Similar to all of our current scenarios, each AI-powered scenario is completely customizable to fit your institution’s unique risk profile. You can set an institution-specific amount threshold with each scenario and apply them to user-defined groups. This allows the system to learn from each transaction and more precisely detect potentially suspicious behavior. It doesn’t utilize industry-standard data to assume that each individual account (convenience store, retail outlet, etc.) has a similar transaction history. It takes into account each individual account’s transaction patterns and detects anomalies from that. The strength of machine learning lies in its precision and limited false positives.
Other BSA software may claim to have AI built into their programs, but can you actually explain to your regulator how they work come exam time? With our AI scenarios, we will provide you the documentation so you can prove to your regulator that you fully know and understand how your system works.
By developing and adding these five AI-powered scenarios, we are enabling BAM+ users to spend more time on things at which humans are more effective. Computers are better at finding patterns so we are automating some of the more tedious parts of your job. Because you are better at looking at an alert and knowing if it should be escalated to a case because your gut tells you something is off, that is where you should be spending your valuable and limited time.
Artificial intelligence should be used to strengthen your BSA program and help you better fight financial crime. While AI relies on human knowledge, it will never replace your human instincts or the need for a fully-staffed BSA department.