Resistant AI, AI and machine learning financial crime prevention specialists, announced on their website on Tuesday (today) that Bank of Valletta will be adopting its Transaction Forensics product for anti-money laundering (AML). This product, the company explained, “will enable the bank to prevent and detect transactions that are suspected of being involved in money laundering or sanctions evasion.”
Ryan Caruana, Money Laundering Reporting Officer at BOV described this move as a way for the bank to lead innovation in Malta and “remain compliant with regulatory mandates.” He went on to say that the company was selected based on “their ability to provide best-in-class analytical capabilities.”
The company claimed that BOV’s use of Resistant AI's transaction monitoring capabilities is “one of the first of its kind by a major bank.” The AI-powered monitoring happens in real-time, and it allows the banks to keep their protection against financial crime in line with changes in regulations and internal risk assessments. Large amounts of real-time data are processed quickly and patterns or anomalies that suggest suspicious activity can be spotted. The company added that this technology “adds sophistication to transaction monitoring capabilities to the bank, without requiring a wholesale overhaul of the bank’s current systems.”
The news comes as AI technology continues to rise in prominence. Indeed, on Tuesday Malta’s Finance Minister announced that Government will be using AI software to catch tax cheats, whittling down months of work to a matter of minutes.
Resistant AI was founded in 2019 in Prague by a team with deep expertise in machine learning, artificial intelligence, and computer security. Martin Rehak, CEO and Founder of Resistant AI, said that the company “is proud to assist Bank of Valletta in providing truly innovative transaction monitoring capabilities. Our focus on enhancing customers’ existing tech with innovative AI is the ideal response to the rapidly shifting regulatory landscape around money laundering, offering a convenient way to improve a company’s capabilities without overhauling their whole system.”