Anti-Money Laundering

The problem

The United Nations Office on Drugs and Crime estimates that $2 trillion is illegally laundered throughout the world each year. Just for the reference: that's 2 with 12 zeros. If you were to spend 1 million dollars a day, you’d need over 5000 years to run out of 2 trillion.

To make matters worse, money laundering goes hand in hand with other unlawful activities such as tax evasion, drug dealing, and terrorist financing. That's why its detection is a top priority for financial institutions.

The problem, however, is that less than 1% of all the laundered money is actually caught by the institutions. Part of the reason why so much illicit cash makes it through undetected is outdated technology being used to nail money laundering attempts. Numerous false alarms, weak detection patterns, or skyrocketing costs of AML programs take their toll to the banking industry.

The solution

Comarch Anti-Money Laundering is an AI-based, self-improving system that takes the burden of monitoring and flagging potentially suspicious transactions off your shoulders, and lets you focus on more complex challenges.

The ability to learn from past incidents is one of the most important features of Comarch Anti-Money Laundering. What this means is that the system can gradually widen its detection scope by identifying new money laundering patterns. No more if-this-then-that.

But the best part is, Comarch Anti-Money Laundering is placed on top of your existing AML solution. It then prioritizes the alerts generated, so your analysts can focus on most suspicious cases first – all the while using the same, well-known interface.

ENHANCED AML PROCESS

AML software

Key benefits for your business

better detection rate

Better detection rate

Simply put, what you get is less false alarms, and more insights. The daunting task of detecting money laundering among millions of inconspicuous transactions becomes visibly effective – with both false positives and negatives reduced to minimum. Comarch’s AI-based engine constantly monitoring deposits, withdrawals, purchases, fund transfers, merchant credits, payments, trading activities, and a lot more. Better yet, thanks to a built-in KYC tool, all the data you need is at your fingertips, without you having to collect it by hand.

faster investigations

Faster investigations

Comarch Anti-Money Laundering uses artificial intelligence and machine learning to discover hidden patterns, allowing it to spot and understand relationships and similarities between data. With this data, the software will learn to detect anomalies as well as categorize and predict specific events . Suspicious activity is scored by the software according to the probability of it being a real money laundering attempt.

cost reduction

Cost reduction

The system can decrease a bank’s false positive rate by several percent when used in conjunction with existing AML measures. This frees up AML analysts’ time, so they can pay greater attention to more demanding tasks that require human intervention. Plus improving transaction monitoring processes through smarter algorithms, not more headcount simply saves money.

easy integration

Easy integration with external systems

This system can be integrated seamlessly with other systems, so the analyst does not need to spend any time learning to use a whole new product. The analyst can visualize statistics, detected anomalies, and suspicious cases arranged by categories, in a clear and understandable way.

Proof of concept

One of Top 10 Polish banks being part of a global financial group was looking to reduce their false alarm ratio in terms of transaction monitoring. With Comarch Fraud Protection, the bank was able to cut down the ratio by as much as 20%.

Find more use cases

    Comarch Fraud Protection
    Anti money laundering software

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