Lynx Tech has announced the release of an anti-money laundering (AML) screening solution, which utilises artificial intelligence (AI) to help financial entities swiftly identify high-risk individuals and entities.
This launch aims to address the limitations of traditional screening methods.
According to the Spanish software firm, conventional screening methods have become less effective due to the complexities of global sanctions, increased scrutiny of politically exposed persons (PEPs), and evolving tactics for sanction evasion.
The United Nations Office on Drugs and Crime estimates that money laundering constitutes 2 to 5% of global GDP each year, amounting to between €715bn and €1.87 trillion. In light of these figures, regulatory bodies are tightening AML requirements to combat these evolving threats, urging financial institutions to enhance their risk management strategies and compliance measures.
Lynx Tech said that its AML solution leverages AI technology designed to adapt to shifting regulatory demands. Unlike older systems that rely on static rule sets, this solution supports more than 100 languages, addressing variations in phonetics, culture, and alphabets.
The technology allows users to manage watchlists flexibly, enabling real-time adjustments to screening logic. The system also incorporates proprietary natural language processing (NLP) models and machine learning algorithms to improve name similarity assessments.
Additionally, customers can customise rescreening rules based on their policies, reducing unnecessary alerts through Tailored Delta Lists.
Lynx Tech claimed that its solution is built for future compliance needs, providing real-time transaction screening suitable for fast-paced payment environments. Its scalable infrastructure supports varying transaction volumes and is cloud-native for quick implementation and seamless global deployment.
The system also delivers real-time insights and key performance indicators (KPIs), granting compliance teams comprehensive operational visibility. Process automation eliminates manual inefficiencies, allowing a focus on high-priority risks.
Lynx Tech’s technology effectively identifies risks in real time, streamlines operations, and enables organisations to concentrate on their primary objectives. Its proprietary ‘Daily Adaptive Model’ ensures precision while maintaining low false positive rates, enhancing financial crime prevention efforts.
Lynx Tech CEO Dan Dica said: “The landscape of financial crime is shifting rapidly, and financial institutions need a solution that not only keeps up – but gets ahead.
“Our AML solution is designed to screen hundreds of transactions per second, has an average response time of less than one second, and a false positive rate of less than one percent. Our AI-driven AML screening helps institutions remain compliant while reducing unnecessary alerts and operational strain.”
