Oscilar launches AI-powered AML risk platform

This platform represents a significant advancement in Anti-Money Laundering (AML) operations by providing sponsor banks, fintechs, and financial institutions with state-of-the-art real-time monitoring, detailed reporting, and comprehensive backtesting and validation capabilities.

The intricacies of AML programs pose challenges for financial institutions as they navigate a complex landscape of global risks. Money laundering, estimated to account for 2-5% of global GDP, equating to up to USD 2 trillion annually according to the United Nations, underscores the urgency for effective solutions. With increasing regulatory scrutiny, Banking-as-a-Service (BaaS) programs require innovative AML solutions that balance stringent compliance requirements with fintech's rapid innovation.

Oscilar's unified AI-Powered AML Risk Platform addresses AML and Fraud risks by using foundational AML rules alongside generative AI (Gen AI) and Machine Learning models for real-time detection, investigation, and enhanced collaboration between sponsor banks and fintechs. The platform introduces 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.

Already in use by several fintechs, financial institutions, and sponsor banks, Oscilar's AI-Powered AML Risk Platform facilitates customer onboarding, transaction monitoring, compliance visibility, and regulatory reporting.

Representatives of CC Bank suggest that the enhanced capabilities of Oscilar's AML Risk platform, including the GenAI Co-Pilot and Mission Control Dashboard, could bring about a significant transformation in compliance operations. They believe that these innovations offer insights and oversight that were previously inconceivable.

Oscilar representatives asserted that by enhancing their AML solution with these latest capabilities, they can affirm their commitment to driving financial innovation while ensuring rigorous compliance and security. They emphasized that their objective is to empower fintechs and financial institutions to navigate the regulatory landscape confidently.

Oscilar AI, Oscilar's AML Co-Pilot, delivers real-time intelligence to AML teams, offering AI-generated case summaries, SAR narratives, and search recommendations, enabling swift decision-making.

The platform includes a Mission Control Dashboard, offering sponsor banks and fintechs a comprehensive overview and meticulous oversight of AML programs. The integrated Case Management experience links alerts, investigations, and reporting in real-time, providing a unified workspace for collaboration.

It can enhance AML teams' efficiency with AI models for Alert Prioritisation, Link Analysis, and Suspicious Activity Monitoring. These models incorporate Human-In-The-Loop techniques and a Fairness and Governance Model to ensure unbiased detection and complete traceability.

The platform offers swift AML setup, flexible data integration, and a no-code interface. Leveraging generative AI for intuitive rule writing facilitates an adaptive AML compliance approach, enhancing efficiency and transparency for fintechs and banks.