Each year up to 2 billion US dollars are laundered around the world.

That amount of money could fill a football stadium standing 6 meters tall in 100 dollars bills Which means that something is alarmingly wrong with the current anti-money laundry systems banks use today.

Why?

Current anti-money laundry systems work is mostly built on outdated rules-based systems, resulting in 95% fake positive alarms, which needs to be verified and checked manually by a human. Costing banks a huge amount of working hours and money.

For that reason, Pio-Tech developed a new enterprise anti-money laundry solution empowered by Artificial intelligence, machine learning, and RPA to help the system better understand and detect similarities and relationships between data and detect new irregularities, or classify and predict specific events.

Pio-Tech enterprise anti-money laundry monitors transactions at the speed of light and with unparalleled precision.

This solution is part of Pio-Tech’s compliance platform which offers banks a wide range of solutions and tools to help them with their compliance requirements, be it central bank regulatory reporting of international regulatory bodies which banks are required to report various types of reports and operations too, such as the KYC, IFRS9, AML, GoAML, and many more.

Reach out to us to know more about how Pio-Tech can help your bank become better, faster and smarter.

At Pio-tech you can Bank on us.

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Author: Mahfooz Khrawish

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