Broadridge Financial Solutions, Inc. [NYSE: BR] has introduced Broadridge Anti-Money Laundering Solution (AMLS). The new solution will bring new, leading-edge capabilities to Broadridge’s current Intelligent Automation suite. The new solution offers an end-to-end machine learning (ML) backed Anti-Money Laundering platform.
The new AMLS encompasses transaction checking, name screening, alert ordering, and customer risk scoring. The Broadridge AMLS is specifically designed for firms and institutions exploring ways to improve their anti-money laundering investigation to identify illegal money flows and bad actors.
Furthermore, Broadridge’s AMLS platform balances current rules-based systems by leveraging supervised machine-learning to recognize thousands of risk factors that legacy solutions cannot repeat, to distinguish threats, and to self-learn via a verified Champion-Challenger framework that keeps stride with progressively complex laundering techniques.
Presently, the financial crime prevention environment is divided and susceptible to evolving threats. The amount of money laundered yearly reached $1.6 to $2 trillion and less than 1% of this laundered money is discovered. So, the existing rules-based AML solutions in financial institutions are not adequate as money laundering techniques become more complicated. But the AMLS of Broadridge which is machine-learning backed will decrease the risk of financial crimes.
Additionally, Broadridge’s product, backed by Tookitaki, is an ML-based AML platform that global financial institutions can leverage to significantly reduce false warnings and understand productivity gains while enhancing risk alleviation.