Refinitiv and Napier to help combat money laundering with improved transaction monitoring solution

Refinitiv and Napier to help combat money laundering with improved transaction monitoring solution
13.06.2019 05:16 pm

Refinitiv and Napier to help combat money laundering with improved transaction monitoring solution

Fraud Detection , Compliance , AML and KYC

Refinitiv has partnered with Napier, a leading anti-money laundering (AML) and intelligent compliance software provider, to offer a next-generation transaction monitoring solution designed to help corporates and financial institutions tackle money laundering and combat emerging threats in financial crime.

The partnership offers Napier’s advanced analytics, automation and transparent artificial intelligence, backed by Refinitiv’s World-Check Risk Intelligence data, to meet an evolving range of AML compliance requirements.

“One of the most important challenges financial services firms face today is protecting themselves from money laundering, external and internal fraud and other financial crime-related activities,” said Phil Cotter, Managing Director of the Risk business at Refinitiv. “Together, Refinitiv and Napier will bring significant advancements in technology combined with trusted risk intelligence to help organizations monitor transactions and screen for suspicious financial activity.”

Napier’s AML solution consists of advanced artificial intelligence based products to help customers combat evolving threats in financial crime through transaction monitoring, customer and transaction screening. This allows businesses to review transactions and identify suspicious behaviour, perform client and entity screening according to current policies and regulations, and manage the process through standard workflow, analytics and rules-based assessment.

World-Check Risk Intelligence provides users with structured data retrieved from reliable, reputable, public domain sources for risk screening purposes. This information will help firms fulfill their due diligence obligations and identify potential financial and related crime, as well as politically exposed persons, sanctioned entities and other areas of concern.

“The technology we’ve developed at Napier is changing the world of compliance and few firms can claim to have developed their AML solution with integrated AI from the outset to the same degree. We know technology alone isn’t the answer - it’s also about how it is implemented to underpin policy, process and procedure. This approach lets us deliver on outcomes in line with the compliance challenges companies face,” said Julian Dixon, Napier CEO. “Partnering with Refinitiv is a huge endorsement of our work to create a truly intelligent compliance platform and we’re excited about the response to this new development.”

Using big-data architecture along with artificial intelligence and machine learning, the Napier solution rapidly ingests and processes hundreds of millions of transactions, client records and all reference data. Users can define scenarios by means of an intuitive user interface without the need for complex coding ‑ and identify high-risk clients and transactions while minimizing false positives.

In addition, it provides a full audit trail on all user-and system-generated actions and accelerates AML processes throughout the workflow.

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