Nasdaq Verafin Announces Targeted Typology Analytics — An Innovative Approach to Fighting Financial Crime
Nasdaq Verafin, a leading provider of crime fighting technology, has announced enhancements to its AI-based Targeted Typology Analytics. The suite now includes new detection capabilities for terrorist financing and drug trafficking activity. These crimes are estimated to fuel over $11 billion in terrorist financing and nearly $800 billion in drug trafficking globally in 2023.
The enhanced analytics aim to help banks improve the efficiency and effectiveness of their AML/CFT programs. Nasdaq Verafin's approach uses advanced AI techniques to risk-rate multiple pieces of evidence based on specific indicators of financial crime typology. This helps banks stay ahead of evolving threats and manage increasing regulatory expectations.
The new capabilities are expected to deliver high-quality results with fewer false positives compared to conventional approaches. They will also uncover patterns of criminal activity by analyzing a wide range of data, including insights from Nasdaq Verafin's unique consortium data set of more than 2,500 banks.
Nasdaq Verafin, un fornitore leader di tecnologia per la lotta contro il crimine, ha annunciato miglioramenti alla sua analisi tipologica mirata basata sull'AI. La suite ora include nuove capacità di rilevamento per il finanziamento del terrorismo e l'attività di traffico di droga. Si stima che questi crimini alimentino oltre $11 miliardi nel finanziamento del terrorismo e quasi $800 miliardi nel traffico di droga a livello globale nel 2023.
Le analisi potenziate mirano ad aiutare le banche a migliorare l'efficienza e l'efficacia dei loro programmi AML/CFT. L'approccio di Nasdaq Verafin utilizza tecniche AI avanzate per classificare il rischio di molteplici elementi di prova basandosi su indicatori specifici di tipologia di crimine finanziario. Questo aiuta le banche a tenersi al passo con le minacce in evoluzione e a gestire crescenti aspettative normative.
Si prevede che le nuove capacità forniranno risultati di alta qualità con meno falsi positivi rispetto agli approcci convenzionali. Inoltre, scopriranno modelli di attività criminale analizzando un'ampia gamma di dati, comprese le informazioni dal set dati unico di consorzio di Nasdaq Verafin che comprende più di 2.500 banche.
Nasdaq Verafin, un proveedor líder de tecnología para combatir el crimen, ha anunciado mejoras en su análisis tipológico dirigido basado en AI. La suite ahora incluye nuevas capacidades de detección para el financiamiento del terrorismo y la actividad de tráfico de drogas. Se estima que estos crímenes generan más de $11 mil millones en financiamiento del terrorismo y casi $800 mil millones en tráfico de drogas a nivel global en 2023.
Las analíticas mejoradas tienen como objetivo ayudar a los bancos a mejorar la eficiencia y efectividad de sus programas AML/CFT. El enfoque de Nasdaq Verafin utiliza técnicas avanzadas de AI para evaluar el riesgo de múltiples evidencias sobre la base de indicadores específicos de tipología de crimen financiero. Esto ayuda a los bancos a mantenerse al frente de las amenazas en evolución y gestionar las crecientes expectativas regulatorias.
Se espera que las nuevas capacidades ofrezcan resultados de alta calidad con menos falsos positivos en comparación con enfoques convencionales. También descubrirán patrones de actividad criminal analizando una amplia gama de datos, incluidos los conocimientos del conjunto de datos único de consorcio de Nasdaq Verafin que incluye más de 2,500 bancos.
Nasdaq Verafin은 범죄 방지 기술의 선두 제공업체로서 AI 기반의 목표형 분석 기능 개선을 발표했습니다. 이 제품군에는 이제 테러 자금 조달 및 마약 밀매 활동을 위한 새로운 탐지 능력이 포함됩니다. 이러한 범죄는 2023년 전 세계적으로 테러 자금 조달에 110억 달러 이상, 마약 밀매에 거의 8천억 달러를 불러일으킬 것으로 예상됩니다.
강화된 분석 기능은 은행들이 AML/CFT 프로그램의 효율성과 효과성을 향상하도록 돕기 위해 설계되었습니다. Nasdaq Verafin의 접근 방식은 특정 재무 범죄 유형 지표를 기반으로 여러 증거 조각을 위험 평가하는 고급 AI 기술을 사용합니다. 이는 은행들이 진화하는 위협에 앞서고 증가하는 규제 기대를 관리하는 데 도움을 줍니다.
