Nasdaq Verafin Announces Targeted Typology Analytics — An Innovative Approach to Fighting Financial Crime
Leading AI-Based Anti-Financial Crime Offering including Elder Financial Abuse and Human Trafficking Analytics Enhanced with New Detection Capabilities for Terrorist Financing and Drug Trafficking Activity
ST. JOHN’S,
Different illicit activities have unique characteristics and red flags that are indicative of risk of the specific underlying crime. Nasdaq
Targeted Typology Analytics address an industry-wide pain point of high volumes of false positive alerts that result from conventional rules-based AML systems. In developing new analytical solutions, Nasdaq Verafin applies its proven approach from its highly performant analytics for Elder Financial Abuse and Human Trafficking that have proven to be more effective in identifying suspicious activity associated with specific crime typologies. Nasdaq Verafin’s targeted analytic to identify human trafficking activity delivers exceptional performance, with as few as one in four alerts resulting in a case investigation, and one in seven alerts resulting in a bank filing a Suspicious Activity Report (SAR).
“We are committed to delivering innovative solutions to help banks more efficiently and effectively fight evolving financial crime threats, while navigating an increasingly complex regulatory environment,” said
The new Targeted Typology Analytic for terrorist financing alerts financial institutions to the risk of funding for terrorist activities or organizations, by leveraging Nasdaq Verafin’s unique consortium data to identify shell companies used to move illicit funds. Following an extensive Beta program, the release of the terrorist financing analytic is expected to be released to its customer base of more than 2,500 financial institutions later this year. To further bolster coverage of threats, Nasdaq Verafin is currently partnering with Beta customers to develop a Targeted Typology Analytic to identify potential drug traffickers and leveraging its advanced link analysis capabilities to uncover drug trafficking networks.
Benefits of Targeted Typology Analytics:
- Delivers high quality results with fewer false positives compared to conventional approaches and broad rules-based systems, so investigators can focus on truly suspicious activities.
- Uncovers patterns of criminal activity with exceptional analytical performance by analyzing a wide range of behavioral, transactional, and third-party data, as well as insights from Nasdaq Verafin’s unique consortium data set of more than 2,500 banks.
- Contextualizes activity with visual investigation tools by providing investigators with the key data and context-rich insights needed to determine risk and expedite decisioning.
- Contributes to higher quality SARs by providing investigators with data and insights to enrich reporting of actionable intelligence to law enforcement.
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Optimizes efficiency with integrated generative AI
Entity Research copilot capabilities to reduce time spent on manual research tasks and expedite the alert review process. - Integrates into existing AML systems to deliver risk-scored alerts through API or as part of Nasdaq Verafin’s intelligent investigation solution with integrated case management capabilities.
“As an industry, we continuously need to challenge the status quo for how we fight financial crime and money laundering schemes – conventional broad approaches are no longer adequate to keep ahead of financial crime risk. Our AML approach maximizes efficiency with compliance automation, allowing banks to redirect resources on higher-value activities and more effectively fight financial crime with Targeted Typology Analytics,” said
Earlier this year, Nasdaq Verafin introduced new generative AI capabilities with the launch of its integrated
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About Nasdaq: Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.verafin.com
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Melanie.Stead@nasdaq.com
Financial Crime Management Technology, Nasdaq Verafin
Source: Nasdaq Verafin