Resistant AI and ComplyAdvantage Launch AI Transaction Monitoring Solution To Combat Fraud and Money Laundering
Holvi, the digital banking service for small businesses, is among the initial group of customers to implement the AI-driven solution to manage their financial crime risk
LONDON, Oct. 11, 2022 /PRNewswire/ — Resistant AI, the AI and machine learning financial crime prevention specialists, and ComplyAdvantage, the financial industry’s leading source of AI-driven financial crime risk data and detection technology, today announced the general availability of their solution for fighting financial crime across the U.S. and Europe.
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…