US-based data science company Feedzai has released an upgraded version of its anti-money laundering (AML) solution.

The new version of the product uses machine learning techniques to combat financial crimes and help financial institutions in improving their AML programme.

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It also features an automated regulatory reporting to help the institutions meet local and international requirements.

Feedzai chief product officer Saurabh Bajaj said: “Our banking customers look to modernise their AML programmes to combat increasingly sophisticated criminals who exploit siloed, outdated AML systems that fail to keep pace with globalized financial systems and real-time digital payment methods.

“With our innovation-driven DNA and expertise in financial crime management, we will continue pushing the boundaries of machine learning to improve anti-money laundering outcomes for established banks and fintechs alike.”

Besides tackling usual AML challenges, the upgraded AML solution addresses lack of labelled data by leveraging machine learning techniques. The technique utilises algorithms to allow the AML teams identify transactions associated with money laundering.

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The upgraded AML solution also provides detailed information on suspicious transactions. It provides additional transparency on why certain transactions are categorised as risky, eventually facilitating auditing process.

Additionally, it utilises Feedzai’s AI powered link analysis tool Genome to trace flow of funds and identify money laundering patterns.

Earlier this year, the data science company launched machine learning tools to streamline bank account opening process and reduce associated frauds.