Broadridge Financial Solutions has launched Broadridge Anti-Money Laundering Solution (AMLS), further expanding its intelligent automation suite.
The new solution is powered by a machine learning (ML)-based Anti-Money Laundering (AML) platform called Tookitaki.
Financial institutions can leverage the platform to step up their AML surveillance to identify illicit money flows and bad actors through transaction monitoring, name screening, alert prioritisation, and customer risk scoring.
Broadridge general manager for data control solutions Alastair McGill commented: “By leveraging new ML techniques to identify suspicious activity, we are enabling firms to make faster and more informed decisions, enhancing operational efficiencies, realising savings, and bringing together entire Data Control functions within one intelligent automation platform.”
The Broadridge AMLS comes at a time when financial crime prevention ecosystem becomes increasingly vulnerable to new threats.
While some $1.6 to $2 trillion is said to be laundered every year, just less than 1% of this money is traced.
Broadridge AMLS platform is said to complement current rules-based systems by utilising supervised machine-learning to detect risk factors that legacy solutions are unable to replicate.
It is also deigned to identify threats, and to self-learn via a ‘Champion-Challenger framework’ that is said to keep pace with evolving complex laundering techniques.
Last month, Broadridge acquired Alpha Omega, which offers FIX-based post-trade solutions for the investment management market.
It followed the firm’s takeover of cloud-based Execution Compliance and Surveillance Service assets in July and AdvisorStream in June.
In April, Broadridge invested in The Tifin Group’s $22.3m in a Series B funding round, alongside JPMorgan Asset Management and Morningstar.