Danske Bank has tapped data and analytics software company Quantexa to enhance Anti-Money Laundering (AML) monitoring and investigation capabilities.
Following a successful pilot in 2018, Danske Bank is now using Quantexa’s CDI platform to perform transaction monitoring on its market trading business and financial crime investigations.
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In addition, the bank uses Quantexa’s AI technology to uncover real-world context in data to detect financial crime.
Satnam Lehal, head of financial crime detection at Danske Bank, said: “Harnessing technology enables us to identify complex financial crime behaviours more effectively. Running advanced analytics on a wide range of datasets can help us better detect, investigate, and prevent financial crime.”
According to Danske Bank, the implementation of Quantexa’s Contextual Decision Intelligence tools has helped the bank enhance its ability to detect suspicious activity within its market trading business for areas such as foreign exchange, securities, and equities.
Increasing financial crime detection
Danske Bank has taken the pilot project with Quantexa to the next stage and integrated the software company’s open platform architecture with its existing infrastructure.
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By GlobalDataFurthermore, Danske Bank claims it is continuing to increase its financial crime detection and monitoring capabilities across several areas in the bank.
Vishal Marria, CEO of Quantexa, said: “The significant success of our contextual approach to monitoring in Danske Bank’s markets business and supporting financial crime investigations is another great example of our ability to surface suspicious activity, even in the most complex product and data sets.
“We look forward to continuing our work with Danske Bank and furthering our mission to help uncover organised crime networks by making data meaningful for more effective decision making and providing flexible software tools that integrate into existing environments, across any size of organisation.”
In October, the Denmark-based bank decided to phase-out existing plastic payment cards and issue more ‘eco-friendly’ cards as a replacement. This is in line with the bank’s sustainability goals.
