Sentinels, a Fenergo company and Europe’s leading intelligent transaction monitoring platform, has been recognized as one of the world’s most innovative AI solution providers by being included in the AI FinTech 100 List for 2022, organized by FinTech Global.

Sentinels was selected from a pool of over 2,000 companies, making for a rigorous selection process for this year’s AI FinTech 100. The finalists were selected by a panel of industry experts and analysts using research produced by FinTech Global.

Sentinels is a global provider of anti-money laundering (AML) compliance software specializing in transaction monitoring processing and screening. Since its inception, the company has worked to ameliorate the industry standards of compliance software using artificial intelligence (AI).

AI, specifically machine learning (ML), has been a cornerstone of the Sentinels approach to improving AML compliance solutions. The compliance industry has long been plagued by issues of overwhelming volume and underwhelming human-led responses. By using Sentinels, regulated businesses can move away from data-entry drudgery and focus on investigations to close out compliance issues more effectively.

Sentinels works to close the gap between regulatory demands in the compliance industry and the real-world limitations of analogue processes. AI has been instrumental in this journey and has been used by Sentinels to create an AI-powered solution that automates transaction monitoring work and identifies unusual and illicit behaviour.

AI has become more and more relevant to the world of compliance with the Financial Action Taskforce (FATF), the global regulatory watchdog, issuing a report on the Opportunities and Challenges of New Technologies for AML/CFT in July 2021, commenting: “Machine learning applications are useful for detecting anomalies and outliers identifying and eliminating duplicate information to improve data quality and analysis.”

Sentinels has harnessed this approach with ML to automate the compliance work for these large amounts of data so that compliance officers are able to spend more time examining the anomalies and outliers which can often signify money laundering activities.

FinTech Global director Richard Sachar said, “Now, more than ever, established financial institutions need to be aware of the latest AI and data analytics technology in the market to deliver competitive financial products and reach new customers. The AIFinTech100 list helps senior decision-makers in the industry filter through all the vendors in the market by identifying the market-leading AI innovators which will have lasting impact on the industry.”