Thomson Reuters has announced the launch of Media Check, a unique media screening and processing feature powered by artificial intelligence (AI) to enhance its World-Check One platform.
Media Check uses its machine learning capability to address the regulatory and reputational consequences of overlooking key data in the fight against financial crime. The system filters unstructured content from over 11,000 global print and web sources, giving financial institutions more accurate and relevant data faster.
Phil Cotter, Managing Director, Risk Segment of Thomson Reuters, comments:
“Institutions need to digest an increasing amount of relevant information to help prevent financial crime. The next-generation AI technology in Media Check lets them navigate this crowded environment to help comply with regulatory and other requirements and avoid the reputational risk of missing critical information that could result in criminal activity.
“Adding a machine learning dimension to our World-Check One platform gives clients an exceptional means to help pinpoint the most relevant media information, thereby maximizing the efficiency of their due-diligence processes.”
With World-Check One’s Media Check, Thomson Reuters assists its customers in the global fight against financial crime and alleviate the considerable challenges associated with risk screening. The system enhances compliance workflow through its intelligent searching, a unique AML taxonomy, and proprietary machine learning algorithms. Customers will produce fewer false positives and improve content navigation.
Regulatory-wise, Thomson Reuters went live in January 2018 with its key MiFID II services as a commitment to provide a comprehensive suite of solutions to assist the financial services industry as the regulation comes into force.
“As well as being a significant challenge, MiFID II means there is more data flowing through the global financial community than ever before, creating exciting opportunities for firms that can harness the data efficiently and discover profitable new insights”, said Debra Walton, Global Head of Customer Proposition at Thomson Reuters, at the time of the announcement.
The suite of MiFID II solutions launched prior to 2018 included Velocity Analytics to support best execution compliance, transaction cost analysis, and systematic trading.
Thomson Reuters’ foreign exchange business achieved its highest ever recorded FX trading volumes in January 2018 following an increase in the number of buy-side clients and liquidity providers to its enhanced Multilateral Trading Facility (MTF), post-MiFID II implementation.
