A New Shift in AML: Allsec Provides Cutting Edge Automation Technology for Financial Institutions

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In order to keep up with changing Anti-Money Laundering regulations, Allsec has introduced a new approach for the AML industry, with its AML as-a-Service offering that uses automation-driven engines to successfully trigger fraud detection events. Allsec believes that its RegTech solution is going to bring a paradigm shift in AML with the introduction of AI and machine learning in predicting outcomes.

Allsec Technologies (NSE:ALLSEC), a technology-driven BPO company with operations in the US, India and Philippines, announced today the start of a new approach to its outcomes-driven AML-as-a-Service offering for the anti-money laundering industry.

“RegTech has seen tremendous growth in the last few years and banks are projected to reach over a $100 billion in spending on compliance software by 2020,” said Adi Saravanan, President of Allsec Technologies. “Financial institutions are under constant pressure to comply with changing regulations, maintain good customer relations and expand their business portfolios. Unfortunately, an in-house compliance team can have trouble just keeping up with the pace of change, and volume of cases to be reviewed. In order to keep up, banks and other financial institutions are now looking for ways to leverage technology to allow them to conduct compliance programs at a fraction of the cost.”

In 2017 alone, banks are projected to spend $20 billion on regulatory technology while reports have found that investing in compliance software can provide over 600% ROI. Every week there is a new regulated entity that yet again fails compliance management, leading to egregious fines.

“Automation-driven engines can quickly and accurately scan reams of customer data, cross-reference them against proprietary and public third party sources, and successfully trigger events based on pre-defined rules,” said Sam Moses, Associated Director – AML Operations at Allsec. “We are glad to announce the introduction of a new KYC/CDD solution to the AML market with our participation in this year’s ACAMS Conference in Las Vegas. The paradigm shift in tackling compliance through simple automation, without delving into AI and Machine Learning, can deliver greater value to customers at a substantially lesser cost.”
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Allsec Technologies is a leading BPO firm, a publicly traded company in India, with stakes held by the Carlyle Group. The company's clients include leading names in retail, insurance, banking and financial services, energy and utilities, and telecommunications. For more information, contact Nandesh Chandramouli at +12149319189​⁠​ or nandesh(at)allsectech.com.

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Raksha Saravanan

Nandesh Chandramouli
@allsec
since: 10/2014
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