Verafin has announced the addition of an artificial intelligence copilot to its suite of solutions for combating financial crimes.
The new product is called Entity Research Copilot. This solution applies to the entire customer base of the company, which currently includes more than 2,500 financial institutions. The relevant information is contained in the Verafin press release, which was published last Monday, April 22.
Brendan Brothers, co-founder of the company and executive vice president of technology for fighting financial crimes on the Nasdaq stock exchange, says that currently, offenses of the mentioned category continue to be in the evolving phase, at the background of which the firm strives to provide clients with ways to optimize operations and combat this type of criminal activity. In general, Verafin solutions ensure the safeguard of the financial system.
The integrated functions of AI copilot are designed to optimize the workflows for compliance with legal requirements and streamline the operations of financial institutions. In this case, the company’s experience in the area of combating money laundering and terrorist financing is used. Also, as part of the artificial intelligence-based solution, applying Verafin’s anti-fraud experience.
AI copilot collects information about legal entities and related counterparties, accelerates the search for negative news about alerted entities and counterparties, summarizes the results for the investigator, providing documentation and audits of research data.
It is worth noting that during the period of active development and implementation of artificial intelligence, the level of actuality of the issue of cybersecurity has significantly increased. Scammers also have access to AI and use advanced technology to carry out their activities. In this context, the personal awareness of users is important. For example, an Internet search query such as how to know if my camera is hacked will allow anyone to get information about signs of unauthorized access to the device.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
