AI-Driven Anti-Money Laundering Solution Using HPE GreenLake

3 mins

Hewlett Packard Enterprise (HPE) announced a key collaboration with Tookitaki to provide a new offering designed for banks and financial institutions across Asia-Pacific. The new offering delivers Tookitaki’s artificial intelligence (AI) powered anti-money laundering (AML) solution in a secure and flexible as-a-service consumption model using HPE GreenLake for Big Data.

The new solution enables financial institutions to create a central big data platform that can perform AML data analytics and enable AI AML solutions. Delivering the solution as a service through HPE GreenLake affords banks the agility, flexibility and scalability of a cloud experience while providing increased control, cost-effectiveness and governance when deploying AI-optimized infrastructure platforms and solutions on-premises. UOB, a leading bank in Asia, is the first financial institution in the world to have chosen Tookitaki’s AML solution on HPE GreenLake to enhance the bank’s AML system through AI. UOB customized Tookitaki’s AI solution to meet the bank’s needs.

Through the collaboration with Tookitaki and HPE, UOB was able to pioneer an AI-enhanced AML system that concurrently applies two AML risk dimensions – transaction monitoring and name screening. UOB screens 60,000 account names monthly using the technology to determine if they belong to the individuals or entities on global regulatory watch lists. UOB’s AI-enhanced AML system can now pinpoint more accurately higher-priority cases from the more-than 5,700 average monthly suspicious transaction alerts flagged1. This enables the bank to deploy more deliberately and swiftly the necessary resources in investigating potential money laundering attempts. The models used for name screening and transaction monitoring have achieved 96% prediction accuracy in the ‘high priority’ category.

Moving from a successful pilot to implementation with UOB is a testament to our collaboration with HPE to optimize machine learning-powered anti-money laundering solutions for financial institutions,” concluded Abhishek Chatterjee, Co-Founder & CEO, Tookitaki, “Together with HPE’s deep domain expertise in big data-as-a-service and developing solution blueprints to rapidly design and deploy AI solutions, our systems use a combination of distributed data-parallel architecture and machine learning to ensure scalability across multiple layers of technologies and systems. Banks are able to benefit from this collaboration by implementing high module accuracy systems to ensure they are staying compliant and achieving holistic risk coverage at a time when organizational growth and business continuity are crucial to success.”

Following this successful collaboration with UOB, HPE and Tookitaki are poised to support other banks and financial institutions across Asia-Pacific, who are seeking the business benefits of an enhanced AML solution delivered with the flexibility of an as-a-service model.

By complementing Tookitaki’s expertise in regulatory compliance with our data analytics platform and our as-a-service offering, HPE GreenLake, we are able to seamlessly bring real-world AI solutions that can yield business outcomes to our financial institution customers across the region,” said Khai Peng Loh, Hewlett Packard Enterprise’s General Manager of Asia Pacific Solution Sales. “We look forward to helping our customers better manage regulatory risks.

HPE GreenLake Cloud Services provides customers with a powerful foundation to drive digital transformation through an elastic as-a-service platform that can run on-premises, at the edge, or in a colocation facility. HPE GreenLake combines the simplicity and agility of the cloud with the governance, compliance, and visibility that comes with hybrid IT. HPE GreenLake offers a range of cloud services that accelerate innovation, including cloud services for compute, container management, data protection, HPC, machine learning operations, networking, SAP HANA, storage, VDI, and VMs. The HPE GreenLake Cloud Services business is rapidly growing with over $4.2 billion USD in total contract value and more than 700 partners selling HPE GreenLake. Today, HPE GreenLake has more than 1000 customers across 50 countries in all industry sectors and sizes including Fortune 500 companies, government and public sector organizations, and small and midmarket enterprises.