Broadridge Financial Solutions has launched the Broadridge Anti-Money Laundering Solution (AMLS), bringing new, leading edge capabilities to Broadridge’s existing Intelligent Automation suite.
The new solution delivers an end-to-end machine learning (ML) powered Anti-Money Laundering platform covering transaction monitoring, name screening, alert prioritisation, and customer risk scoring.
“The application of machine learning to improve the results of primary transaction, KYC, or sanction screening services makes sense for firms across the financial services spectrum that have entrenched investments in legacy applications,” says Alastair McGill, General Manager of Data Control Solutions at Broadridge. “By leveraging new ML techniques to identify suspicious activity, we are enabling firms to make faster and more informed decisions, enhancing operational efficiencies, realising savings, and bringing together entire Data Control functions within one intelligent automation platform.”
The current financial crime prevention ecosystem is fragmented and vulnerable to emerging threats. The amount of money laundered annually stands at USD1.6 to USD2 trillion and less than 1 per cent of this laundered money is traced. Many existing rules-based AML solutions in financial institutions are not sufficient as money laundering techniques become more sophisticated and the resulting reputational and financial risks firms face accelerate.
The Broadridge AMLS is for firms and institutions looking to enhance their anti-money laundering surveillance to detect illicit money flows and bad actors. Broadridge’s product, powered by Tookitaki, is an ML-based AML platform that global financial institutions can use to substantially decrease false alerts and realise productivity gains while improving risk mitigation. It leverages innovative machine-learning techniques like AutoML, federated learning and network science to accurately detect complex money laundering activities and triage legacy system alerts through a Smart Alert Management system to accurately prioritise alerts for either rapid disposition or increased due diligence.
Broadridge’s AMLS platform complements existing rules-based systems by utilising supervised machine-learning to identify thousands of risk factors that legacy solutions cannot replicate, to detect threats, and to self-learn via a proven Champion-Challenger framework that keeps pace with increasingly complex laundering techniques.
