AI and ML anti-financial crime firm Resistant AI has revealed Malta-based Bank of Valetta has adopted its Transaction Forensics product for AML.
According to Resistant AI, the adoption will enable the bank to prevent and detect transactions that are suspected of being involved in money laundering or sanctions evasion.
The company added that Bank of Valletta’s use of its transaction monitoring capabilities is one of the first of its kind by a major bank.
The AI-powered monitoring takes place in real time, allowing the bank to further its protections against financial crime in line with changing regulations and internal risk assessments. It can receive huge amounts of real-time data and process it in seconds to uncover patterns and anomalies that suggest suspicious activity.
Resistant AI’s technology adds sophistication to transaction monitoring capabilities to the bank, without requiring a wholesale overhaul of the bank’s current systems.
Resistant AI CEO and founder Martin Rehak said, “Resistant AI is proud to assist Bank of Valletta in providing truly innovative transaction monitoring capabilities. Our focus on enhancing customers’ existing tech with innovative AI is the ideal response to the rapidly shifting regulatory landscape around money laundering, offering a convenient way to improve a company’s capabilities without overhauling their whole system.”
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
