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Thai bank gives AML platform a facelift

Thai bank gives AML platform a facelift

Bank of Ayudhya has partnered with compliance solutions provider NICE Actimize to revamp its anti-money laundering (AML) and counter-terrorism financing capabilities.

The solution, also available to the private banking unit, comprises suspicious activity monitoring tools and an investigation management system.

The suspicious activity monitoring mechanism combines machine learning analytics and robotic process automation for crime detection, and also provides for scoring, alerting, workflow processing and suspicious activity reporting.

This virtually eliminates costly manual data gathering tasks, cutting investigation time for a single alert by up to 70%, according to NICE Actimize.

The investigation management system, meanwhile, utilizes artificial intelligence-backed automation to improve Bank of Ayudhya’s alert and case management platform.

The bank’s chief compliance officer, Saengchart Wanichwatphibun, said that the solutions go far beyond traditional rules-based controls.

‘With the addition of machine learning and robotics to reduce false-positive alerting and to speed up investigations, we believe that they will contribute to our efforts to make our fight against financial crime more efficient and effective,’ he wrote in a statement.

Bank of Ayudhya, commonly known as Krungsri, is one of Thailand’s five domestic systemically important banks. It is the fifth-largest financial services group in Thailand in terms of assets, loans and deposits.

A 2017 report by the Financial Action Task Force has revealed significant gaps in the AML standards of Thai banks when compared to international measures, in particular around customer due diligence and controls on politically exposed persons.

However, the AML watchdog found a significant improvement in the structural framework for AML and counter-terrorism financing supervision at Thai financial institutions in the past few years.

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