WatchDOG AML is a “holistic” anti-money laundering (AML) solution that works to prevent financial crime by “identifying suspicious activity in real time with an enterprise transaction monitoring system,” the companies said in a statement on Monday (Nov. 30).
“As criminals relentlessly target financial systems, organizations require cutting-edge technology for fraud detection and risk management,” said Kurt Guenther, CSI’s group president of business solutions. “By partnering with Featurespace, we’re providing our customers with a powerful AML solution that leverages the latest in machine learning to fight illicit activity and ensure compliance.”
The solution analyzes human behavior and alerts users when anything appears unusual or questionable.
“The ability to understand genuine customer behavior allows banks and credit unions to more accurately detect anomalies and additional suspicious activity so that only the most worthwhile alerts are passed along for review, while also reducing false positives and bringing more financial crime to light,” said Dave Excell, founder and president of Featurespace.
“By using our Adaptive Behavioral Analytics, CSI’s WatchDOG AML helps financial institutions drive down risk by monitoring transactions, and also helps the industry take another step forward in the fight against this global problem,” he added.
Headquartered in Kentucky, CSI works with financial institutions (FIs) across the country to provide FinTech solutions.
Based in Spain, Featurespace offers “enterprise financial crime prevention for fraud and anti-money laundering,” per the announcement.
A Financial Crimes Enforcement Network (FinCEN) report in September said that governments allow corruption to thrive in the world’s banks. Thousands of suspicious activity reports have outlined the global corruption that was allowed to flourish by regulators.