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 Part of the reason why so much illicit cash makes it through undetected is outdated technology being used to nail money laundering attempts.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.
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
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%.
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