IT services firm Tata Consultancy Services (TCS) has unveiled finDNA, an anti-money laundering (AML) compliance solution developed to help financial institutions detect and deter money launderers and terrorist financing.
FinDNA incorporates sophisticated technologies including pattern analysis, link analysis, statistical analysis and artificial intelligence to identify suspicious transactions.
The package offers a phased implementation approach enabling financial institutions to leverage existing investments in technology, says N. G. Subramaniam, global leader for TCS' Banking and Financial Services practice group.
Pricing varies according to licenses, technical support and implementation.
Seperately, TCS has also announced that Chilean financial group Banco Penta has selected the Quartz core banking system to improve its asset management service. The solution will provide an integrated system that can be used by Banco Penta's three entities: the bank, the brokerage and the mutual funds.