Resistant AI and ComplyAdvantage launch AI-powered solution to fight financial crime

Resistant AI and ComplyAdvantage have launched their financial crime solution in the US and Europe.

Financial crime is a multi-trillion dollar problem. According to the United Nations, the estimated amount of money laundered worldwide in one year is 2-5% of global GDP, or US$800 billion to US$2 trillion. While the cost of fraud and money laundering to financial organizations and other businesses is significant, the cost and damage to economies and society as a whole is immeasurable.

Adding Resistant AI capabilities to ComplyAdvantage’s transaction risk monitoring platform extends anti-money laundering (AML) and anti-fraud protections offered to financial institutions and other businesses by:

• This allows them to detect previously unknown patterns of behavior and identify new risks more quickly.
• Provide alert prioritization so organizations can focus on high-risk areas and get the most out of their investigation resources.

With these capabilities, organizations can transition to a more dynamic approach to financial crime that reveals new behavior as it occurs.

“Efficiency and effectiveness are key to scaling up,” comments Valentina Butera, AML and AFC Operations Manager at Holvi. “Integrating an AI-powered transaction monitoring solution means we can grow our customer base without growing our workforce at the same rate. With Resistant AI and ComplyAdvantage, we can manage our known risks more effectively while identifying and adapting to previously unknown risks.

Martin Rehak, Founder and CEO of Resistant AI, said, “We are thrilled that our joint solution is now available to drive breakthrough efficiencies. Prioritization of alerts, the ability to make systems more efficient and identify previously unknown risks enables the most effective use of investigation resources and ensures a true risk-based approach.

“In a complex and rapidly changing world, criminals continue to find new ways to exploit financial services to launder the proceeds of their crimes. At ComplyAdvantage, we’re passionate about giving our customers the best tools to protect themselves – and their customers – from and fight back against these bad actors. Adding Resistant AI capabilities will allow our customers to do just that. said Charlie Delingpole, Founder and CEO of ComplyAdvantage.

Today’s announcement coincides with the launch of a new dissertation on AI in transaction monitoring. Co-authored by ComplyAdvantage and Resistant AI, it explores how customers like Holvi can increase the speed and accuracy with which they monitor transactions for fraud and other financial crime risks.