The companies involved, BlackSwan Technologies and Silent Eight, were part of the bank’s second fintech accelerator programme, Open Vault, which was launched in 2016. The project enabled the bank to work closely with the fintechs for three months, and to experiment by providing them with anonymised real data to see how the solutions can meet customers’ needs.
Both companies use AI to search for information on individual profiles, and map how suspicious transactions may be linked to one another to see if they are fraudulent or illegal. Currently, the AML process is carried out manually by an internal compliance analyst, with the total time required lasting between one hour and a few days, the banks said for Banking Tech.
Silent Eight helps to automate the desktop research process by enabling analysts to digitally scan internet search engines, news sites and internal and external databases to put together the dossier within a minute. AI enables the system to filter out irrelevant information such as individuals with identical names.
BlackSwan Technologies uses AI to analyse the suspicious transactions, mapping them to a network of related transactions to identify possible connections with other individuals or companies that may be atypical or previously unknown. This can simplify the task of the analyst and provide leads to follow up on.
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