Unit21 has launched a new suite of Anti-Money Laundering (AML) features aimed at helping financial institutions (FIs) such as banks and credit unions combat fraud more effectively.
The announcement was made at the American Bankers Association Risk and Compliance Conference in Indianapolis.
It highlights the platform’s ability to maintain FinCEN compliance while reporting fraud swiftly.
The new AML features are designed to complement Unit21’s existing fraud prevention offerings, creating a comprehensive platform to enhance legacy systems within FIs.
By integrating transaction monitoring and case management into a single, customisable, no-code platform, Unit21 aims to advance risk and compliance measures significantly.
Unit21 CEO and co-founder Trisha Kothari said: “Financial institutions are inundated with increased criminal activity, multiple reporting and detection tools, and ever-changing regulatory requirements that are causing significant burnout within risk and compliance teams.
“They shouldn’t have to choose between flexibility and compliance. Our platform provides FIs with a simplified yet modern approach to combating fraud and AML that breaks down silos and increases response rates with unmatched speed and clarity.”
Unit21’s technology allows financial institutions to monitor, report, and counteract criminal activities at the speed of fraudsters.
Its real-time alerts enable FIs to address threats immediately, without the need for engineering assistance.
The unified platform allows for the management and monitoring of all fraud and AML programmes efficiently.
The platform also offers transparency and traceability in its AI-driven decisions, making it easier for auditors, investigators, and regulators to trust the system.
With explainable machine learning, clear risk scores, and human-readable alert reviews, FIs can achieve faster resolution times and smoother audits.
Unit21 specialises in automating the filing and formatting of various regulatory reports, reducing errors and manual workload.
This automation ensures compliance while allowing institutions to focus on preventing financial crime.
The company has garnered substantial financial backing, raising nearly $100m from investors like Google and Tiger Global, to help mitigate money laundering and fraud.
Last year, the US-based financial risk and compliance software provider introduced new fraud prevention features for Automated Clearing House (ACH) transactions.
The new features use Generative AI (GenAI) and machine learning (ML) to help banks, credit unions, payments companies, and fintechs detect and block risky transactions.
