Anti-Money Laundering Investigations Management, Re-imagined.
Traditionally, the processing and investigation of anti-money laundering (AML) alerts at banks has proven to be a difficult and costly problem. Large investments are often made on teams of human analysts, who are tasked with managing and investigating alerts and making high risk decisions.
The wide scope of surveillance means that AML Transaction Monitoring (AMLTM) systems could potentially trigger as many as 200,000 to 300,000 alerts a month in extreme cases – requiring extensive resources to investigate and manage. Furthermore, differing review techniques across large teams of human analysts can lead to consistency issues and decision errors.
At a time when all industries are under pressure to reduce expenditure, the Nasdaq Automated Investigator for AML can help firms increase operational efficiencies in AML investigations by over 40% while dramatically improving quality assurance and saving costs.
How does the Automated Investigator work?
Breaking down investigative barriers with intelligent automation.
Quality at Scale
100% of your alerts investigated in depth regardless of volume
Improved Investigation Quality
Always consistent and fully explained expert decisions
Increased Operational Efficiencies
~50% Fully Automated Investigations
~50% Highly Augmented
Specialised Investigator Agents (IA’s) ingest customer financial data.
Each IA is validated by experts to generate different types of financial risk evidence.
The Nasdaq Automated Investigator for AML has a Decision Module that assesses IA evidence and generates risk decision and rationale in seconds.
Generates human readable explanations and renders information directly in client Case Management System – no black box.
Automated mechanisms and tools ensure ongoing decision assurance, regulatory compliance and continual performance improvement.
Consistency, efficiency and quality at all levels of the organization
Chief Compliance Officer
Automate the review process for a consistent review of 100% of alerts generated from TM systems to reduce manual investigation errors, improve risk mitigation, lower overall operational risk and decrease regulatory exposure.
Transaction Monitoring Teams
Ensure a comprehensive, consistent review of all alerts generated while enabling your best analysts to re-focus on the highest priority investigations.
Improve productivity of your team with higher quality risk decisions at speed and scale while drastically reducing operational costs.
Money Laundering Risk Officer (MLRO)
Enhance the integrity of AML risk management with explainable, automated decisioning that reduces errors in manual investigations processes.
Chief Financial Officer
Deliver significant cost efficiencies without compromising on mitigation decision integrity or quality.
Reduce regulatory and reputational risk by closing gaps in the investigative process and providing a fully explainable review of alerts generated and closed for regulatory authorities.
EU Cracks Down on Money Laundering
Today banks have AML investigation teams running into the 100’s if not 1000’s. These resources are expensive and currently in short supply. As with any human capital resource intensive group, these departments are error-prone and the investigation process lacks consistency from one person to the next, creating inconsistencies in reporting.
The high cost of keeping large teams, abundance of errors and inconsistencies lead to regulatory exposure.
- The solution automates much of the current investigations process and in the majority of cases will produce a decision and a standardized report with supporting evidence, thereby reducing errors and improving operational efficiency.
- Because reports are generated through a machine, they have been proven to contain fewer decision errors and have less quality assurance issues, mitigating regulatory exposure and improving operational efficiency even further.
- The Automated Investigations Management space is a historically underserviced area of financial crime operations that presents a significant gap in the investigations management process for banks. Many techniques are used to launder money, causing banks to cast a wide net to catch perpetrators. The wide scope of surveillance means AML Transaction Monitoring (AMLTM) systems could potentially trigger as many as 200,000 to 300,000 alerts a month in extreme cases. In response, many banks have tightened the parameters within their AMLTM systems or added additional scoring mechanisms, thereby reducing alerts. However, when banks tune their models too tightly, they run the risk of missing criminal activity and exposing themselves to regulatory sanction. Even those that have tightened their parameters can experience 20,000 to 25,000 alerts in a month. Without capabilities like ours to intelligently manage through the backlog of alerts, with full audit trail capabilities and explainability behind machine learning models, 99% percent of laundered money could continue to illegally flow through the financial system for years ahead.
Nasdaq Automated Investigator for AML Factsheet
Buyer's Guide: Selecting an Automated Solution for AML Investigations
Transforming Financial Crime Investigations
5th Annual Global Compliance Survey: AML Impact Note
How Expert AML Investigators Make Risk Decisions
Leveraging Advanced AI to Automate Your AML Investigations
AML Monitoring in a Covid World
Case Study: Defining Decision Graphs to Improve Quality & Consistency in AML Investigations
The EU Steps in the Right Direction in Combatting Global Financial Crime View The EU Steps in the Right Direction in Combatting Global Financial Crime
Exploring the Use of Technology in AML View Exploring the Use of Technology in AML
The Impact of Advanced Machine Learning in Anti-Money Laundering View The Impact of Advanced Machine Learning in Anti-Money Laundering
How Expert AML Investigators Make Risk Decisions View How Expert AML Investigators Make Risk Decisions
5 Reasons Why Explainable AI Matters to FCC Teams View 5 Reasons Why Explainable AI Matters to FCC Teams
Untapped Intelligence: AML Investigation Decision Graphs View Untapped Intelligence: AML Investigation Decision Graphs
Achieving Maximum Impact from Your Surveillance Team with Technology View Achieving Maximum Impact from Your Surveillance Team with Technology
Reimagining Financial Crime Investigations Management View Reimagining Financial Crime Investigations Management
How Nasdaq is Fighting Financial Crime Through Automated Investigations View How Nasdaq is Fighting Financial Crime Through Automated Investigations