while also identifying and adapting to previously unknown risks.”
Martin Rehak, founder and CEO at Resistant AI, commented, “We are delighted that our joint solution is now available to drive game-changing efficiency gains. Alert prioritization, the ability to make systems more effective and identify previously unknown risks enables the most effective use of investigative resources and ensures a true risk-based approach.”
“In a complex, rapidly shifting world, criminals continue to find new ways to exploit financial services to launder the proceeds of their crimes. At ComplyAdvantage, we are passionate about giving our clients the best tools to protect themselves – and their customers – from these bad actors and fight back. The addition of Resistant AI’s capabilities will allow our clients to do just that.” said Charlie Delingpole, founder, and CEO at ComplyAdvantage.
Today’s announcement coincides with the launch of a new thesis paper on AI in transaction monitoring. Co-authored by ComplyAdvantage and Resistant AI, it explores how customers like Holvi can increase the speed and accuracy with which they monitor transactions for fraud and other financial crime risks.