Austreme gets patent for transaction laundering detection technology

Austreme has received a patent for its transaction laundering detection technology, which helps identify transactions from unauthorized e-commerce websites.

The RegTech company processes tens of millions of websites each day and feeds this information into its machine learning technology which traces and detects high-risk transactions. By using this platform, companies can reduce threats from money laundering, suspicious transactions, and illegitimate businesses.

Its technology helps banks and payment companies comply with rules and regulations like Visa Global Brand Protection Program (GBPP), MasterCard Business Risk Assessment and Mitigation (BRAM) and local laws.

Austreme director Terence Chau said, “Since Austreme’s development of the world’s first transaction laundering detection service in 2010, we have effectively helped banks and payment companies mitigate and prevent billions of dollars of fines from card schemes.”

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