SymphonyAI’s new, uncompromising take on financial crime and transaction monitoring

Blog | Dec 20, 2022

When it comes to financial crime and transaction monitoring, we’re not making any compromises at SymphonyAI. As the leading enterprise AI company, we know that flagging illicit financial activity within millions or billions of transactions requires the most innovative technology. That’s why the close of our acquisition of global financial crime detection leader NetReveal from BAE Systems is such a transformational moment in financial crime detection. 

SymphonyAI NetReveal’s know-your-customer risk rating, anti-money laundering, payment fraud, and other crime detection capabilities are coupled with SymphonyAI Sensa’s AI-driven tools and analytics. As SymphonyAI CEO Sanjay Dhawan explained, this unification sets a new industry standard in uncovering anomalous activity, pinpointing true criminality, and reducing the burden on risk departments in financial enterprises. 

Banks and other financial institutions have a great need for innovative solutions in financial crime detection and transaction monitoring. Money launderers, human traffickers, drug dealers, violators of international sanctions, and other financial criminals are growing more sophisticated and tech-savvy. Customers, meanwhile, want to know if their financial institutions are taking responsible steps to prevent facilitating criminals. Lastly, banks and other financial institutions generate a tsunami of data that, when leveraged, holds the key to identifying risk and thwarting criminal endeavors. 

“Compliance departments traditionally have used painstaking manual approaches to try to find the proverbial needle of crime amid the mountainous haystack of legitimate transactions and well-behaved clients,” the Wall Street Journal wrote. “AI can do the job better, require less staff, and enable continuous check-ups on customers and transactions for money-laundering issues and sanctions violations.” 

After assessing the competition, Forrester arrived at a similar conclusion as the Journal and positioned NetReveal as a Strong Performer in the Forrester Wave™: Anti-Money Laundering, Q3 2022 report 

The NetReveal-Sensa Suite, launched in October, addresses those concerns by combining the best of established compliance solutions with disruptive, leading-edge AI technologies. Traditional financial crime and transaction monitoring applications are exclusively rule-based, meaning they look for bad actors according to crimes and patterns discovered in the past. This approach will find and prevent some crimes, but bad actors are always developing new schemes. AI solves this dilemma by searching for unknown unknowns that should raise suspicions but might not comport to past crimes. The feedback loop of finding new crimes then evolves rules and models to keep pace with criminal behavior while refining detection and minimizing false positives.     

“We know that financial institutions are looking for the right blend of rules-based and AI insights while they address growing costs and transaction volumes,” said Mike Foster, managing director of NetReveal. “The NetReveal-Sensa Suite supports our clients as their priorities evolve.” 

The NetReveal-Sensa Suite includes advanced anti-money laundering and fraud detection, efficient visual investigation, intelligent alert scoring, behavioral graph network analysis, and automated regulatory reporting. Importantly, it offers these services in one seamless investigator journey personalized to the needs of individual organizations, allowing investigators to see how and why a transaction might have been flagged – explainability, in other words. Explainability is essential amid the many false positives other financial crime and transaction monitoring technologies spot – and a critical requirement for regulators, as Sanjay explained in AI Magazine. The results are stellar: 70 percent greater accuracy in risk detection and 70 percent less manual review. 

In its recent Watchlist Screening and Monitoring Solutions Vendor Landscape report, research firm Chartis also named NetReveal as a leader in enterprise solutions for financial crime and transaction monitoring. Chartis Research Director Sidhartha Dash saw the addition of SymphonyAI’s Sensa to NetReveal as a game-changer in the space. “This powerful new combination will combine next-generation AI analytics and an end-to-end risk management infrastructure to deliver scalable solutions in a wide variety of risk and compliance contexts,” Dash said, adding that the new NetReveal-Sensa Suite “represents a significant new addition to the compliance technology ecosystem.” 

We wouldn’t settle for anything less. We’re looking forward to SymphonyAI NetReveal and Sensa creating the next generation of anti-fraud, anti-money laundering, and compliance solutions for financial institutions around the world.