The COVID 19 pandemic has generated an increase in prepaid card payments and mobile payments. Furthermore, the explosion of the Metaverse will revolutionize lifestyles and digital payment methods that will be based on the use of NFT cryptocurrencies linked to wallets.
These new types of payments increase the risk of Money – Laundering phenomena, i.e. the financing of lawful activities starting from the profits deriving from illegal activities, and this is why, today, there is a need for technologies for an adequate anti-money laundering.
RegTech is the set of technologies that, thanks to AI and Big Data analysis, allows to automate some data monitoring processes or to verify the fulfillment of legally established requirements.
The market for RegTech applications has been growing significantly in recent years, involving, in addition to financial intermediaries, also Fintech, technology companies strongly interested in anti-money laundering software applications.
Moneying: the Revelis solution for compliance
The growth in the sector of anti-money laundering software applications at an international level is due, among other factors, to the explosion in the use of crypto-currencies and the increase in regulations and compliance requirements for companies.
Various government agencies around the world have also enacted regulations and laws to combat terrorist financing and combat money laundering incidents. However, AML laws differ between countries, making it critical for financial institutions to ensure that their business complies with the specific policies of the country in which they operate.
From these new needs in the context of anti-money laundering software applications, Revelis has developed the Moneying platform, which allows the analysis of financial transactions from banks, allowing the check of the effectiveness of the KRIs in use via cloud services in the “Banking & Finance” market, and providing Artificial Intelligence technologies aimed at Big Data and Blockchain Analytics.
What is the Moneying solution for?
Moneying is a solution designed for banks, financial intermediaries and Fintechs, which are required to comply with international regulations on financial crimes and the fight against terrorism.
Specific customer segments can be:
- retail banking services;
- commercial banks;
- digital banks;
- asset management institutions.
These customers will be able to improve their management efficiency, in the area of compliance (AML checks), customer care (intelligent classification of email communications and claim management), and interaction with investigating bodies, since artificial intelligence techniques will allow:
- a drastic reduction in analysis times;
- an objective evaluation assessment of AML phenomena;
- a saving of time and operating costs.
Moneying allows compliance checks by analyzing large amounts of information relating to financial transactions, based on traditional currencies or cryptocurrencies; in the first case the information is taken from the Transaction Archive made available by the client banks, while in the second case the information is found starting from the blockchains that allow public access to transaction data.
In addition, the platform provides text analytics techniques, predictive analysis and artificial intelligence techniques allowing the staff dedicated to the AML (Anti Money Laundering) function to obtain various advantages such as:
The benefits of Moneying
- identification of financial crimes;
- automation of the analysis of financial transactions through AI techniques;
- optimization of the decision-making process relating to suspicious transaction reports;
- reduction of manual intervention and optimization of the investigation phase.
The advantages of using Artificial Intelligence techniques in a banking context are related to the possibility of having automatic software agents capable of behaving in a similar way to human operators in the execution of tasks related to compliance analyzes or management of the relationship with the customer.
The identification of fraudulent phenomena, the understanding of requests made by users, the rigorous analysis of actual behavior, benefit automation guaranteed by the latest generation of IT platforms that allow time optimization and relief of employees from the tasks of processing huge amounts of information.
Furthermore, the greater responsiveness and accuracy of the processing improves the relationship with the stakeholders of the banks, such as financial authorities and customers, with the following benefits::
- operational optimization;
- improvement of the reliability rank with the financial authorities;
- increase in brand reputation towards customers.
The features of Moneying
The functionalities of Moneying, developed by Revelis to allow companies to adapt to compliance, can be summarized as follows:
- profiling of operators based on their risk rating;
- assessment of Key Risk Indicators for the identification of any recycling scenarios of individual operators;
- community analysis, aimed at identifying the presence of coalitions, or groups of operators who carry out coordinated operations for criminal purposes (money laundering or illicit financing);
- support for interaction with investigative bodies;
- automatic classification of emails sent by customers, to promptly identify any appeals related to financial relationships.
Financial intermediaries have to comply with a very complex set of regulations, and in order to do this, systematic monitoring of transactions makes it possible to avoid the sanctions provided by regulatory bodies.
Thanks to the digital transformation, a simplification of processes and the implementation of controls is enabled, allowing the achievement of the compliance objective; this result can be achieved through the application of the Moneying solution developed by Revelis.
To confirm the importance and growth of RegTech in this new context, we also find the “Global RegTech Markets Report 2021: Analysis & Forecasts, 2015-2030” according to which the global RegTech market should reach 55 billion dollars in 2025, to attest to an ever-evolving growth.