Resistant AI, the AI and machine learning financial crime prevention specialists, today announces that Bank of Valletta, the largest bank in Malta, is to adopt its Transaction Forensics product for anti-money laundering (AML).
It will “enable the bank to prevent and detect transactions that are suspected of being involved in money laundering or sanctions evasion.”
Traditionally, banks’ transaction monitoring processes “have consisted of reporting suspicious transactions – values, senders, recipients – to law enforcement or regulatory bodies after they have been processed.”
As sanctions against the Russian regime increase, forward-looking banks are increasingly seeking “to prevent criminals from using their services for illicit purposes by stopping unusual transactions in real time.”
Bank of Valletta’s use of Resistant AI’s innovative transaction monitoring capabilities is reportedly “one of the first of its kind by a major bank.”
The AI-powered monitoring “takes place in real time, allowing the bank to further its protections against financial crime in line with changing regulations and internal risk assessments.”
It can “receive huge amounts of real-time data and process it in seconds to uncover patterns and anomalies that suggest suspicious activity.”
Resistant AI’s technology “adds sophistication to transaction monitoring capabilities to the bank, without requiring a wholesale overhaul of the bank’s current systems.”
Ryan Caruana, Money Laundering Reporting Officer at Bank of Valletta says:
“We are pleased that our bank is leading the way in innovation in Malta, to remain compliant with regulatory mandates. We selected Resistant AI based on their ability to provide best in class analytical capabilities.”
Martin Rehak, CEO and Founder of Resistant AI says:
“Resistant AI is proud to assist Bank of Valletta in providing truly innovative transaction monitoring capabilities. Our focus on enhancing customers’ existing tech with innovative AI is the ideal response to the rapidly shifting regulatory landscape around money laundering, offering a convenient way to improve a company’s capabilities without overhauling their whole system.”
As noted in the update, Resistant AI was “founded in 2019 in Prague by a team with deep expertise in machine learning, artificial intelligence, and computer security.”
It was the same team “that was behind Cognitive Security, which was sold to Cisco in 2013, and has decades’ worth of experience in tackling the ever-changing nature of financial crime.”
Resistant AI has “developed start-of-the-art machine learning techniques so that financial services can be protected from manipulation and attack.”
The company’s solutions are already “protecting a number of banks, insurers, and fintech companies across the whole customer life cycle, and are being used to detect document forgery, serial fraud, synthetic identities, account takeovers, money laundering, and other evolving risks that threaten financial institutions.”