Nextgen AML: Integrating AI with Traditional Methods for Smarter Financial Crime Detection

Nextgen AML

Integrating AI with Traditional Methods for Smarter Financial Crime Detection

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Abstract

The landscape of Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) is rapidly changing. Traditional rule-based systems face challenges with high false-positive rates and the sophistication of modern financial crimes. With trillions of dollars laundered globally, financial institutions are increasingly turning to AI-powered solutions.

This whitepaper explores various AML/CDD/KYC/KYT techniques and the crucial elements for effective implementation, including people, processes, and technology. It delves into Discai's platform, highlighting its hybrid approach that combines AI and rule-based methods for enhanced AML effectiveness. The paper also addresses the importance of enterprise-wide monitoring, network analysis, and anomaly detection. Finally, it outlines the strategic partnership between Discai and Tech Mahindra and the combined value they offer clients through their joint go-to-market strategy.

Key Takeaways

  • Hybrid AML: AI and Rule-Based Integration
  • AI for AML Optimization
  • Data Quality (DQM) Importance
  • People, Process, and Technology Alignment
  • Discai's Value Proposition
  • Discai-Tech Mahindra Partnership

About the Authors

Christophe Himpens
Christophe Himpens
Business Development Manager at Discai

Christophe Himpens is a business development leader with 20+ years in financial services. He spearheaded Discai’s AI-driven financial crime-fighting solution and established KYT AML governance across five countries, monitoring 13M+ customers. An expert in B2B sales, strategic partnerships, and regulatory implementation, he previously led product development at KBC Bank and held key roles at IBM, CGI, and Engie.More

Christophe Himpens is a business development leader with 20+ years in financial services. He spearheaded Discai’s AI-driven financial crime-fighting solution and established KYT AML governance across five countries, monitoring 13M+ customers. An expert in B2B sales, strategic partnerships, and regulatory implementation, he previously led product development at KBC Bank and held key roles at IBM, CGI, and Engie. Fluent in Dutch, English, and French, he holds a Master’s in Business Economics and executive training from Vlerick Business School.

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Saurabh Agrawal
Saurabh Agrawal
Practice Head - Digital Transformation Office for BFSI, Tech Mahindra

Saurabh is a part of the Digital Transformation Office for BFSI at Tech Mahindra. He has 20+ years of practitioner's experience of delivering large-scale complex digital transformation projects. With expertise in modernizing legacy systems, integrating cutting edge technologies and optimizing workflows, Saurabh has led clients through complex digital shifts.

ashirvad-patnaik
Ashirvad Patnaik
Principal Consultant – Financial Risk, Tech Mahindra

Ashirvad has 16 years of experience in the risk and analytics industry with past engagements in JP Morgan Chase, CITI, and American Express. He has worked as a key engagement manager, BASEL and stress testing subject-matter expert.More

Ashirvad has 16 years of experience in the risk and analytics industry with past engagements in JP Morgan Chase, CITI, and American Express. He has worked as a key engagement manager, BASEL and stress testing subject-matter expert. Some of his key responsibilities included Fraud management and forecasting, optimization of Risk-Weighted Assets (RWA) for unsecured lending, Mutual fund(s) targeting optimization, Marketing campaigns management and analytics, Business process streamlining and he is also a certified Financial Risk Manager ® from Global Association of Risk Professionals

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