Salv has recently introduced its Collaborative Scenario Library, a pioneering tool designed to enhance the effectiveness of AML teams.
This innovative feature forms part of the broader Salv Monitoring solution, setting a new standard for community-driven transaction monitoring and proactive financial crime prevention.
The impetus for this new product stems from the ongoing challenges financial institutions face in maintaining compliance and effectively pinpointing new patterns of financial crime. Current regulations often offer only broad, risk-based guidelines, lacking specific frameworks for monitoring, which Salv’s new tool aims to address.
Salv operates within the RegTech industry, providing solutions that help financial institutions manage regulatory compliance more efficiently. Their offerings are geared towards leveraging technology to streamline and enhance the effectiveness of compliance operations.
The Collaborative Scenario Library itself is a significant innovation. It offers financial institutions a curated, anonymised database of proven monitoring scenarios and rule frameworks. This allows institutions to collectively tackle emerging threats while adhering to strict regulatory standards.
Additionally, the library empowers financial institutions by providing access to shared insights, which enhance both regulatory adherence and real-world effectiveness in combating financial crimes. This approach not only supports compliance but also fosters a more proactive stance against financial crime.
“We understand that compliance is more than a checkbox—it’s about actively preventing financial crime. Teams want to go beyond tick-box compliance and do more,” Ester Eggert, head of product at Salv, said. “Our solution is rooted in a unique collaborative model where users can trust that they are learning from the best practices of their peers. Companies will be able to take scenarios known for generating high true positive rates, tweak them as needed, then implement them. As a result, they can quickly catch more financial crime.”
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