KING OF PRUSSIA, Pa.–(BUSINESS WIRE)–RDC, the global leader in compliance screening, attended the 18th Annual ACAMS AML & Financial Crime Conference this week in Las Vegas, joining more than 2500 anti-financial crime professionals to share insights and best practices for the use of data-based solutions to prevent money laundering in global financial networks.
Earlier this month, RDC launched AI Review, the first-ever true AI solution for compliance screening. The solution enables near real-time inquiry responses, with an estimated 90% increase in batch processing speed and up to a 90% reduction in false positives alerts compared to unreviewed inquiries.
At ACAMS, RDC’s leadership played a prominent role in contextualizing the importance of algorithm-led analytics and AI-based technologies in preventing financial crime. In his role on the panel, “Eye on AI: A Primer on Artificial Intelligence for AML Professionals,” RDC CTO Jeff Sidell was a voice for the need for a rich data reservoir in machine learning and AI functions for anti-money-laundering software. He spoke to the importance of RDC’s world-largest risk-relevant database in powering the company’s cutting-edge solutions.
“There is no success in AI technology without a robust set of data and behaviors serving as the underpinning. RDC has been collecting this information on a proprietary basis for nearly two decades and it is a critical factor in building practical artificial intelligence offerings,” said Sidell. He went on to discuss the importance of the work between financial institutions, providers and regulators in the quickly advancing compliance software market. “We understand the best practices of model governance and work with our clients in meeting the needs of regulators and helping them to ensure the security and integrity of our financial system. Our client success depends on this.”
Sidell was joined by fellow panelists Wren York, Senior Vice President and Financial Intelligence Unit Group Manager at BB&T, and Jim Richards, Principal and Founder at RegTech Consulting. In a conversation moderated by Google AML Experimental Operations Manager David Griesbach, the three panelists covered a range of topics that also included strategies for leveraging the combined strengths of AI and legacy oversight methodologies to promote efficiency in Know-Your-Customer efforts, as well as preventing systemic risks often associated with AI, such as data privacy and algorithmic bias and drift.
“ACAMS is an important platform and opportunity for AML professionals to come together and collaborate in a meaningful way,” said RDC CEO Tom Walsh. “As a company that believes very strongly in our mission to prevent criminals from accessing the global financial network, we’re proud to have our executives leading important and forward-thinking conversations about the future of AML.” Walsh went on to comment that he was encouraged by the number of conversations regarding the industry’s mission-based work in which RDC is deeply involved, including elder fraud and human trafficking among other topics.
Regulatory DataCorp, Inc., (RDC), the Smarter ScreeningTM company prevents criminal infiltration of the world’s financial systems by delivering automated, intelligent customer screening and decision-ready intelligence. RDC supports more than 1,000 organizations and 35,000 compliance professionals across more than 100 countries in strengthening their KYC/AML, fraud and Politically Exposed Persons (PEPs) protection, ensuring sanctions and watchlist compliance, protecting their brand and reputation and managing supply chain and vendor risks. Founded by 20 of the world’s leading financial institutions, today RDC is a Vista Equity Partners portfolio company. Learn more about RDC by emailing [email protected] or visiting www.rdc.com.