Azentio Software has introduced its latest Amlock anti-money laundering (AML) platform, designed to enhance financial crime detection and compliance in the banking and financial services industry.
The new system integrates advanced artificial intelligence (AI) and machine learning to improve detection accuracy, reduce operational burdens, and adhere to complex regulatory requirements.
The next-generation Amlock offers financial institutions an AI-driven AML approach that spans the entire customer lifecycle, from onboarding to monitoring and reporting. This system aims to decrease false positives by up to 40% and cut compliance costs by at least 20%, streamlining workflows for more efficient operations.
Amlock’s modular design ensures adaptability to regulatory changes and scalability to accommodate institutions of varying sizes, from local banks to international corporations.
Enhanced features in the latest version include improved screening, monitoring, and case management capabilities, which contribute to faster and more accurate compliance processes.
Azentio Software claimed that institutions using Amlock have successfully maintained a record of zero AML-related regulatory fines, highlighting its effectiveness in maintaining compliance.
Azentio Software product management director Ruchi Tripathi said: “At Azentio, we understand the critical challenges financial institutions face in combating financial crime while maintaining compliance.
“Our next-generation Amlock is a direct response to these challenges, combining the best of AI technology with a deep understanding of the financial services sector. By significantly reducing false positives, cutting compliance costs, and ensuring zero fines, Amlock sets a new standard in AML technology.”
The updated Amlock system includes several AI-enhanced capabilities. Enhanced screening utilises advanced matching algorithms for customer and transaction screening, featuring pre-configured watchlists, custom lists, and a SWIFT message library.
Intelligent alert management centralises alert triage and case resolution simplify investigations with workflows designed for scalability and operational efficiency.
Comprehensive KYC automation integrates identity verification, corporate intelligence, and customer risk management into a singular compliance framework, utilising features such as peer profiling and dynamic risk scoring.
Advanced transaction monitoring offers over 400 pre-set rules for various financial sectors, with built-in AI for pattern detection and reduced false alerts.
Smarter decision-making uses AI to predict low-risk alerts, allowing teams to concentrate on significant threats while continuously learning from new data for improved accuracy.
