Welcome Isaac! Your Transaction Monitoring Investigator AI Digital Worker
Today, we formally launched our newest AI Digital Worker, Isaac, a Transaction Monitoring Investigator at ACAMS in Las Vegas. Isaac is our first new Digital Worker since our initial six were released on February 2, 2022.
Transaction monitoring (TM) is required for anti-money laundering/countering the financing of terrorism (AML/CFT) programs globally and is a critical tool for fighting financial crime. However, it can be a difficult compliance obligation. Non-compliance in transaction monitoring can have severe consequences for organizations including fines, sanctions, and reputational damage.
Much like sanctions alerts, banks manually review millions of transaction monitoring alerts each month with most of those alerts being false positives. False positives happen when legitimate transactions are flagged as suspicious, requiring manual review and investigation. This takes a lot of time, requires large teams of people, costs a lot of money, and keeps analysts from investigating true risk.