Transaction Monitoring - The IntelleWings way

Our clients look for solutions that help with the increasing load of shifting through transactions on a daily basis. As the regulatory environment gets stricter by the day, compliance teams need solutions that can adapt to rapidly changing needs of AML/CFT compliance and that can be relied on to cut down on the rate of false positives without missing the real outliers.

Our Transaction Monitoring system starts with a comprehensive rule set with scenarios developed in consultation with industry veterans. Based on needs and changing external environment, new rules can be easily configured and set up on the rule-engine. This rule engine is enhanced by cutting edge technological listed below that make it a lot more robust, resilient, and reliable as compared to our competitor’s offerings:

• Simulator: The simulator works on historical data and allows a dry run of scenarios on historical data and hence allows for bottomline testing as well as fine-tuning of the thresholds for the rule engine.
• Outlier optic:A second layer of safety goes beyond the rule engine. At its core lies a ML powered proprietary system that looks for outlier-transactions which might have sneaked-in through the rule engine, and flags them for further checks.
• Envision:In today’s world every customer is different which is why rule based filtering engines are limited. As a third layer of safety our ML algorithms learn from the behaviour (past transactions) of each customer, and predict a range of behaviours for each customer. Any deviation from the predicted behaviour is flagged and reported.
• Enhance:Every new account is treated as a source of high risk transactions, and each new account is analysed to note anomalous behaviour in the backdrop of the larger world of user accounts.
• 360 view:Every transaction is screened for all the parties involved in every transaction, and any engagement with high-risk counterparties is flagged.
• AI Based Threshold setting:Our AI models help with auto recommendation of thresholds learning from past trends of false positives.
• Intelligent Screening:A lot of alerts are generated because of misidentification of names. Our screening solution includes additional data such as age, alias, and location to weed out such false positives. The screening functionality is powered by our AI based proprietary AML/CFT database.

The flagged transactions are then presented as alerts in the Case Manager module which is a fully configurable and permissions/role based system workflow. Intellewings EYE within the case manager presents a Customer-account-counterparty map for each transaction, structures data and highlights the most important pieces of data which dramatically speeds up the decision making and detection of money laundering patterns by compliance teams. The case manager also has additional features that allow one click requests for information from other departments within the organisation thus making manual workflows for RFI- Request for Information redundant.

As our compliance team partners use the system, our AI algorithms learn from their actions and intelligently optimise the alerts, further reducing the number of false positive and false negative alerts. Automated monitoring tools are a necessity for banks today as they dramatically reduce the manpower costs of compliance as well as regulatory risk. Reach out to us to know how we ensure you can and we stay ahead of the competition curve.