Oscilar unveils AI-powered AML Risk Platform

Oscilar has announced the launch of its AI-powered AML Risk Platform, targeting sponsor banks, fintechs, and financial institutions.

Offering real-time monitoring, meticulous reporting, and in-tool backtesting and validation capabilities, the Anti-Money Laundering (AML) solution addresses the heavy burden placed by the complexity of AML programs.

Money laundering is estimated to be 2-5% of global GDP, amounting to up to $2 trillion annually, according to the United Nations.

“A game-changer for compliance operations”

Oscilar’s unified AI-Powered AML Risk Platform monitors AML and Fraud risks, employing foundational AML rules with generative AI (Gen AI) and Machine Learning models for real-time detection, investigation, and enhanced collaboration between sponsor banks and fintechs.

The platform revolutionizes AML operations with Oscilar AI, a Gen AI AML Co-Pilot, advanced AML Ops Visibility and Control, and AI tools like anomaly detection models. Oscilar’s No-code and Natural Language AML Scenario Testing and Auditing capabilities empower specialists to efficiently develop, test, and audit tailored AML strategies that meet regulatory standards and unique risks.

According to Oscilar, the AI-Powered AML Risk Platform is already being used by a number of fintechs, financial institutions, and sponsor banks for customer onboarding, transaction monitoring, compliance visibility, and regulatory reporting needs.

Eric Wright, Chief Operating Officer at CC Bank, said: “Oscilar’s expanded AML Risk platform capabilities, such as the GenAI Co-Pilot and Mission Control Dashboard, have the potential to be a game-changer for compliance operations. These innovations promise insights and oversight that were previously unimaginable.”

Neha Narkhede, Co-Founder and CEO of Oscilar, commented: “By advancing our AML solution with these latest capabilities, we reinforce our commitment to enabling financial innovation while ensuring stringent compliance and security. Our goal is to empower our fintechs and financial institutions to navigate the regulatory landscape with ease and confidence.”

Oscilar’s AI-Powered AML Risk Platform

Neha Narkhede, Co-Founder and CEO of Oscilar, said: “Oscilar is committed to help shape the future of AML compliance by harnessing the power of generative AI, collaborating with regulators, and leveraging applied Machine Learning and automation to uncover complex AML scenarios. Our mission is to bring increased speed, transparency, and efficiency to AML programs across the financial ecosystem while reducing operational costs and risk.”

The Oscilar AI platform features the AML Co-Pilot, which provides real-time intelligence to AML teams, such as AI-generated case summaries, SAR narratives, and search recommendations, enabling AML teams to make decisions in minutes.

Additionally, the solution leverages a Mission Control Dashboard, providing both sponsor banks and fintechs with a comprehensive overview and thorough oversight of AML programs. The integrated Case Management experience connects alerts, investigations, and reporting in real-time to give fintechs and sponsor banks a unified workspace to collaborate.

Oscilar utilizes AI models for Alert Prioritization, Link Analysis, and Suspicious Activity Monitoring. These models are supported by Human-In-The-Loop techniques and a Fairness and Governance Model, ensuring unbiased detection and full traceability.

As to streamlining compliance, the  AML Risk Platform offers quick AML setup, flexible data integration, and a no-code interface, the firm stated.