이 새로운 기능은 기존 접근 방식에 비해 더 적은 거짓 긍정과 함께 고품질 결과를 제공할 것으로 예상됩니다. 또한, 범죄 활동의 패턴을 발견할 것입니다, Nasdaq Verafin의 고유한 2,500개 이상의 은행의 컨소시엄 데이터 세트에서 얻은 통찰력을 포함한 다양한 데이터를 분석함으로써.
Nasdaq Verafin, un fournisseur leader de technologies de lutte contre le crime, a annoncé des améliorations à son analyse typologique ciblée basée sur l'IA. La suite comprend désormais de nouvelles capacités de détection pour le financement du terrorisme et l'activité de trafic de drogue. On estime que ces crimes alimentent plus de 11 milliards de dollars de financement terroriste et près de 800 milliards de dollars de trafic de drogue à l'échelle mondiale en 2023.
Les analyses améliorées visent à aider les banques à améliorer l'efficacité et l'efficacité de leurs programmes AML/CFT. L'approche de Nasdaq Verafin utilise des techniques d'IA avancées pour évaluer le risque de plusieurs éléments de preuve sur la base d'indicateurs spécifiques de typologie de la criminalité financière. Cela aide les banques à rester en avance sur les menaces évolutives et à gérer les attentes réglementaires croissantes.
Les nouvelles capacités devraient fournir des résultats de haute qualité avec moins de faux positifs par rapport aux approches conventionnelles. Elles permettront également de découvrir des modèles d'activités criminelles en analysant une large gamme de données, y compris des informations provenant de l'ensemble de données unique de consortium de Nasdaq Verafin, qui regroupe plus de 2 500 banques.
Nasdaq Verafin, ein führender Anbieter von Technologien zur Bekämpfung von Kriminalität, hat Verbesserungen an seiner KI-basierten gezielten Typologieanalyse angekündigt. Das Paket umfasst nun neue Erkennungsfähigkeiten für Terrorfinanzierung und Drogenhandel. Schätzungen zufolge dürften diese Verbrechen weltweit im Jahr 2023 über 11 Milliarden Dollar an Terrorfinanzierung und fast 800 Milliarden Dollar an Drogenhandel generieren.
Die verbesserten Analysen zielen darauf ab, Banken zu helfen, die Effizienz und Effektivität ihrer AML/CFT-Programme zu verbessern. Der Ansatz von Nasdaq Verafin verwendet fortschrittliche KI-Techniken zur Risikobewertung mehrerer Beweisstücke, basierend auf spezifischen Indikatoren für die Typologie von Finanzkriminalität. Dies hilft Banken, vor sich entwickelnden Bedrohungen einen Schritt voraus zu sein und steigende regulatorische Erwartungen zu bewältigen.
Die neuen Fähigkeiten sollen hochwertige Ergebnisse mit weniger Fehlalarmen liefern im Vergleich zu herkömmlichen Ansätzen. Zudem werden sie Muster krimineller Aktivitäten aufdecken durch die Analyse einer Vielzahl von Daten, einschließlich Erkenntnissen aus Nasdaq Verafins einzigartigem Konsortialdatensatz von mehr als 2.500 Banken.
- Introduction of new AI-based detection capabilities for terrorist financing and drug trafficking
- Potential improvement in efficiency and effectiveness of banks' AML/CFT programs
- Expected reduction in false positive alerts compared to conventional systems
- Integration of generative AI Entity Research copilot to optimize compliance workflows
- Large customer base of over 2,500 financial institutions representing $9T in collective assets
- No specific financial impact or revenue figures provided for the new capabilities
- Potential challenges in adapting to new regulatory expectations and evolving financial crime threats
Leading AI-Based Anti-Financial Crime Offering including Elder Financial Abuse and Human Trafficking Analytics Enhanced with New Detection Capabilities for Terrorist Financing and Drug Trafficking Activity
ST. JOHN’S,
Different illicit activities have unique characteristics and red flags that are indicative of risk of the specific underlying crime. Nasdaq Verafin applies advanced AI techniques to risk-rate multiple pieces of evidence based on specific indicators of the financial crime typology to more effectively detect suspicious activity. This approach helps banks stay ahead of evolving threats and manage increasing regulatory expectations to align their programs to national AML/CFT priorities, including terrorist financing, drug trafficking, human trafficking, fraud and other critical money laundering risks.
