This article appeared on IBS Intelligence on 2nd November 2022
Swiss FinTech NetGuardians, helping financial institutions worldwide prevent bank fraud, has launched its new anti-money laundering (AML) transaction monitoring solution.
The RegTech company has upgraded its NG|Screener platform to include a money-laundering transaction monitoring solution with an aim to transform the outdated AML approaches to bring effectiveness to financial institutions.
NetGuardians believes that for many banks, AML can be a daunting task due to their obligations and the consequences of non-compliance. This is made harder by the increasing volume of digital transactions and real-time payments passing through their systems, the evolving techniques used by criminals, the silos of data within their legacy systems, and more.
The new AML transaction monitoring solution integrates both internal and external sources of data to look for anomalies in behaviour. It is capable of monitoring large volumes of transactions highly, reducing false alerts to improve operational efficiency and cut costs.
Joël Winteregg, NetGuardians co-founder and chief executive, said, “Over the past years, several of our client banks have already applied our fraud-prevention software for AML. Working with them, we have expanded its capabilities, adding new features to the highly efficient core analytics specifically for AML monitoring. We have now the pleasure of launching our new AML transaction monitoring solution and offering it to financial institutions worldwide. By giving the opportunity for fraud and AML teams to work together, we break down the silos to better combat financial crime. Regulatory obligations are better met and at a lower cost.”
NetGuardians offers fraud prevention tools using machine learning and artificial intelligence to help protect more than $7 trillion of assets held by its clients. NetGuardians claims that those using its software see a drop of at least 75 percent in operating costs and detect and stop more fraud.
Back in April, NetGuardians was selected by Zurich Cantonal Bank to help bolster its defences against fraud.
Read this article on IBS intelligence website.