Broadridge Extends Intelligent Automation Suite with New AI-powered Anti-Money Laundering Solution

Rhea-AI Summary

Broadridge Financial Solutions (NYSE: BR) has launched an Anti-Money Laundering Solution (AMLS), enhancing its existing Intelligent Automation suite with machine learning capabilities. Aimed at financial institutions, AMLS improves transaction monitoring, name screening, and customer risk scoring, addressing the growing challenges in detecting illicit money flows. The platform significantly reduces false alerts, enhances operational efficiency, and integrates advanced ML techniques to keep pace with evolving money laundering tactics. The annual money laundering amount is estimated between $1.6 trillion and $2 trillion.

Positive

• Launch of AMLS enhances Broadridge's product suite.
• Utilizes advanced machine learning techniques to improve detection of suspicious activities.
• Reduces false alerts, leading to productivity gains and better risk management.
• Meets the growing demand for effective financial crime prevention tools.

Negative

• None.

NEW YORK, Oct. 12, 2021 /PRNewswire/ -- To better serve clients and the financial services industry, Broadridge Financial Solutions, Inc. (NYSE: BR), a global Fintech leader, today announced the launch of the Broadridge Anti-Money Laundering Solution (AMLS), bringing new, leading edge capabilities to Broadridge's existing Intelligent Automation suite. The new solution delivers an end-to-end machine learning (ML) powered Anti-Money Laundering platform covering transaction monitoring, name screening, alert prioritization, and customer risk scoring.

"The application of machine learning to improve the results of primary transaction, KYC, or sanction screening services makes sense for firms across the financial services spectrum that have entrenched investments in legacy applications," said Alastair McGill, General Manager of Data Control Solutions at Broadridge. "By leveraging new ML techniques to identify suspicious activity, we are enabling firms to make faster and more informed decisions, enhancing operational efficiencies, realizing savings, and bringing together entire Data Control functions within one intelligent automation platform."

The current financial crime prevention ecosystem is fragmented and vulnerable to emerging threats. The amount of money laundered annually stands at $1.6 to $2 trillion and less than 1% of this laundered money is traced. Many existing rules-based AML solutions in financial institutions are not sufficient as money laundering techniques become more sophisticated and the resulting reputational and financial risks firms face accelerate.

The Broadridge AMLS is for firms and institutions looking to enhance their anti-money laundering surveillance to detect illicit money flows and bad actors. Broadridge's product, powered by Tookitaki, is an ML-based AML platform that global financial institutions can use to substantially decrease false alerts and realize productivity gains while improving risk mitigation. It leverages innovative machine-learning techniques like AutoML, federated learning and network science to accurately detect complex money laundering activities and triage legacy system alerts through a Smart Alert Management system to accurately prioritize alerts for either rapid disposition or increased due diligence.

Broadridge's AMLS platform complements existing rules-based systems by utilizing supervised machine-learning to identify thousands of risk factors that legacy solutions cannot replicate, to detect threats, and to self-learn via a proven Champion-Challenger framework that keeps pace with increasingly complex laundering techniques.

About Broadridge

Broadridge Financial Solutions (NYSE: BR), a global Fintech leader with over $5 billion in revenues, provides the critical infrastructure that powers investing, corporate governance, and communications to enable better financial lives. We deliver technology-driven solutions to banks, broker-dealers, asset and wealth managers and public companies. Broadridge's infrastructure serves as a global communications hub enabling corporate governance by linking thousands of public companies and mutual funds to tens of millions of individual and institutional investors around the world. In addition, Broadridge's technology and operations platforms underpin the daily trading of on average more than U.S. $9 trillion of equities, fixed income and other securities globally. A certified Great Place to Work^®, Broadridge is a part of the S&P 500^® Index, employing over 13,000 associates in 21 countries.

For more information about us and what we can do for you, please visit www.broadridge.com.

Investors:

W. Edings Thibault
Investor Relations
+ 1 516-472-5129
Edings.thibault@broadridge.com

Media:

Tina Wadhwa                                     
Broadridge Financial Solutions
+1 212-973-6164                   
tina.wadhwa@broadridge.com

 

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SOURCE Broadridge Financial Solutions, Inc.

FAQ

What is Broadridge's new Anti-Money Laundering Solution?

Broadridge's Anti-Money Laundering Solution (AMLS) is an ML-powered platform designed to enhance transaction monitoring, name screening, and customer risk scoring.

How does the AMLS improve operational efficiency?

AMLS reduces false alerts and integrates various anti-money laundering processes into a single platform, enhancing decision-making.

What challenges does the AMLS address in financial institutions?

It addresses the inefficiencies of existing rules-based AML solutions that struggle with sophisticated money laundering techniques.

What is the estimated annual amount of money laundered?

The estimated annual amount of money laundered globally is between $1.6 trillion and $2 trillion.

When was the Broadridge AMLS launched?

The Broadridge Anti-Money Laundering Solution was announced on October 12, 2021.