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Resistant AI and ComplyAdvantage launch AI transaction monitoring solution

By Edlyn Cardoza

October 14, 2022

  • AML
  • Complyadvantage
  • Europe

Resistant AI, ComplyAdvantage, Financial Crime, Risk Data, Financial Institutions, AML, KYC, Transaction Risk Monitoring Platform, Financial Services, USA, EuropeResistant AI, the AI and machine learning financial crime prevention specialists, and ComplyAdvantage, the financial industry’s leading source of AI-driven financial crime risk data and detection technology, announced the general availability of their solution for fighting financial crime across the U.S. and Europe.

Martin Rehak, founder and CEO at Resistant AI, commented, “We are delighted that our joint solution is now available to drive game-changing efficiency gains. Alert prioritisation, the ability to make systems more effective and identify previously unknown risks enables the most effective use of investigative resources and ensures a true risk-based approach.”

Financial crime is a multi-trillion-dollar problem. According to the United Nations, the estimated amount of money laundered globally in one year is 2 – 5% of global GDP, or 800 billion – 2 trillion US dollars. While the cost of fraud and money laundering to financial organisations and other businesses is significant, the cost and damage to economies and society are immeasurable.

Adding Resistant AI’s capabilities to ComplyAdvantage’s transaction risk monitoring platform extends anti-money laundering (AML) and anti-fraud protections offered to financial institutions and other businesses by:

  • Enabling them to detect previously unknown behaviour patterns and identify new risks faster.
  • Delivering alert prioritisation so organisations can focus on the highest risk areas and use their investigative resources best.

“In a complex, rapidly shifting world, criminals continue to find new ways to exploit financial services to launder the proceeds of their crimes. At ComplyAdvantage, we are passionate about giving our clients the best tools to protect themselves – and their customers – from these bad actors and fight back. The addition of Resistant AI’s capabilities will allow our clients to do just that.” said Charlie Delingpole, founder and CEO at ComplyAdvantage.

With these capabilities, organisations can transition to a more dynamic approach to financial crime that uncovers novel behaviour.

“Effectiveness and efficacy are key to scaling,” comments Valentina Butera, Head of AML and AFC Operations at Holvi. “Integrating an AI-driven transaction monitoring solution means we can grow our customer base without growing our headcount at the same rate. With Resistant AI and ComplyAdvantage, we can manage our known risks more efficiently while also identifying and adapting to previously unknown risks.”

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