FINANCIAL CRIME (AML)

Reduce false positives, eliminate false negatives and discover hidden patterns in your banking transactions

Huge number of false alerts triggered from AML monitoring systems is one of the biggest challenge being faced by Banks and Financial institutions today. Due to inefficiencies of transactions monitoring systems (TMS), 90 to 95 percent of alerts are false. Not only does this translate into operational overhead, it may lead to missing real alerts hiding under enormous number of false alerts.

THE FALSE -VE FINANCIAL EXPOSURE PROBLEM

What is the financial exposure as a result of AML?

3-5% 0f Global GDP is laundered through the global systems. Penalties, alone, was $12 trillion and expected increased by $400 billion in 2020.

The false +ve "We can't stop the fraud unless we see it" problem

Given the ever-growing sophistication of contra parties, 96% of system generated alerts are “false positives”, requiring investigations(costly and time-intensive).

False positive cost billions of dollars in wasted investigation time each year but more importantly, expose banks to steep fines and reputational damages for failing to identify bad actors involved in organized crime sanctions evasion, or tourism.