RegTech venture MAP FinTech has unveiled its latest solution to help financial services firms monitor and screen transactions in order to prevent money laundering.
It is the latest addition to MAP FinTech’s powerful and award-winning Polaris platform. It has been designed to help firms comply with their regulatory requirements in regards to anti-money laundering (AML) and counter terrorist financing (CFT) regulations.
This is something the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority have all recently put more pressure on the financial industry after finding weaknesses in the control frameworks of financial institutions in regards to transaction monitoring and suspicious transactions reporting, especially in segments with high volumes of transactions.
MAP FinTech’s AI-Enabled AML Transaction Monitoring and Screening Solution empowers firms to better monitor their customer transactions on a daily basis or in real time to detect suspicious activity.
“Our solution provides organisations with an in-depth analysis of customer profiles, risk levels and activity by aggregating and analysing customers’ historical information, account profiles and actual transactions,” MAP FinTech said in a statement.
“Our tool can also perform real-time sanctions and blacklist screening of transactions prior to execution. MAP FinTech’s AI-Enabled AML Transaction Monitoring and Screening allows clients to enjoy a cost-efficient, integrated solution delivered via a single platform, together with the rest of Polaris’ offerings and our team of experts’ impeccable support services.”
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