Time is of the essence, especially when it comes to the fight against money laundering.
The average company or financial institution is years behind the techniques being employed by terrorist and criminal networks.
When a quick and effective fix to your anti-money laundering (AML) defences is needed, implementing big data technologies enhanced by machine learning can have a dramatic impact.
Big data technologies manage very large sets of data for the purpose of analysis, including identifying patterns, hidden behavioural correlations and trends. What they do is beyond the capabilities of traditional technologies.
Big data technologies enable:
- Analysis of huge data sets with billions of data points at a fraction of the cost of traditional data warehousing systems
- Real-time retrieval, query and analysis of data in a linearly scalable environment
- The application of machine learning techniques that require both data scale and processing power
- Processing of heterogeneous data
- Adaptability to deal with data inconsistencies
- Flexibility to deal with poor data quality
Machine learning is an application of artificial intelligence (AI) that provides systems with the ability to automatically learn and improve from experience, without the need for explicit programming. Computer programs access data and use it to learn for themselves, rather than following pre-determined rules.
The impact that big data technologies and machine learning can have on your AML defences is typically profound and rapid.
At Napier, for example, we offer an AI-powered AML platform to identify and monitor money laundering. Within just 2-4 weeks, the platform can be easily connected into your legacy systems and databases via an application programming interface (API).
Our AML platform goes further than a software patch but doesn’t have to be a complete system upgrade (unless you want it to). It enhances your current AML platform and processes to bridge the gap between new and legacy technology. It provides all the benefits of advanced AML functionality, including model-driven validation, false positives reduction and AI-enabled champion versus challenger scoring models.
Specific use cases, that may not be available in legacy systems, such as sandbox and lookback for historical data analysis, will also be implemented. The platform thus complements and improves current processes and systems by plugging the gaps in legacy solutions in terms of lack of flexibility and adaptability to changing regulations.
Luca Primerano, our Chief AI Officer, explains: “By adopting big data technology and machine learning, the Napier solution leverages the very latest technology to strengthen AML defences and meet AML compliance obligations.
“It is highly scalable, extremely fast, very configurable and user-friendly. A truly multi-user platform designed to support all roles within an organisation, it will identify previously unknown threats and strengthen controls. The ultimate goal is to combat evolving threats and reduce financial and reputational risk.”
Discover ways to protect your organisation from the threats of money laundering
Download our white paper: Money laundering: 10 AML strategies to protect your organisation. In it, you will discover 10 strategies to bolster your anti-money laundering processes.