FINOM selected Resistant AI Transactions Forensics to bolster its anti-money laundering (AML) measures. Resistant AI will overlay and enhance FINOM's own transaction monitoring system to provide valuable context and uncover new types of unusual and anomalous behavior.
Within Europe, Europol estimates the value of suspicious transactions in the hundreds of billions of euros — at an equivalent of 1.3% of the EU's gross domestic product (GDP). Global estimates are close to 3% of world GDP.
"In a world that is seeing ever-increasing incidents of fraud and money laundering, we need to have the most effective tools and techniques to detect suspicious activities,” said Sergey Petrov, co-founder and managing director at FINOM. “On the other hand, they should not create any friction or obstacles for legitimate clients. Resistant AI's solution perfectly complements FINOM's AML and anti-fraud programs with its explainable AI, ensuring transparency to AML analysts as well as the regulator."
Resistant AI's technology enhances FINOM's existing in-house transaction monitoring system by adding additional context to existing alerts, detecting previously unknown types of suspicious behavior, and delivering intelligent alert prioritization allowing analysts to focus on the highest-risk cases first.
Resistant AI analyzes the hidden relationships between identities and transactions to draw a better decision boundary between legitimate and criminal activities. Advanced layering and mulling techniques are identified, providing organizations increased visibility of novel criminal activity.
"We are delighted to help FINOM simplify and speed up the detection of suspicious activity," said Martin Rehak, founder and CEO, Resistant AI. "Criminals are always developing more subtle and discreet ways of moving money illegally; our tools use AI to spot both existing and new behavior without generating thousands of false positives, which need to be manually processed."