Refinitiv has entered into a partnership with anti-money laundering (AML) and intelligent compliance software provider Napier to combat financial crimes.
The partnership will offer a transaction monitoring solution to help financial institutions and other corporates in tackling frauds.
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The solution will leverage Napier’s advanced analytics and expertise in artificial intelligence (AI), and Refinitiv’s World-Check risk intelligence data.
Moreover, the solution will enable the clients to meet evolving AML compliance requirements.
Refinitiv Risk business managing director Phil Cotter said: “One of the most important challenges financial services firms face today is protecting themselves from money laundering, external and internal fraud and other financial crime-related activities.
“Together, Refinitiv and Napier will bring significant advancements in technology combined with trusted risk intelligence to help organizations monitor transactions and screen for suspicious financial activity.”
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By GlobalDataNapier’s AML solution features advanced AI-based products to monitor and screen transactions. It enables the clients in identifying suspicious behaviour and carrying out customer screening according to established policies and regulations.
On the other hand, the World-Check Risk Intelligence offers structured data procured from ‘reliable’ public domain sources to facilitate risk screening.
The data will help the companies meet due diligence obligations as well as identify sanctioned entities and potential financial crimes.
Napier CEO Julian Dixon said: “Partnering with Refinitiv is a huge endorsement of our work to create a truly intelligent compliance platform and we’re excited about the response to this new development.”
