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Effiya Technologies offers affordable smart compliance solutions to firms

Filed on August 5, 2021

Abhishek Gupta from Effiya Technologies explains how financial companies can save up to 25 per cent on anti-money laundering (AML) compliance

More often than not, a tangible part of the compliance budget of financial companies goes to waste. A whopping 98 per cent of money laundering alerts are false, but they are still investigated.

This is the reason smart compliance is becoming a new trend.

An expert on the matter, Abhishek Gupta, MD of Effiya Technologies, explains how exactly one can unload the investigator and save cost.

1. Alerts can be optimised

Hundreds and thousands of suspicious transactions are actually very low-risk. Automated algorithms help identify them. Such cases will be closed a lot faster, while high-risk transactions are still investigated thoroughly.

“Few compliance professionals are still reluctant to adopt artificial intelligence (AI). They are used to applying one rule at a time,” explains Abhishek. For instance, high velocity transactions are considered risky, or big amount transfers and withdrawals are risky. On the other hand, AI combines multiple rules and factors. In this case the concentration of real money launderers among high-risk classified transactions will be higher. Big banks in the region are starting to use AI in their compliance, and they realise it’s value.

2. Process can be automated

Investigator collects data from many sources. He needs access to the customer profile and transaction profile. He will need to collect media information in case there was any mention of the suspect in the news. He needs to analyse counter parties — all transaction partners whom the customer is dealing with.

It gets a lot easier if all of these are consolidated under the roof of one solution. Not only the compliance professional will be more focused, he will spend less time on the activity that nobody is benefitting from.

Effiya Technologies offers affordable solution that help financial companies use both opportunities to reduce compliance cost.

To find out more, please visit https://www.effiya.com/aml-solution/

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