Introducing Applied Machine Learning, generative AI, and
Analytical Capabilities for Real-Time Oversight and Enhanced AML
Operations in Fintech and Banking
MENLO PARK, Calif.,
April 8, 2024 /PRNewswire/ --
Oscilar, a leading force in AI-Powered financial risk management,
today publicly unveiled an industry-leading AI-Powered AML Risk
Platform at the ACAMS Summit in Florida. This innovation represents a major
leap forward in Anti-Money Laundering (AML) operations by equipping
sponsor banks, fintechs, and financial institutions with
unparalleled real-time monitoring, meticulous reporting, and
in-tool backtesting and validation capabilities.
The complexity of AML programs places a heavy burden on
financial institutions navigating a maze of global risks, with
money laundering estimated to be 2-5% of global GDP, amounting to
up to $2 trillion annually, according
to the United Nations. Facing increasing regulatory scrutiny,
Banking-as-a-Service (BaaS) programs require innovative Anti-Money
Laundering (AML) solutions that reconcile the stringent compliance
demands of traditional banking with the fast-paced innovation of
fintech.
Oscilar's unified AI-Powered AML Risk Platform monitors AML and
Fraud risks, employing foundational AML rules with
generative AI (Gen AI) and Machine Learning models for real-time
detection, investigation, and enhanced collaboration between
sponsor banks and fintechs. The platform revolutionizes AML
operations with Oscilar AI, a Gen AI AML
Co-Pilot, advanced AML Ops Visibility and Control, and AI
tools like anomaly detection models. Oscilar's No-code and Natural
Language AML Scenario Testing and Auditing capabilities empower
specialists to efficiently develop, test, and audit tailored AML
strategies that meet regulatory standards and unique risks.
Oscilar's AI-Powered AML Risk Platform is already being used by
a number of fintechs, financial institutions, and sponsor banks for
customer onboarding, transaction monitoring, compliance visibility,
and regulatory reporting needs.
"Oscilar's expanded AML Risk platform capabilities, such as the
GenAI Co-Pilot and Mission Control Dashboard, have the potential to
be a game-changer for compliance operations. These innovations
promise insights and oversight that were previously unimaginable,"
shares Eric Wright, Chief Operating
Officer at CC Bank.
"By advancing our AML solution with these latest capabilities,
we reinforce our commitment to enabling financial innovation while
ensuring stringent compliance and security," states Neha Narkhede, Co-Founder and CEO
of Oscilar. "Our goal is to empower our fintechs and financial
institutions to navigate the regulatory landscape with ease and
confidence."
Oscilar AI, A GenAI-Powered AML Co-Pilot: Assisting AML
Investigations, Analytics & Compliance Explainability
Oscilar AI, Oscilar's AML Co-Pilot, provides real-time
intelligence to AML teams, such as AI-generated case summaries, SAR
narratives, and search recommendations, enabling AML teams to make
decisions in minutes.
AMLOps Visibility and Control: Redefining Compliance
Oversight
Oscilar's AML Risk Platform features a Mission Control
Dashboard, providing both sponsor banks and fintechs with a
comprehensive overview and thorough oversight of AML programs. The
integrated Case Management experience connects alerts,
investigations, reporting in real-time to give fintechs and sponsor
banks a unified workspace to collaborate.
Applied AI for AML: Elevating Detection and Alert Efficiency
with Auditable Models
Oscilar boosts AML teams' efficiency with AI models for Alert
Prioritization, Link Analysis, and Suspicious Activity Monitoring.
These models are supported by Human-In-The-Loop techniques and a
Fairness and Governance Model, ensuring unbiased detection and full
traceability.
Transparent AML Workflows and Scenario Testing: Streamlining
Compliance
Oscilar's AML Risk Platform offers quick AML setup, flexible
data integration, and a no-code interface. Utilizing generative AI
for intuitive rule writing provides an adaptive AML compliance
approach, enhancing efficiency and transparency for fintechs and
banks.
"Oscilar is committed to help shape the future of AML compliance
by harnessing the power of generative AI, collaborating with
regulators, and leveraging applied Machine Learning and automation
to uncover complex AML scenarios. Our mission is to bring increased
speed, transparency, and efficiency to AML programs across the
financial ecosystem while reducing operational costs and risk,"
states Neha Narkhede, Co-Founder and
CEO of Oscilar.
Learn more about Oscilar's AI-Powered AML Risk Platform by
visiting https://oscilar.com/blog/ai-powered-aml-risk-platform.
About Oscilar
Oscilar stands at the cutting edge of financial compliance and
risk management technology, delivering AI-driven solutions that
redefine how fintechs and sponsor banks achieve regulatory
compliance, enhance security, and foster growth. With Oscilar,
partners gain access to innovative tools and capabilities that
streamline compliance processes, ensuring a secure and compliant
path to financial innovation. Oscilar, which was co-founded in 2021
by Confluent (NASDAQ: CFLT) Co-founder Neha
Narkhede, has seen explosive growth and is working with
dozens of leading fintechs and financial customers.
CONTACT: press@oscilar.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/oscilar-unveils-groundbreaking-ai-powered-aml-risk-platform-transforming-compliance-for-fintechs-sponsor-banks-and-financial-ecosystem-302110349.html
SOURCE Oscilar