Oscilar, a leading force in AI-Powered financial risk management, publicly unveiled an industry-leading AI-Powered AML Risk Platform at the ACAMS Summit in Florida. This innovation represents a major leap forward in Anti-Money Laundering (AML) operations by equipping sponsor banks, fintechs, and financial institutions with unparalleled real-time monitoring, meticulous reporting, and in-tool backtesting and validation capabilities.
The complexity of AML programs places a heavy burden on financial institutions navigating a maze of global risks, with money laundering estimated to be 2-5% of global GDP, amounting to up to $2 trillion annually, according to the United Nations. Facing increasing regulatory scrutiny, Banking-as-a-Service (BaaS) programs require innovative Anti-Money Laundering (AML) solutions that reconcile the stringent compliance demands of traditional banking with the fast-paced innovation of fintech.
Oscilar’s unified AI-Powered AML Risk Platform monitors AML and Fraud risks, employing foundational AML rules with generative AI (Gen AI) and Machine Learning models for real-time detection, investigation, and enhanced collaboration between sponsor banks and fintechs. The platform revolutionizes AML operations with Oscilar AI, a Gen AI AML Co-Pilot, advanced AML Ops Visibility and Control, and AI tools like anomaly detection models. Oscilar’s No-code and Natural Language AML Scenario Testing and Auditing capabilities empower specialists to efficiently develop, test, and audit tailored AML strategies that meet regulatory standards and unique risks.
Oscilar’s AI-Powered AML Risk Platform is already being used by a number of fintechs, financial institutions, and sponsor banks for customer onboarding, transaction monitoring, compliance visibility, and regulatory reporting needs.
“Oscilar’s expanded AML Risk platform capabilities, such as the GenAI Co-Pilot and Mission Control Dashboard, have the potential to be a game-changer for compliance operations. These innovations promise insights and oversight that were previously unimaginable,” shares Eric Wright, Chief Operating Officer at CC Bank.
“By advancing our AML solution with these latest capabilities, we reinforce our commitment to enabling financial innovation while ensuring stringent compliance and security,” states Neha Narkhede, Co-Founder and CEO of Oscilar. “Our goal is to empower our fintechs and financial institutions to navigate the regulatory landscape with ease and confidence.”
Oscilar AI, A GenAI-Powered AML Co-Pilot: Assisting AML Investigations, Analytics & Compliance Explainability
Oscilar AI, Oscilar’s AML Co-Pilot, provides real-time intelligence to AML teams, such as AI-generated case summaries, SAR narratives, and search recommendations, enabling AML teams to make decisions in minutes.
AMLOps Visibility and Control: Redefining Compliance Oversight
Oscilar’s AML Risk Platform features a Mission Control Dashboard, providing both sponsor banks and fintechs with a comprehensive overview and thorough oversight of AML programs. The integrated Case Management experience connects alerts, investigations, reporting in real-time to give fintechs and sponsor banks a unified workspace to collaborate.
Applied AI for AML: Elevating Detection and Alert Efficiency with Auditable Models
Oscilar boosts AML teams’ efficiency with AI models for Alert Prioritization, Link Analysis, and Suspicious Activity Monitoring. These models are supported by Human-In-The-Loop techniques and a Fairness and Governance Model, ensuring unbiased detection and full traceability.
Transparent AML Workflows and Scenario Testing: Streamlining Compliance
Oscilar’s AML Risk Platform offers quick AML setup, flexible data integration, and a no-code interface. Utilizing generative AI for intuitive rule writing provides an adaptive AML compliance approach, enhancing efficiency and transparency for fintechs and banks.
“Oscilar is committed to help shape the future of AML compliance by harnessing the power of generative AI, collaborating with regulators, and leveraging applied Machine Learning and automation to uncover complex AML scenarios. Our mission is to bring increased speed, transparency, and efficiency to AML programs across the financial ecosystem while reducing operational costs and risk,” states Neha Narkhede, Co-Founder and CEO of Oscilar.
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