2024

AML

Development
Technology
Architecture

task

The primary objective is to create an AML solution that effectively monitors transactions to identify potential money laundering activities. The system aims to differentiate routine transactions from suspicious anomalies while significantly reducing false positives. This enables Bancontact Payconiq compliance teams to focus on critical cases requiring attention, ensuring that resources are allocated efficiently to maintain regulatory compliance and uphold the integrity of financial operations.

idea

The AML solution relies on a synergistic approach, combining machine intelligence and human expertise to optimize transaction monitoring. By using a rule-based system for initial classification and enabling compliance teams to provide insights, the system benefits from continuous learning. This iterative process enhances detection accuracy and ensures that the system adapts to new patterns over time, fostering a cycle of improvement and efficiency.

approach

After the rule-based system has classified the transactions, the alerts generated by the system are fed into a service desk environment. Here, the transaction monitoring system can update these alerts based on insights that arive over time. In addition, compliance teams review and interpret the alert. Human insights from this review are fed back into the monitoring system, creating a feedback loop that enhances the system’s adaptability and precision with each iteration