Fortytwo Data, the London-based anti-money laundering (AML) and client screening platform provider, introduced an enhanced version of its Sanction Screening Augmentation platform this week. The upgrade means that the company’s entity screening technology is now capable of reducing false positives by up to 93%.
In a press release, the company noted that false positives are a major pain point for companies, making AML and sanctions screening more expensive. Fortytwo Data leverages machine learning and automatic rule generation to improve the rate of false positive detection by more than 30%. Working with a FTSE 100 company, Fortytwo Data was able to reduce the number of AML false positives the company was having to manually check with its legacy system from 5% of all entities to less than 0.5%. Similar results were found when Fortytwo Data applied its technology to the firm’s sanction screening process.
Fortytwo Data Chief AI Officer Luca Primerano demonstrating its Customer Screening and Transaction Monitoring Enhancement technology at FinovateEurope 2018.
Fortytwo Data CEO Julian Dixon acknowledged the challenges executives face in trying to clear the regulatory bar when it comes to monitoring and due diligence. “However, the technology has already caught up enough to make our platform, the only truly AI off-the-shelf solution in the world, the most cost-efficient solution,” Dixon said.
“It is a myth that large companies need to spend millions of pounds updating their systems and there are millions of pounds to be saved,” Dixon added. ” Legacy systems don’t even need to be replaced – they just bolt together.”
Dixon noted that the company’s technology was making an impact “not just inside financial firms, but (with) cutting edge bluechips in a variety of sectors” as well.
Fortytwo Data demonstrated its end-to-end AML transaction monitoring and client screening platform at FinovateEurope 2018 earlier this year. The company’s solutions are used by banks, financial service providers, and businesses in other highly regulated sectors to lower operational and reputational risk to their enterprises as well as cut costs.
With £2 million in funding, Fortytwo Data includes BIG IDEAS GROUP among its investors. This spring, the company appointed Luca Primerano as Chief AI Officer.