Anyway you slice it, we now have not been doing a superb job in stopping cash laundering.
It’s estimated that we solely catch 1-2% of all illicit cash flowing via the banking system. But as an trade, we spend many billions of {dollars} on this battle.
We’d like higher instruments.
As we speak, Oscilar unveiled a brand new platform to assist with this battle. This AI-powered AML Danger Platform makes use of the most recent expertise to offer real-time detection, investigation and enhanced collaboration between banks and fintech corporations.
It’s constructed with the Banking-as-a-Service mannequin in thoughts to bridge the hole between the stringent regulatory necessities of conventional banking and the speedy innovation of fintech.
The platform is already in manufacturing at each fintechs and banks right this moment, with one compliance officer claiming it has “been a recreation changer for our compliance operations.”
We all know the criminals are utilizing the most recent instruments. We will solely win this battle by staying on the leading edge ourselves.
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