Lynx Tech, an AI-driven software company, has launched a new Anti Money Laundering (AML) screening solution, designed to help financial institutions identify high-risk individuals and entities.
The new Lynx AML screening solution is AI-driven, highly configurable and designed to evolve with the changing regulatory landscape. Unlike legacy systems that rely on outdated rule sets, Lynx’s technology utilises proprietary Natural Language Processing (NLP) models and machine learning to enhance name similarity scoring.
The rise of global sanctions, increased scrutiny of Politically Exposed Persons (PEPs) and the evolution of sanction evasion tactics have rendered traditional screening methods slow and prone to false positives.
With the United Nations Office of Drugs and Crime estimating that between two and five per cent of global GDP is associated with money laundering each year — between €715billion and €1.87trillion — regulators continue to strengthen AML requirements in response to evolving financial crime risks, urging financial institutions to reinforce their risk management frameworks and adopt effective compliance measures.
“The landscape of financial crime is shifting rapidly, and financial institutions need a solution that not only keeps up – but gets ahead,” said Dan Dica, CEO of Lynx Tech. “Our AML solution is designed to screen hundreds of transactions per second, has an average response time of less than one second, and a false positive rate of less than one percent. Our AI-driven AML screening helps institutions remain compliant while reducing unnecessary alerts and operational strain.”
The solution supports over 100 languages, and offers adaptable watchlist management, enabling business users to modify screening logic in real time.
Effectively combatting bad actors
In an era of real-time payments, rising customer demands and evolving criminal tactics, organisations are under increasing pressure to reduce friction whilst also remaining compliant. Lynx helps organisations leverage technology to their benefit to mitigate risk while still delivering exceptional value to their customers.
The new solution also offers real-time transaction screening; scalable infrastructure that accommodates varying volumes; cloud-native scalability for rapid implementation; and real-time insights and KPIs, providing compliance teams with full operational visibility.
Becki LaPorte, strategic advisor in the fraud and AML practice at Datos Insights, commented: “In a world marked by constant turmoil, the intricacies of economic sanctions have become increasingly complex. Coupled with public corruption that thrives in the gaps between transparency and oversight, where relationships, transactions, and motives can be disguised as routine governance, hidden risks can thrive.
“It is important to have a solution that addresses the demand for faster payments while applying a risk-based approach to effectively weed out threats posed by bad actors in a transparent way. The Lynx AML screening solution is well positioned to support watchlist screening in this complex global ecosystem.”
