Question: Do you know of any tool that can help with AML screening and lifecycle management for financial institutions?

If you're looking for a broad tool to help with AML screening and lifecycle management for financial institutions, Nasdaq Verafin is a good option. It has a variety of features, including machine learning-based fraud detection and consortium analytics, targeted analytics for AML and CFT, and integrated case management. The platform also enables secure 314(b) information sharing between institutions for joint investigations, lowering false positives and improving regulatory compliance.

Another strong option is Flagright, an AI-native AML compliance and fraud prevention platform. It includes automated case management, AI-based risk scoring, real-time transaction monitoring, and a collaborative console. Flagright has strong statistics, including 99.99% API uptime, 5-day integration time, and 95% fraud detection rate, which can help reduce manual task hours and increase productivity.

Alloy is another option, particularly if your institution is looking for a platform to manage identity verification and AML monitoring across the customer lifecycle. Alloy automates onboarding, fraud monitoring, and credit underwriting, using a network of more than 200 data sources across 195 markets. Its user-friendly interface and SOC2, Type 2-certified security means high data protection standards.

For a more comprehensive fraud detection and AML monitoring approach, Feedzai has a machine learning-based platform for account opening risk assessments, digital trust through biometrics, and transaction fraud monitoring. The platform works across a variety of industries so financial transactions are secure and fraud-free regardless of channel or geography.