Feedzai Unveils Expanded AML Capabilities Underpinned by Advanced Machine Learning and Explainability

At the 2019 Money20/20 conference in Las Vegas, Feedzai has announced that it has expanded the capabilities for its AML solution. Delivering on the promise of using innovative machine learning techniques to improve management of financial crime, today's release gives financial institutions enhanced detection capabilities and offers greater explainability to simplify compliance.

The release also features automated regulatory reporting which accelerates time to compliance within a global regulatory ecosystem that demands AML programs to meet local, regional, and international requirements, both in real-time and in batch. With Feedzai, financial institutions gain a holistic view of financial crime enabling them to implement unified FRAML strategies that promote implementation of shared goals, operational processes, data and tools between fraud and AML programs.

"Our banking customers look to modernize their AML programs to combat increasingly sophisticated criminals who exploit siloed, outdated AML systems that fail to keep pace with globalized financial systems and real-time digital payment methods," said Saurabh Bajaj, Chief Product Officer at Feedzai. "With our innovation-driven DNA and expertise in financial crime management, we will continue pushing the boundaries of machine learning to improve anti-money laundering outcomes for established banks and fintechs alike."

Nearly $2 trillion US dollars is laundered annually without detection, according to the United Nations Office on Drugs and Crime. To stay ahead of ever-evolving money laundering typologies, financial institutions demand sophisticated machine learning solutions which are able to identify these patterns hidden in terabytes of data. However, the lack of labeled data, essential for gauging the involvement of transactions in money laundering schemes, and the increased regulations for explainable decision-making, curtail FIs' ability to fully leverage the power of machine learning.

Feedzai's upgraded AML solution offers the following key capabilities:

• Robust Machine Learning models powered by Advanced Machine Learning Techniques: Feedzai can empower any Financial Institution to leverage machine learning to fight money laundering, even combatting one of the most common challenges in AML - the lack of labeled data. To solve the cold-start problem of insufficient labeled data, Feedzai provides an iterative and supervised machine learning technique that leverages algorithms able to query AML teams to identify whether given transactions were associated with money laundering. This human-machine feedback loop is a technique that ensures sufficient information is collected on the data essential for training robust and accurate machine learning models, while also reducing high false positive rates.
• Feedzai's Next Generation of Whitebox Explanationstm: Provides an unparalleled level of explainability for AML including detailed information on the suspicious activity and why a given risk score was computed. This enables internal investigators understand why an alert was generated, helps auditors gain context behind decisions, and gives money laundering reporting officers (MLROs) relevant information to achieve regulatory blessing.
• Feedzai Genome now includes deep link analytics powered by advanced graph-based techniques: By incorporating graph based techniques into Genome, Feedzai's AI powered link analysis tool, and sharing risk intelligence data via Risk Ledger, Feedzai's privacy-safe and members-only data consortium service, Feedzai is able to uncover much deeper links than previously possible. This enables the investigation of evasive AML patterns between webs of banks, accounts, corporations and trusts, allowing Genome to expose hidden relationships to trace the flow of funds that would be difficult to surface using manual linking.

Since launching its AML Transaction Monitoring solution a year ago, Feedzai added support for automated SAR filing, sanction screening integrations, and a multitude of payment channels across US, EMEA, and APAC. The solution meets model governance requirements under OCC 2011-12 and SR 11-7 and gives Feedzai clients full autonomy to show to regulators what profiles and model features have been created and why decisions were made.

The 2019 Money20/20 is held in Las Vegas at the Venetian Convention Center, October 27-30. Visit Feedzai at booth #3918 to see a demo of its AML solution or request a demo by visiting Feedzai.com.

About Feedzai

Feedzai is the market leader in fighting financial crime with AI. We're coding the future of commerce with today's most advanced risk management platform powered by big data and machine learning. Founded and developed by data scientists and aerospace engineers, Feedzai has one mission: to make banking and commerce safe. With more than 500 employees and 60% year-on-year growth, Feedzai is considered to be the best in class by Aite and one of the most successful AI companies by Forbes.The world's largest banks, processors, and retailers use Feedzai's fraud prevention and anti-money laundering products to safeguard trillions of dollars and manage risk, while improving customer experience.