Broadridge Financial Solutions has launched its Anti-Money Laundering Solution (AMLS) in a move that brings machine learning to an AML solution covering transaction monitoring, name screening, alert prioritization, and customer risk scoring.
AMLS complements Broadridge’s existing Intelligent Automation suite with an AI-powered Anti-Money Laundering platform.
Alastair McGill, General Manager of Data Control Solutions at Broadridge, said: “The application of machine learning to improve the results of primary transaction, KYC, or sanction screening services makes sense for firms across the financial services spectrum that have entrenched investments in legacy applications.
“By leveraging new ML techniques to identify suspicious activity, we are enabling firms to make faster and more informed decisions, enhancing operational efficiencies, realizing savings, and bringing together entire Data Control functions within one intelligent automation platform.”
The amount of money laundered annually stands at $1.6 to $2 trillion and less than 1% of this laundered money is traced, according to Broadridge, who added that many existing rules-based AML solutions are not sufficient as money laundering techniques become more sophisticated and the resulting reputational and financial risks firms face accelerate.
The Broadridge AMLS enhances firms’ anti-money laundering surveillance to detect illicit money flows and bad actors. Powered by Tookitaki, the ML-based AML platform leverages innovative machine-learning techniques like AutoML, federated learning, and network science to accurately detect complex money laundering activities and triage legacy system alerts through a Smart Alert Management system to accurately prioritize alerts for either rapid disposition or increased due diligence.
The AMLS platform helps financial services firms to substantially decrease false alerts and realize productivity gains while improving risk mitigation.
In September, Broadridge announced the appointment of Mike Johnson as Vice President, Global Product Manager of Derivatives Clearing, where he will be in charge of the enhancement, growth and quality of Broadridge’s global cleared derivatives platform.
Broadridge has recently hired Ted Bragg and Jim Kwiatkowski to join the leadership team of the LTX platform, which is run by LTX CEO Jim Toffey.
In July, China Renaissance expanded its post-trade processing relationship with Broadridge Financial Solutions in order to facilitate the clearing and settlement of both Shenzhen and Shanghai-listed equities.
The fintech firm has recently gone live with its distributed ledger repo (DLR) platform that builds on the success of multiple pilots with sell-side and buy-side firms.
DLR provides a single platform where market participants can agree, execute and settle repo transactions. It allows for the immobilization of the underlying securities in the repo transactions, while transferring ownership via smart contracts executed on the platform.
