Home Bots & Business AI drives anti-money laundering solution

AI drives anti-money laundering solution

by Pieter Werner

Tech company Tookitaki uses HPE GreenLake to deliver AI and machine learning-based anti-money laundering solution to financial institutions. The new offering delivers Tookitaki’s artificial intelligence (AI) powered anti-money laundering (AML) solution in a flexible as-a-service consumption model.

The new solution enables financial institutions to create a central big data platform that can perform AML data analytics and enable AI AML solutions. Delivering the solution as a service through HPE GreenLake affords banks the agility, flexibility and scalability of a cloud experience while providing increased control, cost effectiveness and governance when deploying AI-optimized infrastructure platforms and solutions on-premises. UOB, a bank in Asia, is the first financial institution in the world to have chosen Tookitaki’s AML solution on HPE GreenLake to enhance the bank’s AML system through AI. UOB customized Tookitaki’s AI solution to meet the bank’s needs.

Risk dimensions

Through the collaboration with Tookitaki and HPE, UOB was able to pioneer an AI-enhanced AML system which concurrently applies two AML risk dimensions – transaction monitoring and name screening. UOB screens 60,000 account names monthly using the technology to determine if they belong to the individuals or entities on global regulatory watch lists. UOB’s AI-enhanced AML system can now pinpoint more accurately higher-priority cases from the more-than 5,700 average monthly suspicious transaction alerts flagged1. This enables the bank to deploy more deliberately and swiftly the necessary resources in investigating potential money laundering attempts. The models used for name screening and transaction monitoring have achieved 96% prediction accuracy in the ‘high priority’ category.

Misschien vind je deze berichten ook interessant