Pitting machine intelligence against financial crime

The precise application of machine intelligence solutions can enhance existing technologies and processes to detect potential financial crime, without the need to engage in large-scale software upgrades. Alma Angotti, Timothy Mueller and Joe Campbell explain how 'MI' can help with segmentation, prioritisation and typology development.

Navigant Consulting Inc. has partnered with machine intelligence software company Ayasdi to offer a comprehensive solution. Alma Angotti, an AML consulting expert, is a managing director and co-lead of the global investigations and compliance practice at Navigant. Timothy Mueller is a managing director in the financial services practice, while Joe Campbell is a director in the global investigations and compliance practice.

Introduction

Anti-money laundering (AML) transaction monitoring (TM) to identify potentially suspicious transactions is a challenging undertaking for banks and other financial institutions. It is an important tool to stop the funding of terrorist activity, money laundering, as well as other crimes such as human trafficking and drug distribution. Yet existing AML TM systems and processes have proven to be operationally inefficient and often ineffective.