Under the anti-money laundering and anti-terrorist financing system (AML-CFT), companies must monitor their customers' activities using automatic person and transaction filtering systems, which generate alerts on suspicious persons or financial movements. These alerts are then validated or dismissed by the company's compliance officer. Confirmed suspicious cases are consolidated in the form of a "suspicious transaction report", which must be forwarded to the Treasury Department or the Tracfin financial intelligence unit.
Regulations require fuzzy logic detection, i.e. detection using spelling, graphic or phonetic approximations...
This type of detection leads to the generation of numerous suspicions known as "false positives". The more suspicions there are, the more business is slowed down, and the more company operators have to manually review customer files.
Our tool for detecting sensitive transactions or persons offers powerful reduction engines. This step consists of automatically eliminating "false positives" using powerful algorithms that are neither random, nor without an understanding of what is going on... The result is up to 98% reduction in false positives!
It is essential, particularly in the event of a control by a regulatory authority, to be able to explain and demonstrate the reasons for automatic elimination of a suspicion. Finally, all these steps would be in vain if the tool were not connected to the information system, CRM, ERP... of the companies and subsidiaries with this detection need.