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We show which advanced methods and technologies enable financial institutions and companies to identify illicit financial flows more efficiently and reliably.
To combat the problem of illicit financial flows, the EU Money Laundering Directive and related national regulations require financial institutions and corporations to identify, monitor and report suspicious transactions. But traditional anti-money laundering (AML) solutions are often inefficient, time-consuming and prone to false positives. As the volume of financial data continues to grow and criminals become more sophisticated, new approaches are needed.
Fincon Reply combines traditional AML solutions with a range of AI-based methods, enabling financial institutions to detect money laundering more efficiently and reliably.
... can automatically detect deviations from normal behavioural patterns and identify suspicious activity based on unstructured data. This can also be used to analyse the relationship between different actors and transactions.
... enriche primary transaction data with additional information from official registers. So the user doesn’t need to search for it manually. The additional information helps to check the plausibility of potentially suspicious transactions and reduce the false alarm rate.
... allows the names of the relevant parties to a transaction to be checked against a variety of black lists that provide an overview of companies that are insolvent or not creditworthy, for example. This significantly reduces false positives.
Fincon Reply's approach offers many benefits to financial institutions and corporations. By increasing the efficiency and accuracy of money laundering detection, reducing manual processes and maximising automation, organisations can use their resources more effectively while minimising the risk of error. In addition, improved compliance strengthens reputation and trust with customers, investors and regulators. By identifying and reporting suspicious activity in a timely manner, organisations can significantly reduce their risk of financial loss and legal repercussions.
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Fincon Reply is a business and IT consultancy specializing in the financial services industry. Fincon Reply proactively advises banks, the Sparkassen Finance Group, insurance companies and near-financial companies as well as their suppliers on their digital transformation. The company provides on-site support with specialised teams of consultants and developers and delivers turnkey solutions.