Transaction Lookbacks and Monitoring via Network Modeling & Statistical Algorithms.
Whittling down false positives in SARs & identifying anomalies and false negatives missed in SARs created by standard AML products. Complements your existing legacy solutions.
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A Fraud Monitoring & Detection Platform
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Banks struggle to keep up with new AML regulations, sanctions lists, investigative alerts, and investigation requests. They have to monitor, intervene, investigate and report potentially unlawful transactions.
In the fight against money laundering, Banks waste Billions every year on false positives and in fines for false negatives
Our Differentiators
Algorithmic Techniques
Because patterns can run into thousands, understanding anomalies and conforming transactions is aided with various visualization techniques to help defend the final reports with regulators.
THE FALSE -VE FINANCIAL EXPOSURE PROBLEM:
What is the financial exposure as a result of AML?
3-5% of Global GDP is laundered through the global systems.
Penalties, alone, was $1.2 trillion, and expected to increase by $400 billion in 2020.
THE FALSE +VE "WE CANT STOP THE FRAUD UNLESS WE SEE IT" PROBLEM:
Given the ever-growing sophistication of contra-parties, 95% of system generated alerts are “false positives”, requiring investigations (costly and time-intensive).
False positives cost billions of dollars in wasted investigation time each year but more importantly, expose banks to steep fines and reputational damage for failing to identify bad actors involved in organized crime sanctions evasion, or terrorism.
Topaz AML
THE PROBLEM
Challenges with many of the existing AML products:
Consistent occurrence of false negatives.
1.
2.
Linear rule based techniques become brittle and are hampered by the multiple data privacy regulations.
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Very high false positives.
Use Cleareye.ai TOPAZ-AML suite to dramatically reduce false positives and spot the real bad actors!
OUR SOLUTION
Business working with a foreign supplier
Scenarios We Tackle:
Business receiving or initiating a wire transfer request
Business contacts receiving fraudulent correspondence
Executive & attorney impersonation
Data Theft
Smurfing, Mule, Triage & Micro-segmentation, Nested Accounts and Other
The Cleareye.ai TOPAZ - AML Promise:
Business Benefits
Turn the spotlight on suspected money laundering or fraud in hours instead of weeks.
Detect potential financial exposure with Topaz Real-time Monitoring service.
Insights and action recommendations on suspected transactions.
AI models often lack learning corpus which makes implementation very difficult. Solving this issue using SME defined taxonomies is key.
Differentiated Machine Learning
Non-Linear Regression Models with Synthetic Data
Linear rule based become brittle over time due to lack of dynamic adjustment to non-linear patterns.
Topaz AML’s non-linear modeling techniques adapt quickly, through self learning analysis. Topaz AML integrates with existing banking and AML systems, is efficient to deploy and scale, and maintains efficiency with near real-time update
Extensive logs to help audit the findings, including excel based outputs to help customize and integrate reports with existing regulatory SARs reporting infrastructure.
WHY?
Topaz In Action!
Topaz AML Platform
Our learning algorithms take advantage of the large pools of data and heightened computing power available to detect patterns that might go unnoticed by data scientists.
