An Australian financial institution with approximately one million customers across Australia and New Zealand has significantly improved its anti-money laundering (AML) processes through the deployment of SymphonyAI’s technology.
According to a case study from the company, the bank had previously faced challenges with a high volume of false positives in transaction monitoring, leading to operational inefficiencies, mounting costs, and unnecessary strain on its compliance teams.
In response, the bank selected SymphonyAI’s SensaAI for AML to upgrade its existing compliance infrastructure without the need for a full replacement. The platform, which uses advanced artificial intelligence techniques, succeeded in reducing false positives by more than 47%. It also enabled the detection of complex criminal behaviours that older, rules-based systems failed to catch. The deployment delivered results quickly and seamlessly, with close collaboration between the bank and SymphonyAI ensuring smooth integration and immediate value.
The shift not only improved accuracy but also freed up critical resources. The compliance team saw a significant reduction in case volumes, allowing them to focus more effectively on high-risk alerts and actual financial crime. A key differentiator for SensaAI was its ability to deliver explainable results, providing transparency that helped build trust and speed up decision-making across compliance functions.
Following the success of its AML programme, the bank is now evaluating opportunities to apply AI in other key areas such as sanctions screening and Know Your Customer (KYC) procedures.
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