Nasdaq makes push into anti-money laundering tech with new AI-based system
Nasdaq makes push into anti-money laundering tech with new AI-based system
LONDON, Sept 16 (Reuters) - Exchange group Nasdaq said on Wednesday that it is launching AI technology to help retail and commercial banks automate anti-money laundering (AML)investigations, as it expands into the financial crime software market.
The company hopes the system can make it quicker and cheaper for banks and other financial institutions to sift through the deluge of alerts flagging possible cases of money laundering generated by bank transaction monitoring systems.
The process of investigating alerts, which can potentially be as many as 300,000 a month, is currently manual, making it costly and labour intensive, Nasdaq said. Banks usually cast a wide net to catch illicit activity so the vast majority of these alerts ends up being false.
"Banks are worried about that wide net because of the cost," said Darren Innes, head of AML technology, sell-side and buy-side solutions at Nasdaq. "We are giving them the opportunity to reduce that cost." Banks have seen the number of alerts surge during COVID-19 as illicit activity attempts increased, Innes said.
While Nasdaq has long been a provider of market technology, including trade surveillance systems, the launch marks the exchange group's foray into the AML sector.
It comes as banks and other financial firms look to automate many of their more expensive and complex back office processes to reduce costs and increase efficiency.
"We have been thinking long and hard on how we want to go beyond trade surveillance," said Valerie Bannert-Thurner, senior vice president and head of sell-side and buy-side solutions, market technology at Nasdaq. "It's a product launch but strategically it's a launch beyond trade surveillance. We have great ambitions in the space."
Nasdaq's new system, which was built with UK-based startup Caspian, collates the data needed to conduct an AML investigation and analyses the information using software that replicates human decision making, the company said.
(Reporting by Anna Irrera; editing by David Evans)
((Anna.Irrera@thomsonreuters.com; +1 646 223 4005 ;)
By Anna Irrera
LONDON, Sept 16 (Reuters) - Exchange group Nasdaq said on Wednesday that it is launching AI technology to help retail and commercial banks automate anti-money laundering (AML)investigations, as it expands into the financial crime software market.
The company hopes the system can make it quicker and cheaper for banks and other financial institutions to sift through the deluge of alerts flagging possible cases of money laundering generated by bank transaction monitoring systems.
The process of investigating alerts, which can potentially be as many as 300,000 a month, is currently manual, making it costly and labour intensive, Nasdaq said. Banks usually cast a wide net to catch illicit activity so the vast majority of these alerts ends up being false.
"Banks are worried about that wide net because of the cost," said Darren Innes, head of AML technology, sell-side and buy-side solutions at Nasdaq. "We are giving them the opportunity to reduce that cost." Banks have seen the number of alerts surge during COVID-19 as illicit activity attempts increased, Innes said.
While Nasdaq has long been a provider of market technology, including trade surveillance systems, the launch marks the exchange group's foray into the AML sector.
It comes as banks and other financial firms look to automate many of their more expensive and complex back office processes to reduce costs and increase efficiency.
"We have been thinking long and hard on how we want to go beyond trade surveillance," said Valerie Bannert-Thurner, senior vice president and head of sell-side and buy-side solutions, market technology at Nasdaq. "It's a product launch but strategically it's a launch beyond trade surveillance. We have great ambitions in the space."
Nasdaq's new system, which was built with UK-based startup Caspian, collates the data needed to conduct an AML investigation and analyses the information using software that replicates human decision making, the company said.
(Reporting by Anna Irrera; editing by David Evans)
((Anna.Irrera@thomsonreuters.com; +1 646 223 4005 ;)
安娜·伊雷拉(Anna Irrera)著路透倫敦9月16日電-交易所集團納斯達克(Nasdaq)週三表示，隨着其進軍金融犯罪軟件市場，它正在推出人工智能技術，以幫助零售和商業銀行實現反洗錢(AML)調查的自動化。該公司希望，該系統能夠讓銀行和其他金融機構更快、更便宜地篩選銀行交易監控系統產生的大量警報，這些警報表明可能存在洗錢案件。納斯達克表示，調查警報的過程目前是人工進行的，每月可能多達30萬次，這使得調查成本高昂，勞動密集型。銀行通常撒下一張大網來捕捉非法活動，因此這些警報中的絕大多數最終都是錯誤的。Nasdaq的AML技術、賣方和買方解決方案主管Darren Innes表示：“銀行擔心這張大網，因為成本太高.”“我們給了他們降低成本的機會。”Innes表示，隨着非法活動企圖的增加，銀行在新冠肺炎期間接到的警報數量激增。儘管納斯達克長期以來一直是市場技術(包括交易監控系統)的提供商，但此次推出標誌着該交易所集團進軍反洗錢領域。與此同時，銀行和其他金融公司正尋求將許多成本更高、更復雜的後台流程自動化，以降低成本和提高效率。Nasdaq高級副總裁兼賣方和買方解決方案、市場技術主管Valerie Bannert-瑟納表示，“我們一直在長時間、認真地思考我們希望如何超越貿易監督.”“這是一次產品發佈，但從戰略上講，這是一次超越貿易監控的發佈。我們在這一領域雄心勃勃。”納斯達克表示，該公司與英國初創公司Caspian共同構建的新系統，將整理進行AML調查所需的數據，並使用複製人類決策的軟件分析信息。(Anna Irrera報道；David Evans編輯)(Anna.Irrera@thomsonreurs.com；+1 646 223 4005；)
譯文內容由第三人軟體翻譯。
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