NetGuardians, an enterprise risk platform helping to combat fraud, has launched its new anti-money laundering (AML) transaction monitoring solution.
The RegTech company has extended its NG|Screener platform to include a money- laundering transaction monitoring solution that aims to transform the outdated AML approaches to bring effectiveness and efficiency to financial institutions.
It stated that AML is a daunting task for many banks due to their obligations and consequences for failing to meet compliance. This is made harder by the rising volume of digital transactions and real-time payments passing through their systems, the evolving methods of criminals, the data silos within legacy systems and more.
The new anti-money laundering transaction monitoring solution integrates both internal and external sources of data to seek anomalies in behaviour. It is capable of monitoring large swathes of transactions, reducing false alerts to improve operational efficiency and cut costs.
NetGuardians offers fraud prevention tools that are powered by machine learning an AI to help protect over $7trn of assets held by its clients. Clients of NetGuardians can cut false alerts by 85% or more, see a drop of at least 75% in operating costs and detect and stop more fraud, it claims.
Earlier in the year, NetGuardians was selected by Zurich Cantonal Bank to help bolster its defences.
Similarly, Luzerner Kantonalbank AG also teamed up with NetGuardians earlier this year to improve its fraud-prevention system. Through the deal, LUKB implemented NetGuardians’ AI-based fraud-mitigation software.
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