3i Infotech’s AI-powered AMLOCK Analytics helps organizations address money laundering

3i Infotech Limited , a global Information Technology company, launched AMLOCK Analytics, its advanced anti-money laundering (AML) solution powered by Artificial Intelligence (AI) and Machine Language (ML), which enables banks and financial institutions to identify complex and hidden AML patterns. It helps organizations to meet their most critical challenge of managing high false positives and provides a holistic view of investigating an alert. AMLOCK Analytics uses various statistical methods and machine learning algorithms to derive analyses and predictions based on institution specific historical data.

One of the important features of 3i Infotech’s AMLOCK Analytics is the reduction of false positives using risk profiling, through predictive analytics that identifies potential risk and thereby enhances decision making. The solution also provides an insight on the trends followed by customers, based on seasonality and identifies the anomalies based on deviation from these trends, where machine learning helps in customer segmentation. This enables users to investigate effectively by working closely on those groups which are risky or deemed outliers.

Ravikanth Sama, Global Head- AML Practice, 3i Infotech said, “AMLOCK Analytics blends both the traditional rule-based system and the power of Analytics to bring better efficiency & risk focus. It can be hosted both on-premise and on cloud infrastructure. The solution provides a probability score indicating the chances of closing an alert based on the past actions taken by the users on similar alerts. AMLOCK Analytics improves the conversion rate of Suspicious Transaction Report (STR) or Suspicious Activity Report (SAR), as it dynamically correlates between the alerts in which suspicious transaction reports have been generated and those that have been tagged as false positives by the investigators.”

Balakrishna Peddiraju, Head – Global Delivery & Engineering (AMLOCK), 3i Infotech said, “With increasing money laundering activities and financial frauds witnessed across organizations, there is a pressing need to curb such activities. Our AMLOCK Analytics solution helps detect unknown suspicious behavioral AML patterns, thereby improving operational efficiency. This solution is seamlessly integrated with AMLOCK and embedded with various machine learning and deep learning algorithms. It facilitates intense surveillance and reduces investigation time. It enables better alert triage and smarter investigations by providing astute guidance based on historical patterns for factors such as risk assessment.”

AMLOCK is 3i Infotech’s flagship AML solution that is multi-segmented and used by banks, insurance companies, Non-Banking Financial Companies (NBFCs) and mobile wallet companies to proactively detect and manage potential money laundering activities. It is an established global AML solution with over 100 installations across 35 countries. The offerings of the AMLOCK Suite include AMLOCK FCDMS, Financial Crime Detection and Management Solution, which provides end-to-end financial crime management for large enterprises; AMLOCK Lite, which caters to AML requirement of small and medium institutions; and AMLOCK Analytics that brings the latest dimension of Analytics & AI to uncover hidden AML patterns / risks. AMLOCK was 3i Infotech’s successful application to Chartis Research’s RiskTech100 2020 rankings. The listing positions 3i Infotech among the world’s 100 major players in risk and compliance technology.