State of Financial Crime 2023 Report
Oliver Furniss, Chief Product Officer
Here’s a quick update on the latest news from our product team.
If you have any questions on these updates, speak to your customer success manager or email us at [email protected], and we’ll get back to you soon.
Significantly improved transaction monitoring alert prioritization
With Smart Alerts, customers can say goodbye to alert fatigue. A model trained on customer-specific data and analyst feedback will identify patterns in alerts and assign a high, medium, low, or lowest risk score. It will also highlight key risk factors related to the alert and transactions that will help analysts resolve alerts faster. Prioritized alert management ensures analysts can manage backlogs efficiently. Results so far indicate that prioritization can increase analyst efficiency by 15-30%.
KYB clients can now screen companies in 34 countries
To date, Know Your Business (KYB) only covered companies in the UK. We’ve now greatly increased our coverage to 34 countries, including nine of the most commercially important jurisdictions: the UK, the US, Canada, France, Germany, Australia, Singapore, and the Netherlands. So you can efficiently run KYB process on companies across the globe.
Self-serve editor enables customized alert content
Showing analysts customized alert content helps them to understand potential issues more quickly than they’re able to with generic risk scenario descriptions.
Until now, this information could be programmed by us to include specific variables relevant to the scenario, such as ‘transaction amount’ or ‘count of transactions in a specific period’.
With the new editor, customers can customize such content by including any data fields using ‘@’ mentions and previewing changes, making this task a simple no-code interaction.
Originally published 07 February 2023, updated 08 February 2023
Disclaimer: This is for general information only. The information presented does not constitute legal advice. ComplyAdvantage accepts no responsibility for any information contained herein and disclaims and excludes any liability in respect of the contents or for action taken based on this information.
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