For their anti-money laundering checks banks and insurance companies analyze data from individuals, transactions and countries involved. Based on the risk-based approach they identify conspicuous business activities. ACTICO supports the prevention of money laundering and terrorist financing with its rule-based software and machine learning.
Anti-money laundering checks are based on the analysis of customer and transaction data. Risks can be related directly to the person, the transaction volume, involved countries or unusual business activities.
Anti-Money Laundering laws and regulations aim at preventing the abuse of the financial system for money laundering or at financing terrorism (CTF). But there are more criminal offenses in the field of anti-money laundering (AML) that can result in threats to an institute's assets. The legislator assumes that criminal activities can jeopardize the reputation and solidity of the whole financial center.
Financial service providers and insurance companies have to implement software that provides effective protection against money laundering and terrorist financing. The fifth European Anti-Money Laundering Directive (5. AMLD) requires more transparency on ultimate beneficial owners (UBO), risks associated with the anonymous use of virtual currencies and safeguards for transactions with high risk countries.
Our rule-based software MLDS analyzes typical business conduct while taking country risks, transaction behavior, legal forms, assets and other aspects into consideration, and determines the risk class. The classification distinguishes among private, retail and corporate banking, institutional investors or brokers according to their behavior. The analysis enables compliance officers to concentrate on relevant cases that need clarification.
Artificial intelligence is able to analyze even highly complex relationships in data to detect money laundering. Machine learning helps minimize the amount of false positives, prioritize suspicious financial transactions and reduce the efforts for clarification.