- Will leverage on Microsoft Azure and AI tools
- Extended alliance will address six financial crime domains
EY ANNOUNCED a new financial crime compliance platform leveraging on Microsoft technology, which offers solutions to target financial crime operations, including transaction monitoring, list screening and know your customer (KYC).
With financial institutions facing sustained regulatory expectations and increased sophistication of criminals looking to infiltrate the financial services system while seeking to cut operational costs, they are looking to invest in technology solutions that improve efficiencies while maintaining the quality of their compliance programs.
EY financial crime solutions use robotic process automation (RPA), machine learning and artificial intelligence (AI) to provide efficiency improvements while improving overall quality.
Leveraging on Microsoft Azure and AI tools, the financial crime compliance platform further enhances efficiencies in the financial crime process for financial institutions.
The extended alliance with Microsoft will address six financial crime domains: anti-money laundering and counterterrorist financing (AML/CTF); sanctions; fraud; anti-bribery and corruption; market misconduct; and tax evasion.
In addition, EY is developing a wide range of technology-based financial crime assets: Financial Crime Compliance Operations managed services; a next-generation transaction monitoring solution; and a technology platform for the secure and traceable exchange of customer information.
Dai Bedford, EY Global Banking & Capital Markets Advisory leader, says, “The growing cost of operations and a more competitive marketplace make it harder for EY clients to meet market demands while remaining compliant with regulatory expectations.
“With EY financial crime assets and Microsoft’s advanced technology, we can provide that balance and offer clients sustainable, sophisticated, and cost-efficient solutions on a leading-class cloud platform.”
The solution combines EY’s process innovation that helps to drive greater efficiency and better risk outcomes, enabled by the application of new disruptive technologies and by working in collaboration with an ecosystem that includes regulators, governments and financial institutions.
Janet Lewis, vice president of Worldwide Financial Services at Microsoft says, “EY and Microsoft are addressing the societal and business needs to fight financial crime. As criminal activity becomes more sophisticated, we believe financial institutions will be most effective with leading advisors and intelligent platforms that drive efficiency, innovation and compliance.
“The EY financial crime solutions bring together the proven domain experience of EY with Microsoft Azure and AI technology so that financial institutions can meet evolving regulatory requirements and uncover and report financial crime.”
The alliance combines EY financial crime knowledge and experience with Microsoft’s comprehensive digital, cloud and productivity technologies to realise the capabilities clients need to help turn their digital vision into action.
Cyber-security threats to cost Malaysian organisations US$12.2bil in economic losses
Threat information sharing group for central banks, regulators and supervisors
Visa turns a problem upside down to find malware