Daniel Levin

Refine Intelligence has developed a novel approach to help banks reduce the growing operational costs of financial crime. AML investigators are overwhelmed by transaction monitoring alerts that spot anomalies in customer accounts. Most alerts are triggered by perfectly legitimate life stories such as selling a house, buying a used car, or paying tuition for an international student. Banks simply lack the context for these activities, and devote many resources to investigating false alarms. Refine Intelligence provides critical context in real time to explain customers’ actions using two capabilities: -User-friendly digital inquiries in which customers are asked about the source of funds, the nature of the activity and other crucial contextual information; and -AI trained using a unique, proprietary data set of genuine customer activity patterns that can automatically recognize specific customer life stories, also known as “greenflagging.” With Refine Intelligence, banks can bolster their existing AML monitoring to: -Better focus on truly suspicious activity by quickly clearing away false alarms -More clearly understand customer behavior and transactions, leading to more effective and efficient investigations -Enable financial institutions to collect much needed context from the customer in a structured, consistent and bias-free manner