Bank of Valletta adopts Resistant AI’s AML product to shun fincrime

By Gloria Methri

Resistant AI, the AI and machine learning financial crime prevention specialist has announced that Bank of Valletta, one of the largest banks in Malta, is adopting its Transaction Forensics product for anti-money laundering (AML). The product will enable the bank to prevent and detect transactions that are suspected of being involved in money laundering or sanctions evasion.

Traditionally, banks’ transaction monitoring processes have consisted of reporting suspicious transactions- values, senders, recipients – to law enforcement or regulatory bodies after they have been processed. As sanctions against the Russian regime increase, forward-looking banks are increasingly seeking to prevent criminals from using their services for illicit purposes by stopping unusual transactions in real-time.

Bank of Valletta is one of the first major banks to use Resistant AI’s innovative transaction monitoring capabilities. The AI-powered monitoring takes place in real-time, allowing the bank to further its protections against financial crime in line with changing regulations and internal risk assessments. It can receive huge amounts of real-time data and process it in seconds to uncover patterns and anomalies that suggest suspicious activity.

Resistant AI’s technology adds sophistication to the transaction monitoring capabilities of the bank, without requiring a wholesale overhaul of the bank’s current systems.

Ryan Caruana, Money Laundering Reporting Officer at Bank of Valletta said, “We are pleased that our bank is leading the way in innovation in Malta, to remain compliant with regulatory mandates. We selected Resistant AI based on their ability to provide best-in-class analytical capabilities.”

Martin Rehak, CEO and Founder of Resistant AI added, “Resistant AI is proud to assist Bank of Valletta in providing truly innovative transaction monitoring capabilities. Our focus on enhancing customers’ existing tech with innovative AI is the ideal response to the rapidly shifting regulatory landscape around money laundering, offering a convenient way to improve a company’s capabilities without overhauling their whole system.”