Fortytwo Data, a London-based anti-money laundering and client screening platform provider, has upgraded its entity screening platform.
It has further developed its Sanction Screening Augmentation Platform, which bolts on to firms’ existing software. According to the company, the upgraded version of its entity screening platform can now reduce false positives by up to 93%.
False positives , which are red flags produced by computing algorithms, are one of the primary drivers of inflated costs in the AML and Sanction Screening departments of financial institutions and major firms, the company noted.
Fortytwo Data leverages machine learning and automatic rule generation to improve the rate of false positive detection by more than 30%.
Julian Dixon, CEO of Fortytwo Data, said: “We’re delighted the platform is having such an impact, not just inside financial firms, but cutting edge bluechips in a variety of sectors. It’s true that the regulatory bar is higher now than it has ever been for executives in charge of monitoring and due diligence.
“However, the technology has already caught up enough to make our platform, the only truly AI off-the-shelf solution in the world, the most cost-efficient solution. It’s a myth that large companies need to spend millions of pounds updating their systems and there are millions of pounds to be saved. Legacy systems don’t even need to be replaced – they just bolt together.”
Fortytwo recently partnered with a FTSE 100 company, reducing the number of AML false positives the company was having to manually check with its legacy system from 5% of all entities to less than 0.5%. Fortytwo Data also applied its technology to the firm’s sanction screening process.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
