Current Situation
High false positives continue to be a primary area of concern for financial firms, which are a substantial drain on resources that could be used more productively. Rules based systems without advanced analytical capabilities are not adequate to identify suspicious activity and meet regulatory requirement and expectations.
Goals and Objectives
Improve efficiency of AML and fraud processes to reduce operational costs while more accurately identifying suspicious activity. As a result, compliance and reputational risks are reduced.
Technology Deployed
Hardware: Enterprise hardware
Services: Business consulting, managed services (BPO and SaaS)
Software: Analytics and AI, application platforms, content workflow and management applications
Innovation accelerators: Cognitive
3rd Platform technologies: Big Data, analytics
Use Case Summary
Implementation of this use case will be characterized by an AML and fraud management system that automates 80% of the workload associated with the prevention, detection, investigation, and regulatory reporting of suspicious money laundering and/or fraud activity.