Better AML detection and management: Harmoney and Discai joining forces
To combat the increase of international money laundering, Harmoney has partnered with Discai to offer an integrated anti-money laundering solution for financial institutions. This comprehensive tool blends our own end-to-end case and process management platform with Discai’s advanced AI-based alert system, offering a fully customisable approach for generating and managing anti-money laundering (AML) alerts.
Integrated anti-money laundering for FIs
In our continuous effort to make AML more efficient for financial players, we’ve created an AML detection and management solution that covers the entire AML cycle. This tool is a joint venture with Discai, a leading fintech player with expertise in KYT AML (Know Your Transaction Anti-Money Laundering). Our collaboration allows financial institutions to seamlessly incorporate both best-of-breed solutions into their existing systems and workflows.
Discai’s core software relies on a combination of AI modelling and an integrated rule-and-simulation engine, generating efficient alerts for suspicious transactions. Combined with our own know-how and modular Harmoney platform, this joint solution simplifies AML detection for banks and brokers. Our flagship management suite streamlines the investigative process, while automated system validations guide back-office specialists through each step of their analysis. Discai’s technology reduces false positives and detects suspicious activities that more traditional systems might overlook.
Open architecture for full flexibility
Our partnership with Discai is built on the principles of open architecture and full flexibility. Discai and Harmoney’s solutions are available both independently and in combination – in line with our modular approach. Financial institutions can adopt the full-spectrum solution or create a tailored solution based on their needs.
About our Harmoney-Discai partnership
As Discai shares our enduring commitment to compliance leadership, a collaboration on joint software is a logical next step. Discai is a fintech subsidiary of KBC Group – a leading European bank-insurer with corporate headquarters in Belgium – and specialises in data science and AI to provide financial compliance solutions. With over 100 data scientists dedicated to combating financial crime, Discai is at the forefront of innovation in this field.
“Our collaboration with Harmoney underscores our commitment to delivering innovative solutions that enable efficient and effective financial crime management. By combining our strengths, we can provide an end-to-end approach to combatting money laundering."
Why anti-money laundering matters to financial institutions
With an estimated 2 to 5% of the global GDP laundered annually, AML is high on the agenda of all financial institutions. The money-laundering methods used by criminals are also becoming increasingly sophisticated. As only around 10% of this fraudulent activity is detected, FIs need cutting-edge, integrated software to stay ahead of these schemes.
End-to-end compliance with Harmoney
As the trusted compliance partner for banks, insurers and financial service providers, we offer comprehensive financial compliance solutions with the Harmoney platform, ensuring complete peace of mind. Powered by our compliance engine, it enables cost-efficient lifecycle management for both individual and corporate end clients, serving both front and back-office teams. Explore our insights to discover the latest trends and learn how smart financial institutions organise better compliance.
Harmoney offers a cutting-edge digital platform that streamlines intricate onboarding and compliance procedures, featuring automated screening functionalities. Interested in discovering more about our innovative solution? Reach out to us for further details!