AMLOCK analytics, an advanced Anti-Money Laundering solution powered by Artificial Intelligence and Machine Language which will aid banks and other financial institutions to spot complex and hidden AML patterns has been launched. While discussing AMLOCK features, Global Head- AML Practice, 3i Infotech, Ravikanth Sama, said AMLOCK is capable of reducing false positives using risk profiling, through predictive analytics that identifies potential risk and thereby enhances decision making. He said, “AMLOCK Analytics blends both the traditional rule-based system and the power of Analytics to bring better efficiency & risk focus. It can be hosted both on-premise and on cloud infrastructure. The solution provides a probability score indicating the chances of closing an alert based on the past actions taken by the users on similar alerts. AMLOCK Analytics improves the conversion rate of Suspicious Transaction Report (STR) or Suspicious Activity Report (SAR), as it dynamically correlates between the alerts in which suspicious transaction reports have been generated and those that have been tagged as false positives by the investigators.”
He further explained that AMLOCK Analytics is multi-segmented and used by banks, insurance companies, Non-Banking Finacial Companies (NBFCs) and mobile wallet companies to proactively detect and manage potential money laundering activities and it has over 100 installations already across 35 countries. 3i Infotech which is positioned among the world’s 100 major players in risk and compliance technology revealed that the AML solution has offerings such as AMLOCK Suite which include AMLOCK FCDMS, Financial Crime Detection and Management Solution, which provides end-to-end financial crime management for large enterprises. It also has AMLOCK Lite, which caters to AML requirement of small and medium institutions; and finally, AMLOCK Analytics brings the latest dimension of Analytics & AI to uncover hidden AML patterns/risks.
Balakrishna Peddiraju, Head – Global Delivery & Engineering (AMLOCK), 3i Infotech said that AMLOCK Analytics was launched as a quick response to increasing money laundering activities and financial frauds witnessed across organizations. He said the AML solution is seamlessly integrated with AMLOCK and embedded with various machine learning and deep learning algorithms which facilitates intense surveillance and reduces investigation time.