Sentinels ‘significantly expands capacity’ of AML approach with new platform 


Sentinels is enhancing the fight against fraud with the launch of its new platform solution for transaction monitoring.

The SaaS platform is built to support financial institutions detect and eliminate financial criminality with greater speed and accuracy than ever before. 

It comes as the market continues to be characterised by elevating transaction volumes, increasing compliance costs and tightening regulations, Sentinels is looking to support banks, wallets, payment service providers and other financial institutions to get ahead of the AML curve. 

Maria Adele Di Comite, Research Director, IDC Financial Insights Corporate and Retail Banking, commented: “Banks are in a privileged position to contribute to the societal good by combatting financial crime. 

Regulators are therefore asking for support from the banking community and are imposing huge fines on organisations that are not complying with the requirements to counter financial crime. 

“Banks’ efforts are twofold, they must contribute to detecting and combating financial crime, whilst meeting customers’ expectations for a seamless customer experience, thus they need to detect possible criminal transactions in the most efficient way deploying quick and smooth detection tools and processes. That is the underlying reason that led 33% of the European banks to plan additional investments in AI and ML in 2022, implementing efficient automated screening processes, minimising the friction in customer experience, and enhancing operational efficiency by reducing false positives. 

“The relevance of AI and ML, along with data and analytics investments are expected to grow in 2023 to address the ever-increasing concerns for security, risk, and compliance.” 

Users of Sentinels’ solutions have realised up to a 55% reduction in time spent on case management and a 25% reduction in ‘red herring’ false-positive transaction alerts, which needlessly divert the time and energies of compliance officers while increasing the chances of genuinely illegal activities slipping through undetected. 

Furthermore, it builds on Sentinels transitioning to a scalable, high-performance AWS cloud-based delivery model, where customers connect into the SaaS platform via secure, standardised APIs. 

Christian Roberts, Chief Product Officer at Sentinels, added: “One of the key challenges facing today’s compliance teams lies in their limited capacity to identify, monitor and manage key sources of risk. The Sentinels SaaS platform extends this capacity significantly, by enabling them to create and test tailor-made business rules without interrupting the platform’s real-time detection engine. 

“It also opens the door to the introduction of AI and machine learning algorithms which can further reduce risk by, for example, analysing patterns and suggesting enhancements. This is an important step forward in our transaction monitoring capability and we’re extremely excited to bring it to market.”

Ibrahim En-nali, Sentinels’ Chief Technical Officer, concluded: “Our real-time detection capability helps our customers tackle more areas of financial risk by providing immediate analysis of transaction processing flows. 

“This enables our customers to proactively block suspicious transactions before they create further risks. The scalability of our SaaS architecture enables Sentinels clients to grow their transaction volumes unimpeded by the technologies they use to monitor, manage and mitigate risk.”