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Lynx Tech has announced the launch of an AI-driven Anti Money Laundering (AML) Screening Solution designed to help financial institutions identify high-risk individuals and entities with accuracy and speed.
This AML screening platform addresses the rise of global sanctions, which has increased scrutiny of Politically Exposed Persons (PEPs), and the evolution of sanction evasion tactics, which have rendered traditional screening methods slow and prone to false positives.
Money Laundering Accounts to Up to €1.87 Trillion
According to the United Nations Office of Drugs and Crime, between 2 and 5% of global GDP is associated with money laundering each year, which accounts to up to €1.87 trillion.
That is why regulators continue to strengthen AML requirements and urge financial institutions to reinforce their risk management frameworks and adopt effective compliance measures.
The Lynx AML Screening Solution is being presented as an Artificial Intelligence (AI)-driven, highly configurable solution designed to evolve with the changing regulatory landscape. According to the firm, the platform:
• Utilizes proprietary Natural Language Processing (NLP) models and machine learning to enhance name similarity scoring.
• Supports over 100 languages, addressing phonetic, cultural, and alphabetic variations.
• Offers adaptable watchlist management, enabling business users to modify screening logic in real time.
• Utilizes proprietary Natural Language Processing (NLP) models and machine learning to enhance name similarity scoring.
• Allow customers to customize rescreening rules according to their policies, thereby eliminating unnecessary alerts with Tailored Delta Lists.
“Relationships, transactions, and motives can be disguised as routine governance”
Becki LaPorte, Strategic Advisor in the Fraud & AML practice at Datos Insights, said: “In a world marked by constant turmoil, the intricacies of economic sanctions have become increasingly complex. Coupled with public corruption that thrives in the gaps between transparency and oversight, where relationships, transactions, and motives can be disguised as routine governance, hidden risks can thrive. It is important to have a solution that addresses the demand for faster payments while applying a risk-based approach to effectively weed out threats posed by bad actors in a transparent way. The Lynx AML Screening Solution is well positioned to support watchlist screening in this complex global ecosystem.”
The firm added that Lynx Tech’s solution is built for the future of compliance, offering:
• Real-time transaction screening for a fast-paced payment environment.
• Scalable infrastructure that accommodates varying volumes.
• Cloud-native scalability for rapid implementation and seamless global deployment.
• Real-time insights and KPIs, providing compliance teams with full operational visibility.
• Process automation, eliminating manual inefficiencies and allows a focus on high-priority risks.
Dan Dica, CEO of Lynx Tech, said: “The landscape of financial crime is shifting rapidly, and financial institutions need a solution that not only keeps up – but gets ahead. Our AML solution is designed to screen hundreds of transactions per second, has an average response time of less than one second, and a false positive rate of less than one percent. Our AI-driven AML screening helps institutions remain compliant while reducing unnecessary alerts and operational strain.”
