DataVisor, a global leader in AI-powered fraud and risk management, has announced the launch of its latest offering: a state-of-the-art anti-money laundering (AML) solution equipped with advanced technology and comprehensive functionalities driven by sophisticated machine learning and AI. In response to escalating regulatory compliance demands and the evolving landscape of financial crime tactics, this essential solution stands out for its ability to cover the entire AML workflow while seamlessly integrating into customers’ existing workflows. The solution seamlessly integrates with DataVisor’s AI-powered fraud platform natively, offering a unified fraud and anti-money laundering (FRAML) approach, effectively combating increasingly sophisticated financial crimes and aligning with the industry trend of merging these operations.

Unlike legacy solutions plagued by outdated rules, siloed data, and high false positive rates, DataVisor’s AML solution is fully customizable, supports a wide range of AML risk profiles and programs, and significantly enhances efficiency by dramatically reducing false positives. By eliminating the inefficiencies of disconnected processes of legacy systems, the modern AML solution proactively enhances the detection of new and emerging money laundering activities, thereby mitigating the risks of regulatory fines. Recognized in Chartis’ latest Financial Crime and Compliance 50 report, this solution excels in categories of Risk Appetite Tuning and Low-/No-Code Customization, underscoring its effectiveness and versatility.

Key features of DataVisor’s AML solution include:

Comprehensive End-to-End Solution: Offering end-to-end functionality encompassing customer risk rating, CDD/EDD, sanction/watchlist screening, transaction monitoring, case management, and automated SAR filing, ensuring streamlined AML processes and full regulatory compliance.

Enhanced Detection and Reduced False Positives: Facilitating more effective risk assessment and decision-making through robust data orchestration, resulting in reduced false positives and enhanced detection of real money laundering activities.

Increased Operational Efficiency and Reduced Costs: Extensive automation powered by Generative AI significantly boosts operational efficiency by triaging alerts, automating manual tasks, and streamlining the filing process.

Centralized Insights and Monitoring: The solution’s dashboard and reporting offer in-depth insights into AML alerts, case statuses, and the progress of review teams, enabling enhanced task prioritization and resolution with customizable views tailored to different roles.

Fast and Flexible Integration: Cloud-based solution seamlessly integrates with existing fraud workflows, ensuring fast implementation and adaptability to meet the evolving needs of modern financial institutions.

“Achieving effective and efficient financial crime frameworks is a major challenge as the world has gotten faster, more digital, and more interconnected and criminal attacks have become more sophisticated. As the demands of AML functions have amplified, deploying the right technology is more critical than ever,” remarked Chuck Subrt, Fraud & AML Research Director from Datos Insights. “With its integration of advanced AI, DataVisor’s modern AML solution offers robust end-to-end capabilities, flexibility, and configurability that can empower organizations to transform their AML practices and adapt to an ever-changing landscape.”

“At DataVisor, we are committed to empowering our customers with award-winning solutions and future proof technology to combat financial crimes more effectively and efficiently,” said Fang Yu, DataVisor co-founder and chief product officer. “The substantial interest we’ve seen from financial institutions highlights the imperative need to address the challenges posed by outdated, legacy AML technology. FIs partnering with DataVisor are already witnessing the benefits of our industry-leading FRAML solution. Our focus on continued innovation ensures that we not only meet the current compliance demand, but also remain agile to anticipate and counteract future financial crimes.”