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Financial fraudsters never sleep. According to recent estimates, less than 2% of the proceeds of organized crime are recovered by law enforcement agencies (source: Europol). One of the reasons for this is the skillful use of modern technology by criminal networks.


Let's talk how we can help your business.


Connect to a new world of efficiency by utilizing cleversoft’s business solutions.

contact us

Let's talk how we can help your business.


Connect to a new world of efficiency by utilizing cleversoft’s business solutions.

contact us

Financial fraudsters never sleep. According to recent estimates, less than 2% of the proceeds of organized crime are recovered by law enforcement agencies (source: Europol). One of the reasons for this is the skillful use of modern technology by criminal networks. 

It is therefore essential for financial institutions to use innovative technology to counter this. This requires an anti-financial crime solution that is not only state of the art but can also be dynamically and flexibly adapted to new circumstances. 

A German company based in Munich is a pioneer in this field: cleversoft, a RegTech company founded in 2004, offers comprehensive automated services for the prevention of financial crime via a holistic platform that can be expanded and networked as required. 

Banks, insurance companies, asset managers and other players in the financial sector can use the cleversoft platform to put together their own “solution portfolio”. The offering includes, for example, the automation of KYC (Know Your Customer) processes and sanctions screening, data-driven case analysis and, more recently, AI-based tools for monitoring financial transactions. 

AI tools that evolve through learning. 

The highlight of the new “cleverForensicDetection” service: suspicious financial transactions are identified using artificial intelligence that is constantly learning based on user feedback. This is done by means of “smart sampling”, whereby the customer receives a monthly sample of transactions that the monitoring tool has categorized as “near suspicious”. Such transactions, which were on the verge of an alert, are then looked at more closely and the AI adapts accordingly. In this way, the accuracy of transaction monitoring is constantly refined, and false positives are significantly reduced. 

In addition, from benefiting from the learning curve of AI Transaction Monitoring, financial institutions also gain deeper insights into their customers ‘transaction behavior. The system eliminates the blind spots in customer behavior by detecting not only the obvious unusual behavior flagged by business rules, but also the subtle anomalies. By enhancing business rules with AI to detect customer behavior, all blind spots are detected, enabling proactive action.  

Many experts agree that in the future there will be no way around such an AI-based solution to fully meet regulatory requirements. Financial institutions that are already working with innovative tools such as cleversoft’s services are on the safe side when it comes to compliance.  

If you would like to learn more about this topic, we recommend our free live webinar “Improving AML efficiency through AI-based transaction monitoring” on 15 April 2024 from 10:00 to 11:00 CEST.  

During this event, our experts will demonstrate how an AI-based system increases the accuracy of transaction monitoring through an ideally continuous learning mechanism. You will learn how this results in more accurate alerts and a significant reduction in false positives, while maintaining control over your monitoring procedures.    

Register here to secure your place

 

About cleversoft 

The cleversoft group is a leading provider of cloud-based RegTech services for the financial services industry. The company is headquartered in Munich and has offices in Amsterdam, The Hague, Frankfurt, Luxembourg and Sofia. A focus of the group is providing an integrated, automated one-stop-shop solution to combat financial crime (KYC, AML, internal and external fraud). 

In addition, cleversoft provides more than 1,000 financial institutions worldwide with digital solutions and services to optimise compliance-related business processes, from data management and regulatory data calculation to the creation of required documents and marketing materials, e.g. in accordance with ESG/SFDR, MIFID II, 6AMLD, Solvency II, IFRS 17, PRIIPs and IORP and more. 

As part of cleversoft’s commitment to compliance, customers are provided with all necessary service updates for the respective regulation – unique in the industry.