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Fintech & Banking

Fraud & Anti-Money Laundering

Money laundering and fraud are criminal offences in most countries. To reduce the risk of these activities, every financial institution needs to have adequate money laundering, terrorist financing and fraud detection controls, policies, and procedures in place.

As part of the Proceeds of Crime/Money Laundering and Terrorist Financing (PCMLTF) Compliance, banks are obligated to have a Compliance program, KYC (Know Your Customer) process, Transactions reporting and Records keeping system in place.

Client risk assessment is an important factor in financial services, especially for fraud detection and money laundering prevention. This includes cohesive on-boarding of new clients and accessing and mining KYC data. Monitoring of accounts and transactions to collect common data can help identify cases that need further investigation.

Fraud Detection

With artificial intelligence you can predict customer behavior, effectively identifying high risk customers and notifying employees to intervene. Even if the customer does not show any anomalies (they pay, communicate, etc.), we can find signals in their behavior suggesting that the situation may change – e.g. delayed payments or balance falling frequently into unauthorized overdraft.

Take advantage of the potential of artificial intelligence which investigates and compares millions of data points and keeps you on guard to identify the common warning signs that precede the fraud itself.

Money Laundering Detection

Let artificial intelligence learn from real-life examples. Algorithms consider hundreds of indicators, comparing them with past cases and searching for common features in order to reveal suspicious transactions and accounts with a high degree of accuracy. The money laundering system is continuously evolving to outpace regulations; with artificial intelligence, your detection will continually update the rules for identifying suspicious behavior.

How Adastra can help you in Fraud Detection and Anti-Money Laundering

Leverage our artificial intelligence capabilities and ensure your rules for revealing fraud and money laundering evolve in step with offenders’ practices.

Adastra has developed a common analytics and reporting solution that encompasses all banking verticals, including payments, mutual funds, deposit products, capital markets, lending, insurance and more. Our Anti-Money laundering business process includes KYC at the time of account opening, enhanced due diligence, transaction monitoring, investigation and case management, regulatory reporting and checks at the time of account closure. Pre-processing covers calculation of client profiles and indicators from both internal and external data, processing of risk activities into indicators (such as police investigations, suspicious behavior in the branch, etc.). In addition to flagging suspicious transactions, our solution also evaluates KYC data for risk indicators and assigns each client with a risk category. The risk is re-evaluated if there are any changes or updates to the account, including addition of a client.

Our solution also keeps diligent records of account opening, trust deeds, large cash transactions or other large or suspicious transactions, and foreign financial institution (FFI) records for corresponding banking relationships. Monitoring includes both Money Laundering metrics, such as large or suspicious transactions and foreign currency exchange, and Data Quality metrics, such as missing data or invalid values. The solution also allows for remediation and sends records flagged as suspicious to assigned AML officers for review. Reports can be generated for large cash transactions, suspicious transactions, terrorist group or listed person property and EFT through the solution and sent directly to regulators like OSFI and FINTRAC.

We have enriched our current data mining techniques with new artificial intelligence procedures, allowing us to incorporate new data and algorithms in scoring. With Adastra, you will know more about your clients/applicants and will be able to act on suspicious activity earlier.

Interested in learning more about Adastra’s Fraud Detection and Anti-Money Laundering solutions? Book a free consultation today.

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Shannon Corless

SVP Enterprise

Shannon Corless

Oliver Fuchs

EVP Operations

Oliver Fuchs

Ilia Bolotine

SVP Financial Services & Head, Adastra Business Consulting (Canada)

Ilia Bolotine