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March 22, 2022

ComplyAdvantage, Resistant AI to boost AML security amid global sanctions

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UK-based financial fraud detection firm ComplyAdvantage has forged an alliance with the AI and machine learning company Resistant AI, which offers identity forensic solutions.

The two companies are collaborating to scale up anti-money laundering (AML) capabilities for financial institutions amid escalating global sanctions in the wake of Russia-Ukraine crisis.

Under the tie-up, Resistant AI’s capabilities will be integrated into ComplyAdvantage’s transaction risk monitoring platform.

The move will enable financial institutions to boost their AML protection and help them identify previously concealed behavioural patterns and quickly detect new risks.

In addition to identifying novel behaviours, the joint solution will help to spot clusters of connected transactions and entities with features for alert prioritisation.

It will enable financial institutions to focus on the highest risk areas and enhance the use of their resources.

Resistant AI founder and CEO Martin Rehak said: “Sanctions on this unprecedented scale have dramatic consequences. They exclude a large number of powerful individuals and organisations from the global financial system. As a direct consequence, they open the floodgates to widespread, creative evasion attempts by very sophisticated financial criminals.

“We predict that the volume of money laundering attempts will skyrocket over the next few months.”

ComplyAdvantage founder and CEO Charlie Delingpole said: “It becomes harder to keep pace with so much change in a brief period of time, which also drives up compliance costs and complexity for financial institutions. However, we want to assure businesses that there is a way to respond, with tools like purpose-built AI and risk monitoring for fighting back.”

The combined solution, which is available to organisations globally, is said to be designed to quickly boost their existing AML capabilities.

Last year, TransferMate, an Irish cross-border B2B payments technology firm, tapped ComplyAdvantage for AML and risk screening.

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