Overview

The client is a world leader in providing solutions in the fight against financial crime. Their product suite, which delivers risk management, anti-money laundering, and regulatory compliance, is used by the world’s largest banks and financial institutions. ​

Challenge

Financial Services Organizations (FSOs) have a vast amount of data on the activities of individuals and organizations, which is often inaccurate and scattered across internal and external data sources, making it challenging to create a single, accurate view of an entity. This view is critical to creating a master customer profile, the absence of which can lead to FSOs incurring millions of dollars in fines.​

Solution

Ness built an Identity Resolution solution that allowed the client to provide state-of-the-art money laundering filtering capabilities. It helped find relationships or duplications between entities that the Financial Institutions may be unaware of, which helped the client build a single risk view of their customers and their connections. It also reduced the number of AML violation detection alerts and discovered networks among correspondent banking payments. Customizable dashboards helped visualize and monitor performance and processing status. Processed data results were streamed back to the client’s core data store. Each solution component was run in a container for easy and scalable deployment.​