ComplyAdvantage and Resistant AI partner on new fraud solution

This announcement coincides with the launch of a new thesis paper on AI in transaction monitoring. Co-authored by ComplyAdvantage and Resistant AI, it explores how customers like Holvi can increase the speed and accuracy with which they monitor transactions for fraud and other financial crime risks.

How Resistant AI complements its partner

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 patterns of behaviour and identify new risks faster;

• Delivering alert prioritisation so organisations can focus on the highest risk areas and make the best use of their investigative resources.

With these capabilities, organisations can transition to a more dynamic approach to financial crime that uncovers novel behaviour as it happens. Officials from Resistant AI explained that 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.

Current state of fraud activity

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 USD 800 billion – USD 2 trillion. While the cost of fraud and money laundering to financial organisations and other businesses is significant, the cost and damage to economies and society as a whole is more significant.

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, they are focused on giving their clients the tools to protect themselves and their customers from fraud. The addition of Resistant AI's capabilities will allow its clients to achieve that.