Amberoon Inc., a RegTech AI company, announced the launch of the DXC Technology (NYSE: DXC) Lucre AML for the Celeriti Digital Banking platform. Lucre AML uses Agile Enforcement and Machine Learning to tackle compliance costs, which is one of the major tech issues with BSA/ AML (Bank Secrecy Act and Anti-Money Laundering) software.
Thomas Demchak, the chief banking technologist at DXC said “Celeriti Digital Banking is built on the Open Banking Initiative (OBI) approach to harness innovation from innovative FinTech/RegTech companies”. He proudly added that Amberoon Lucre AML is the first RegTech solution certified on their platform and find solutions for the critical need for effective AML compliance.
Shirish Netke, CEO of Amberoon explains the situation, “When a bank buys AML software today, it tacitly commits to a business process decided by a software vendor. Agile compliance means using machine intelligence combined with human intelligence to create an effective and flexible AML process. For compliance teams, this means reduction in false positives, greater insight into risky behavior and an increase in productivity. The Celeriti Digital Banking platform helps us deploy modern technology at scale with one of the most trusted companies in the banking industry.”
The Agile Compliance strategy from Amberoon offers an extension of financial crime expertise leveraging AI and predictive analytics that complements Fenergo’s consumer journey and Customer Lifecycle Management (CLM) approaches to finance organizations. DXC and Fenergo collaborate to provide the best-in-class KYC, AML, and automated onboarding technologies with an outcome-based approach to providing innovative technology solutions to clients on a scale.
Globally, banks are challenged to manage money laundering risks effectively in a complex, competitive, global operating and regulatory environment. Compliance has rapidly risen to top of the Financial Service Providers’ priority list. Lexis-Nexis recently estimated that Banks and financial institutions in North America spent $31.6 bn on AML enforcement.
Dr. Robert Mark, managing partner of Black Diamond Risk Enterprises and former Chief Risk Officer for CIBC said that AI and machine learning had created new opportunities for managing operational risks for banks. Large banks spend heavily on new technology. Solutions such as Amberoon Lucre are democratizing these innovations and supplying them to smaller banks.
Amberoon utilizes Agile Compliance and new technology such as Artificial Intelligence, Big Data and Predictive Analytics to create a risk-based approach to AML. The solution is an AI overlay of financial crimes across all legacy AML systems, providing powerful digital graphics for both bankers and regulators to handle AML risk effectively.
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