Protect your organization from exisitng and emerging financial crimes with automated money laundering typology detection embedded in our fraud and AML solutions.
Protect your organization from exisitng and emerging financial crimes with automated money laundering typology detection embedded in our fraud and AML solutions.
Product Overview
Fraud detection refers to the process of monitoring transactions and customer behavior to pinpoint and fight fraudulent activity. It is usually a central part of a firm’s loss prevention strategy and sometimes forms a part of its wider anti-money laundering (AML) compliance processes. When fraud detection and its related functions are integrated into a wider AML framework, the combination is sometimes referred to as fraud and anti-money laundering (FRAML). Regardless of the structure it belongs to, fraud detection relies on technological tools, subject-matter experts (especially analysts), policies, and procedures to function well.
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Fraud Detection and AML Solutions
PS AML provides support for the full AML risk assessment process - from assessing a new customer, through meeting the requirements for increased customer identification and verification, handling sanction lists and PEP (politically exposed persons), cyclical customer assessment and transaction monitoring.
A combination of expert knowledge and advanced data analysis allows the user to increment considerably the number of detected fraud cases. The use of AI and data mining algorithms makes it possible to identify unusual events, and improve the effectiveness of red flag rules.
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