Targeted Typology Analytics address an industry-wide pain point of high volumes of false positive alerts that result from conventional rules-based AML systems. In developing new analytical solutions, Nasdaq Verafin applies its proven approach from its highly performant analytics for Elder Financial Abuse and Human Trafficking that have proven to be more effective in identifying suspicious activity associated with specific crime typologies. Nasdaq Verafin’s targeted analytic to identify human trafficking activity delivers exceptional performance, with as few as one in four alerts resulting in a case investigation, and one in seven alerts resulting in a bank filing a Suspicious Activity Report (SAR).
“We are committed to delivering innovative solutions to help banks more efficiently and effectively fight evolving financial crime threats, while navigating an increasingly complex regulatory environment,” said Stephanie Champion, EVP and Head of Financial Crime Management Technology, Nasdaq Verafin. “Our approach provides a step change towards disrupting some of the most nefarious crimes that have deep economic and societal impacts and are severely impacting the financial industry.”
The new Targeted Typology Analytic for terrorist financing alerts financial institutions to the risk of funding for terrorist activities or organizations, by leveraging Nasdaq Verafin’s unique consortium data to identify shell companies used to move illicit funds. Following an extensive Beta program, the release of the terrorist financing analytic is expected to be released to its customer base of more than 2,500 financial institutions later this year. To further bolster coverage of threats, Nasdaq Verafin is currently partnering with Beta customers to develop a Targeted Typology Analytic to identify potential drug traffickers and leveraging its advanced link analysis capabilities to uncover drug trafficking networks.
Benefits of Targeted Typology Analytics:
- Delivers high quality results with fewer false positives compared to conventional approaches and broad rules-based systems, so investigators can focus on truly suspicious activities.
- Uncovers patterns of criminal activity with exceptional analytical performance by analyzing a wide range of behavioral, transactional, and third-party data, as well as insights from Nasdaq Verafin’s unique consortium data set of more than 2,500 banks.
- Contextualizes activity with visual investigation tools by providing investigators with the key data and context-rich insights needed to determine risk and expedite decisioning.
- Contributes to higher quality SARs by providing investigators with data and insights to enrich reporting of actionable intelligence to law enforcement.
- Optimizes efficiency with integrated generative AI Entity Research copilot capabilities to reduce time spent on manual research tasks and expedite the alert review process.
- Integrates into existing AML systems to deliver risk-scored alerts through API or as part of Nasdaq Verafin’s intelligent investigation solution with integrated case management capabilities.
“As an industry, we continuously need to challenge the status quo for how we fight financial crime and money laundering schemes – conventional broad approaches are no longer adequate to keep ahead of financial crime risk. Our AML approach maximizes efficiency with compliance automation, allowing banks to redirect resources on higher-value activities and more effectively fight financial crime with Targeted Typology Analytics,” said Rob Norris, SVP and Head of Product Strategy, Financial Crime Management Technology, Nasdaq Verafin. “That is the future of AML, and this new suite of detection capabilities represent the beginning of the next generation of detection capabilities on our roadmap.”
Earlier this year, Nasdaq Verafin introduced new generative AI capabilities with the launch of its integrated Entity Research copilot to help banks optimize compliance workflows and improve operational efficiency. With Targeted Typology Analytics, Nasdaq Verafin further builds on its proven track record of delivering banks’ innovative solutions to more efficiently and effectively fight financial crime.
For more information, visit: Nasdaq Verafin's Targeted Typology Analytics
Nasdaq Verafin, provides cloud-based Financial Crime Management Technology solutions for Fraud Detection, AML/CFT Compliance, High-Risk Customer Management, Sanctions Screening and Management, and Information Sharing. More than 2,500 financial institutions globally, representing more than
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Melanie Stead
+1-709-330-8005
Melanie.Stead@nasdaq.com
Financial Crime Management Technology, Nasdaq Verafin
Source: Nasdaq Verafin
FAQ
What new capabilities has Nasdaq Verafin (NDAQ) announced for its Targeted Typology Analytics?
How much illicit financial activity is estimated for terrorist financing and drug trafficking in 2023, according to Nasdaq Verafin (NDAQ)?
What is the expected performance of Nasdaq Verafin's (NDAQ) human trafficking detection analytic?
When is Nasdaq Verafin (NDAQ) expected to release its new terrorist financing analytic to customers?
