European Regtech Salv announced the launch of its Collaborative Scenario Library, a tool designed to help AML teams improve their transaction and customer monitoring in order to catch more financial crime.
The Collaborative Scenario Library, which is a feature of the Salv Monitoring solution, is said to represent a leap forward in “proactive AML solutions and community-driven transaction monitoring.”
It reportedly sets another benchmark for how AML teams from different FIs can tackle emerging threats “while maintaining stringent regulatory standards.”
Today, FIs face various challenges in maintaining compliance and “effectively detecting new patterns of financial crime.”
Regulations provide risk-based guidelines without “specific frameworks for what organizations should monitor.”
The Collaborative Scenario Library addresses these challenges by providing institutions with a curated, anonymized “database of proven monitoring scenarios and rule frameworks.”
Ester Eggert, Head of Product at Salv said that they understand that compliance is “more than a checkbox—it’s about actively preventing financial crime.” Eggert added that teams want to “go beyond tick-box compliance and do more.” They also mentioned that the Collaborative Scenario Library empowers financial institutions by “giving them access to shared insights that enhance both regulatory adherence and real-world effectiveness.”
Eggert further stated that their solution is “rooted in a unique collaborative model where users can trust that they are learning from the best practices of their peers.” They explained that companies will be able to “take scenarios known for generating high true positive rates, tweak them as needed, then implement them. As a result, they can quickly catch more financial crime.”
The library focuses on scenarios that generate high ‘true positive’ alert rates.
When criminals find a new tactic, they don’t target just one organization, so a cooperative approach enhances “individual organizations’ ability to fight crime and elevates the industry’s collective defenses against emerging threats.”
Salv empowers FIs to beat financial crime with a SaaS platform that “helps them detect money laundering, share intelligence, and stop fraud.”
Using the fincrime platform that enables intelligence sharing, Salv helps banks, fintechs, and payment service providers to “fight financial crime more effectively and recover 80% more stolen funds.”
Led by crime fighters and data scientists from Wise and Skype, Salv is a regulated partner and licensed KYC data processor on “a mission to make the world safer by beating financial crime.”
