Broadridge has announced the launch of its Anti-Money Laundering Solution (AMLS) which extends its existing Intelligent Automation suite.
AMLS will deliver an end-to-end machine learning-powered anti-money laundering platform covering transaction monitoring, name screening, alert prioritisation and customer risk scoring.
The platform, which is powered by Tookitaki, has been designed for firms looking to improve surveillance and detect illicit money flows and bad actors.
According to Broadridge, up to US$2 trillion is laundered annually and less than 1 per cent of this laundered money is traced. The firm says many existing rules-based AML solutions in financial institutions are not sufficient as money laundering techniques become more sophisticated and the resulting reputational and financial risks firms face accelerate.
Alastair McGill, general manager of Data Control Solutions at Broadridge, says: “The application of machine learning to improve the results of primary transaction, KYC, or sanction screening services, makes sense for firms across the financial services spectrum that have entrenched investments in legacy applications.
“By leveraging new ML techniques to identify suspicious activity, we are enabling firms to make faster and more informed decisions, enhancing operational efficiencies, realising savings, and bringing together data control functions within one intelligent automation platform.”
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