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Use Cases

Anti-money Laundering (AML) Prevention Solutions

Know your customers to mitigate risk.

$5B

The amount banks and other financial institutions were fined for anti-money laundering infractions in 2022

A stock board with the word watchlist

The Situation

Money from criminal activity harms countries, economies, and people

Preventing money laundering and thwarting financial crime is the responsibility of governments and financial institutions worldwide.

The Challenge

Anti-money laundering and sanctions screening regulations seem like activities that only banks and other financial institutions (FIs) must undertake. However, governments, small and large enterprises, and non-profit organizations must also screen against numerous watchlists to ensure they’re not engaging with sanctioned parties.

Financial institutions are subject to increased scrutiny when it comes to due diligence. Not only are they required to perform watchlist screening, they may also be required to undertake other appropriate risk-based screening procedures, such as adverse media screening.

Organizations that fail to perform sufficient due diligence are subject to fines and could see a significant loss of reputation and shareholder value.

The Babel Street Solution

Sanctions screening, onboarding, and ongoing know your customer (KYC) activities become more effective and efficient with the use of AI-driven technology.

Rosette by Babel Street offers advanced natural language processing solutions for name screening, adverse media monitoring, and know your customer/know your vendor due diligence. Rosette Match Identity provides an unambiguous confidence score for name matching that considers the variability and complexity of names across languages and cultures. It is also highly-configurable to match an organization’s data and risk profile.

Rosette Extract and Link Information helps make connections between people and organizations to understand the complex relationships that underlie money laundering operations. This ability coupled with the expansive PAI data sources in Babel Street Insights puts powerful tools in the hands of financial institutions to obtain a complete picture of potential customers.

The Impact on Your Organization

By adopting Babel Street's anti-money laundering/KYC solutions, your organization can significantly enhance due diligence efficiency and precision. This enables you to conduct more thorough screening and expand your risk profile without adding to your team's workload. 

Additionally, with our anti-money laundering solutions, you can: 

Reduce Risk: Leverage our advanced NLP and expansive data sources to uncover complex relationships and potential risks that might go unnoticed in traditional screening processes. 

Minimize Regulatory Fines: Ensure full regulatory compliance and minimize the risk of costly fines with more accurate and thorough due diligence processes.  

Protect Reputation: Safeguard your organization's reputation and maintain stakeholder trust by ensuring you're not unknowingly engaging with sanctioned parties. 

Achieve Cost Savings: Significantly reduce operational costs by automating manual processes with our AI-driven technology. 

With Babel Street, not only can you fulfill regulatory requirements effectively, but you can also harness the power of technology to bring tangible business benefits and provide peace of mind. 

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The Babel Street Difference

Simplify financial compliance by minimizing risk

  • Reduce False Positives

    Minimize false alarms and add automation to name matching processes. Customers who switch to Rosette report up to a 90% reduction in false positives and an increase in overall productivity.

  • Cross-lingual Name Matching

    Cutting-edge algorithms match names across different scripts and languages, accounting for numerous linguistic and contextual factors — without compromising performance.

  • Customize and Understand Match Results

    Use Match Studio to easily tailor how you match names to conform with your policies and requirements — no code required. Understand match decisions with explainable AI.

  • Rapid tracing of ultimate beneficial ownership (UBO)

    Process the data needed for UBO investigations, such as news sources, corporate filings, and public records using AI-driven entity extraction for people, places, and organizations from multilingual text.

  • Unmatched Access to PAI

    Put publicly available information to work for adverse media screening, identification of politically exposed persons, and ongoing KYC due diligence.

  • Automate compliance processes

    Reduce the manual labor associated with anti-money laundering and sanctions screening. Expand your risk profile by conducting more thorough sanctions screening.

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