Thursday, September 29 2022

To better respond to stricter compliance rules resulting from recently extended sanctions and the resulting increase in money laundering activity, ComplyAdvantage and Resistant AI have partnered to expand their offering to the financial industry.

“Sanctions on such an unprecedented scale have dramatic consequences. They exclude many powerful individuals and organizations from the global financial system. As a direct result, they open the floodgates to creative and widespread evasion attempts by highly sophisticated financial criminals,” said Martin Rehak, Founder and CEO of Resistant AI. “We expect the volume of money laundering attempts to skyrocket in the coming months.”

Adding Resistant AI capabilities to ComplyAdvantage’s transaction risk monitoring platform will expand the anti-money laundering (AML) protections available to financial institutions, allowing them to detect previously unknown behavior patterns and identify new risks faster than before.

The combined solution will also help detect clusters of related transactions and entities, as well as provide alert prioritization, allowing financial institutions to focus on the areas of highest risk and make the best use of their resources. With these capabilities, organizations can transition to a more dynamic and responsive AML capability that discovers new behavior as it occurs.

“We know bad actors will leverage technology and advanced analytics to keep raising the stakes. Even the most subtle patterns of behavior can reveal attempts to evade sanctions and ultimately huge financial losses,” said Charlie Delingpole, Founder and CEO of ComplyAdvantage. “It becomes more difficult to keep pace with so much change in a short time, which also increases compliance costs and complexity for financial institutions. However, we want to assure businesses that there is a way to respond, with tools like purpose-built AI and risk monitoring to fight back.

Organizations worldwide, including existing ComplyAdvantage customers, will be able to adopt the common solution to rapidly enhance existing AML capabilities.

“For financial organizations, every bit of data becomes a critical piece of the puzzle in identifying their risk exposure. The ability of resilient AI to identify unknown patterns of criminal behavior in addition to ComplyAdvantage’s continuously updated sanctions data is a major help for compliance teams,” commented Jan Hammer, Partner at Index Ventures, the company venture capitalist who backed both companies.


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