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US Stock Exchange Nasdaq has developed a tool to identify and investigate anti-money laundering (AML) and other financial crimes for retail, commercial banks and other financial institutions.
Nasdaq Automated Investigator for AML will help combat financial crimes and promote integrity in the capital markets, the exchange said in a statement.
This development comes after Nasdaq recognised gaps in investigation management process for banks.
The technology ingests alert data from any transaction monitoring system and collates necessary information. The system then analyses the data and replicates complex human decision making to provide a clear, auditable justification for all alerts regardless of volume.
The tool generates results within seconds, Nasdaq stated.
Powered by artificial intelligence, the system eliminates human error in fraud detection.
AML Transaction Monitoring (AMLTM) systems could potentially trigger as many as 200,000 to 300,000 alerts a month in extreme cases.
