ACTICO: Leveraging AI for Compliance Management

With the incessant onslaught of new or revised regulations and the aggressive ‘take no prisoners’ approach of the regulators, managing regulatory compliance has become a daunting task for the banking institutions. Add to it the new anti-money laundering laws, the increasing cost pressures, lack of personnel, and the heightened security risks that the sector is facing in the wake of the pandemic, bank compliance departments are being pushed to the limit today. It is evident that with the existing procedures and staffing levels, it is difficult for the banking institutions to cope up with the present scenario. However, non-compliance with these regulations can result in hefty fines. Then comes the crucial question, how can banking institutions wade through this crisis?

The answer lies in digitalization. With an intelligent combination of cutting-edge technologies, such as artificial intelligence (AI) and machine learning, banks can analyze the bulk of data more efficiently, uncover suspicious patterns more easily, and recognize potential risks more swiftly. It can also make the whole process more cost and time effective. And apprehending this, more and more banking institutions are turning to digital solutions today for compliance management.

Notably, one of the leading solutions among these compliance management systems is ACTICO’s AI-powered compliance and financial fraud management suite. ACTICO is a leading international provider of software for intelligent automation. The company provides best-in-class software and tools for multiple industries that enhance day-to-day decision-making and offer end-to-end automation. With its ACTICO Compliance Suite, ACTICO provides a comprehensive solution for banking institutions to meet compliance requirements and fight financial fraud.

The suite helps banking institutions, financial service providers, and insurance companies to comply with in-house regulations and statutory requirements on compliance and fraud management. The software modules cover the whole compliance spectrum, from customers to transactions and securities orders. This one single application can automatically monitor people, business relationships, payments, and securities orders and track suspicious cases among them.

While this unique dimension of the platform has steered ACTICO ahead of its competition, that’s not all. ACTICO’s compliance management system provides rapid adaption to regulatory changes through configurable checks, low compliance risks through proven procedures, in-house compliance through expandable audits, and low workload for compliance staff through optimized procedures. It can also offer digitalized and automated testing of millions of transactions daily. Interestingly, another feature that works in favor of ACTICO’s compliance system is its flexibility. The system can be adapted to suit the specific requirements of the clients. And its optional add-ons - ACTICO Rules and ACTICO Machine Learning – further reduces the risks and costs.

Furthermore, the system can monitor transactions for money laundering and market manipulations and automate the know your customer (KYC) process. It also screens for sanctions, embargoes, politically exposed persons (PEP) status, and other risks. With these high competencies, ACTICO has established an extensive clientele in the industry today. Many leading banking institutions, financial service providers, and insurance companies leverage their compliance management system to prevent money laundering, terrorist financing, market abuse, and insider trading. On the whole, ACTICO’s compliance management system enables these institutions to add value from the inevitable regulations and implement a comprehensive technology platform that caters to all compliance and fraud prevention services. Remarkably, more than ten of ACTICO’s projects have resulted in client savings of 30 to 50 percent.

At this juncture, with the mounting pressure on the compliance departments of banking institutions, ACTICO’s compliance management system presents itself with an opportunity for them to derive value from these increasing regulations. With an intelligent compliance management system like that of ACTICO’s, these institutions can not only avert the present crisis but also prepare companies for the post-COVID era.