West Coast AI specialist SymphonyAI’s Sensa-NetReveal division has launched what it claims to be the first financial crime detection solution using generative AI. The Sensa Copilot system is an AI assistant that collects, collates and summarises financial and third-party, improving financial crime management and potentially bosting investigator productivity by up to 70%.
According to SymphonyAI, the Sensa Copilot can handle almost any risk, from Know Your Customer and client due diligence, through to Anti-Money Laundering and broader fraud events. For investigators, the Sensa Copilot presents information relating to the investigation using natural language narrative, providing instant context for the alert, and identifying the risk characteristics associated with the particular entity involved.
The Sensa Copilot enhances the broader SymphonyAI financial crime prevention suite, which provides financial crime teams with tools for identifying and investigating suspicious activity and meeting evolving regulatory requirements. The Sensa Copilot frees up investigators to focus on making critical decisions and ensures faster resolution of financial crime investigations.
With financial institutions contending with tens of thousands of alerts monthly, the Sensa Copilot enables investigators to focus on legitimate financial crimes quickly and effectively, using their judgment and experience to create a detailed suspicious activity report for further investigation, or dismiss as a false positive. In addition, investigators can drill down into data sources using a friendly natural language query, enabling them to quickly and effectively enrich the report content to support the alert or investigation at any phase.
“The Sensa Copilot for financial crime investigators presents a transformative moment for financial crime investigation, just as ChatGPT has transformed the speed and detail of online searches,” says Mike Foster, CEO of SymphonyAI Sensa-NetReveal. “SymphonyAI has invested aggressively and boldly in unlocking the power of generative AI when it’s coupled with rich, specialized domain models and data sources.”
The Sensa Copilot is the first of a series of strategic applications from SymphonyAI to provide transformational generative AI applications across its six vertically focused divisions. It is also the first product released by the Sensa-NetReveal division, which was recently formed by integrating the Sensa and NetReveal teams into one, combining NetReveal’s enterprise-scale and customer base of several hundred financial institutions with Sensa’s AI innovation.
SymphonyAI launched the Sensa division in late 2021 and announced the acquisition of NetReveal from BAE Systems in July 2022. The combined entity is focused on software and solutions for regulatory compliance, fraud, and financial crime detection, investigation, and reporting. Through advanced AI/ML and end-to-end, scalable software, SymphonyAI Sensa-NetReveal accelerates investigator workflows, detects more potentially criminal activity, and brings transparency and explainability to compliance operations. The portfolio includes AML transaction monitoring, customer due diligence, watch list management, among other applications.
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