Mizuho’s investment banking arm just started working with an AI startup to battle money laundering.
Mizuho International just picked a new partner to help it fight back against financial crime.
The investment bank aims to improve its anti-money laundering efforts by working with SymphonyAI’s Sensa platform, which tracks changes in customer behavior, identifies risk hotspots, and flags fishy activity.
Mizuho believes the platform will allow its financial crime team to “be empowered and more effective,” according to chief compliance officer for EMEA, Dinesh Joshi. For example, analysts can complete its risk review process in minutes, even for highly complex cases.
SymphonyAI says its tools improve risk discovery and decrease false positives by more than 60%, which can save clients time and money. For example, it cites its platform as generating a 200% rise in risk discovery and a 500% increase in operational productivity, with $6 million in annual savings from recovered fraud dollars.
Thanks to AI’s specialty in pattern matching and anomaly detection, a swathe of startups has emerged that use machine learning to fight fraud – including Chekk and Insight Partner’s portfolio company FeatureSpace. SymphonyAI’s Sensa also counts Citi among its customers.