Technology as a Disrupter to Financial Crime

Presented by

TIBCO: Nelson Petracek, CTO, Jesus Centeno, CoS, and Eastnets: Saeed Patel, Grp PDM Director, Seun Sotuminu, Data Scientist

About this talk

Financial crime involving money laundering and fraud has caused irreputable damage to customers and to the integrity of financial institutions. Criminal actors increasingly use sophisticated technologies to stay one step ahead of supervisory authorities. Continuous innovation is central to disrupting financial crime. Using AI and blockchain technologies, real-time risk solutions for AML and KYC are at the frontier of combating financial crime. Collaborative intelligence using machine learning is playing a pivotal role in detecting and reporting suspicious transactions and anomalous behavior. AI models are essential in reducing false positives and freeing up valuable time by determining the real issues. Blockchain provides financial institutions with immutability that eliminates fraud risk and the need for human intervention. Based on a secure blockchain network, real-time automated watch lists ensure data integrity, eliminate delays, and prevent errors. A continuous screening and detection process of customer and transactional data is an essential requirement to combat the rise in financial crime.

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