NetGuardians moves into money laundering transaction monitoring
This article appeared on Finextra on 1st November 2022
Award-winning Swiss FinTech NetGuardians, renowned for its enterprise risk platform combating bank fraud, today announced the launch of its anti-money-laundering (AML) transaction monitoring solution.
NetGuardians has now extended its NG|Screener platform and applied it to money- laundering transaction monitoring in a new solution that stands to transform the outdated AML approaches to bring effectiveness and efficiency to financial institutions.
NetGuardians is already a world leader in fraud prevention, using machine learning and artificial intelligence to protect more than $7 trillion of assets held by its clients. Those using NetGuardians’ software, including UOB Singapore and Swiss private banks Pictet and Lombard Odier, cut false alerts by 85 per cent or more, see a drop of at least 75 per cent in operating costs, and detect and stop more fraud, including new typologies. Such superior performance was recognized by Aite-Novarica when it named NetGuardians a global leader in its 2021 fraud and AML report.
For many banks, AML can be a daunting task considering their obligations and the consequences of non-compliance. It is made all the harder by the increasing volume of digital transactions and real-time payments passing through their systems, the constantly evolving techniques used by the criminals, the silos of data within their legacy systems and their reliance on static rules. Consequently, laundering activities are missed and false alerts remain high, pushing up investigation costs.
NetGuardians’ AML transaction monitoring solution integrates both internal and external sources of data to look for anomalies in behavior. It is capable of monitoring large volumes of transactions highly accurately, significantly reducing false alerts to improve operational efficiency and cut costs.
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