Globally, banks are overwhelmingly failing to detect and disrupt criminal financing, human trafficking and fraud.
According to the European Union’s law enforcement agency, Europol, only 0.5% of transactions reviewed by bank compliance officers lead to a criminal investigation.
Protection against financial crime doesn't come cheap for banks, especially as the tactics employed by criminals become more sophisticated. In 2022 institutions spent an estimated $274 billion on financial crime compliance, yet fines are surging as financial institutions fail to keep up with the ever-evolving challenge.
RedCompass Labs’ Financial Intelligence Unit ran an investigative pilot with Standard Chartered to show that even without complex machine learning, banks can transform their risk detection capabilities with intelligence-led behavioural models.
Join this webinar to find out how by moving away from rules-based transaction monitoring and focusing on a behavioural model to describe different personas, banks can adopt techniques that are vastly more effective in detecting financial crime risk.
The key take-aways
Current methods to detect and prevent criminal financing, human trafficking and fraud are failing
Moving away from a rules-based transaction monitoring model to a behavioral one is key to being more effective
Benefits of intelligence-led risk detection include reducing false positives, detecting new risks, defining risks more clearly and having greater real-world impact.
And many more
This webinar is in partnership with
At RedCompass Labs we believe that there are only two types of payments – good and bad. We enable good ones; We help stop the bad.
We exist to help open the doors of finance to all, and to protect those who enter.
We are experts in Instant payments, faster payments, frictionless payments. Whether domestic or cross border, we have been working with IS0 20022 for 15 years, and as payments move faster, we have been on the leading edge of implementing these schemes all around the world.
RedCompass Labs is a source for the world-class payments experts, as well as microservice-based toolkits that accelerate payment platform builds, updates, and scheme adherence. Our technology reduces the need for complex payment platform customizations, increases platform functionality, and decreases project risk.
As payments accelerate, their use for causing harm multiplies. The RedCompass Labs RedFlag Accelerator is the gold standard of red flags for providers of payment services. We use these flags and a persona-oriented approach to provide investigation tools and algorithms that identify human crimes such as labor and sex trafficking, child sexual exploitation, elderly abuse, and fraud, occurring in payment providers’ data. We provide AML (Anti Money Laundering), Sanction and Fraud system integration, upgrades and tuning, using data analytics tools we have developed.