Financial crime, whether in the guise of cyber fraud, money laundering, terrorist financing, rogue trading, bribery, corruption, or market abuse, presents a clear and present danger for the financial services industry. Post the financial crisis of 2009, various banks have paid over USD 200 billion in fines for various improprieties including forex and libor manipulation and leaking of confidential regulatory materials. The main issue across all types of financial crime is how to follow the various bread crumbs back to the perpetrator, no matter how good they are at covering their tracks.
Synechron has partnered with Quantexa to develop a Data Science Solution focused on AML and fraud detection. The technology allows firms to protect their key assets from financial crime through algorithms that can detect potential illicit behavior; allowing the firm to react in real, or near real, time to the threat and proactively put in place defenses to thwart any threat actor. The technology uses behavioral pattern detection and predictive analysis, combined with an expert understanding of financial service firms’ operations to deliver a powerful surveillance solution that can be further customized to firm processes and controls.
Outcomes delivered via the Quantexa Partnership
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