INFORM’s RiskShield Helping Financial Service Providers Optimize Their Anti-Money Laundering and Counter-Terrorist Financial Monitoring and Compliance

INFORM’s RiskShield Helping Financial Service Providers Optimize Their Anti-Money Laundering and Counter-Terrorist Financial Monitoring and Compliance

INFORM Software Corporation, a leading provider of AI-based optimization software that facilitates improved decision making, processes and resource management across diverse industries, reported strong feedback from banks, credit unions, insurance companies and payment processors regarding the performance of its RiskShield anti-money laundering (AML) and counter-terrorist financial (CTF) monitoring solution.
Empowered by AI, RiskShield facilitates a holistic compliance process to manage AML and CTF risks on an enterprise-wide basis. According to INFORM Software Chief Operating Office Justin Newell, this is accomplished through several advanced performance features.
“Given the steadily increasing threat of money laundering and terrorist financing crimes, and the heightened enforcement of rules by government agencies, it is imperative that organizations within the financial services industry act swiftly, efficiently and with a comprehensive approach,” said Newell.

“RiskShield delivers an integrated anti-money laundering and counter terrorist financing
compliance process that provides a high visibility, enterprise-wide view on all customer accounts. Its real time performance gives organizations maximum control over financial crimes, enabling them to quickly identify suspicious activity and intercept potential offenses.”

By facilitating data sharing between modules, RiskShield supports enhanced decision-making, while its application of AI algorithms reduces false positives. The solution has proven effective in streamlining a range of processes from customer on-boarding to watch list screening. RiskShield can also support the filing of regulatory compliance documents such as Suspicious Activity Reports or Currency Transaction Reports.

“In 2019, over $8 billion in anti-money laundering fines were imposed by global enforcers,”
continued Newell. “Among those hit with these fines were 12 of the world’s top 50 banks. Based on data from diverse industry and government sources, the trend toward more active enforcement is not letting up any time soon. In fact, in January, the U.S. Department of Treasury announced a new strategy to combat terrorist and other criminal financing acts. Its “National Strategy for Combating Terrorist and Other Illicit Financial (2020 Strategy)” details the government’s enforcement priorities under the Bank Secrecy Act and other anti-money laundering and counter terrorist financial initiatives.”



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