Technology leader FIS announced that it is teaming with FICO, a leader in predictive analytics and financial crime prevention, to build an advanced anti-money laundering (AML) solution that will help North American financial institutions keep ahead of increasingly sophisticated money launderers and other financial criminals.
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Money laundering is a growing problem around the world. In the U.S. alone, domestic financial crime generates an estimated $300 billion of proceeds for laundering activities, according to the U.S. Department of Treasury.1
The new solution, FIS™ AML Compliance Manager, will integrate FICO® Falcon® X decision management technology to provide financial institutions with a unified platform for AML risk and compliance. The cloud-based solution will use machine learning and artificial intelligence (AI) to detect suspicious activity and provide bank investigators with detailed, transparent intelligence.
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In addition to providing greater intelligence and transparency to financial institutions in meeting regulatory compliance requirements, the AI-based solution can help organizations reduce costs associated with false positives. False positives – system-generated alerts of potential illicit activity that are later cleared during reviews – cost the financial industry a significant amount of wasted investigation time each year.
“FIS is committed to helping our clients stay one step ahead of financial criminals who are using increasingly sophisticated tools to try to hide illicit money activities through the U.S. financial system,” said Jim Johnson, head of Global Payments and Wealth at FIS. “By partnering with FICO, FIS is providing a leading-edge solution to automate routine tasks and reduce false positives that make AML compliance management so challenging, allowing employees to work more efficiently.”
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