AI Case Study

Earthport Payment Network reduces false positives of automated suspicious transaction detection using AML risk data in real-time

Earthport implemented ComplyAdvantage's Transaction Monitoring platform to analyse data in real time to identify and report suspicious payment behaviour which may be linked to money laundering or terrorism-financing. Minimising false positives for this behaviour reduces the amount of human intervention needed making the process more efficient.

Industry

Financial Services

Banking

Project Overview

"[T]he ComplyAdvantage platform (accessed through API to allow for real-time monitoring) allows Earthport to easily configure different types of scenarios and automatically monitor different segments of clients against relevant scenarios. This means Earthport can apply a proper Risk-Based Approach (RBA) and monitor risk more effectively whilst reducing the unnecessary false positive alerts that less tailored solutions would produce. It also empowers the business to meet differing compliance regime requirements and risk profiles of the many parties in any end-to-end international payments chain. The ComplyAdvantage platform learns from decisions, and can be tested and tuned to improve efficiency over time, freeing up the compliance team’s time to focus on taking decisions rather than executing manual tasks."

Reported Results

The vendor claims: "Since going live with the ComplyAdvantage platform, Earthport has achieved its goals of maintaining high STP whilst effectively mitigating risk. The management team, clients, banking partners and regulators are satisfied by the highly automated yet thorough anti-money-laundering processes."

Technology

Machine learning to parse data, identify individuals mentioned in disparate sources

Function

Risk

Audit

Background

"Earthport is a major publicly-listed payments company that provides their clients with access to a global payment network... operates within a complex payments ecosystem exposed to varied
degrees of risk. They work with a wide range of businesses, from small remittance companies to large global banks, distributed worldwide with many that are located in high-risk jurisdictions. They needed a way to effectively monitor a high volume of transactions for financial crime risk without compromising on the efficiency of their internal processes or the customer experience.
... Earthport has committed to achieving the highest Straight Through Processing (STP) rate of the industry and aggressive growth targets, while still identifying and reporting suspicious
behavior. Furthermore, tight operating margins mean that operational efficiency is a must: manual resolutions must be kept to a minimum (with few false positives) and any alerts must be quick and easy to handle."

Benefits

Data

Uses ComplyAdvantage's proprietary AML data which is drawn from publically available global sanction lists and regulatory, law enforcement, fitness and probity watchlists; "5M media articles analysed daily".