Seeking to boost the way it serves clients and the financial services industry, Broadridge Financial Solutions has announced the launch of the Broadridge Anti-Money Laundering Solution (AMLS).
The new solution aims to deliver an end-to-end machine learning (ML) powered Anti-Money Laundering platform covering transaction monitoring, name screening, alert prioritisation, and customer risk scoring.
“The application of machine learning to improve the results of primary transaction, KYC, or sanction screening services makes sense for firms across the financial services spectrum that have entrenched investments in legacy applications,” said Alastair McGill, General Manager of Data Control Solutions at Broadridge.
“By leveraging new ML techniques to identify suspicious activity, we are enabling firms to make faster and more informed decisions, enhancing operational efficiencies, realising savings, and bringing together entire Data Control functions within one intelligent automation platform.”
The launch comes as the current financial crime prevention ecosystem suffers from fragmentation and is vulnerable to emerging threats.
In unveiling the new offering, the firm outlined that the amount of money laundered annually stands at $1.6 to $2 trillion and less than 1% of this laundered money is traced. Many existing rules-based AML solutions in financial institutions are not sufficient as money laundering techniques become more sophisticated and the resulting reputational and financial risks firms face accelerate.