Fintech FIS announced the first in a new series of solutions developed in partnership with enterprise AI software provider C3 AI to help capital markets firms tap their organizational data. It uses artificial intelligence technology to aggregate and analyze client data across financial crime detection systems such as know your customer (KYC) and anti-money laundering (AML), and is expected to provide increased efficiency and improved management of regulatory compliance and risk.
“Money laundering and other illegal activities are dynamic, fast-moving challenges for the financial services sector, and the data necessary to identify financial crimes are segregated across numerous disparate systems,” said Ed Abbo, president and chief technical officer at C3 AI, in a statement.
He added: “Existing rules-based detection systems generate an excessive stream of false positives that require costly and inefficient manual review and increase the risk of missed investigations. By leveraging C3 AI’s advanced capabilities to unify and analyze all relevant data using machine learning, The FIS AML Compliance Hub is a next-gen solution that can accurately identify, prioritize, and report suspicious activity, while simultaneously reducing the number of false positives.”