Citigroup has signed a multi-year agreement with Virginia-based Mantas for the implementation and maintenance of a new money laundering detection system.
The vendor is working with CitiGroup to develop proprietary money laundering scenarios to detect suspicious behaviour. Mantas' software incorporates both detection and discovery algorithms that enable detection of relevant transactions.
The bank will be able to identify previously unknown patterns of suspicous transactions based on discovery algorithms which use machine-learning techniques, says the vendor. The system will also provide the workflow capabilities to enable firms to manage the process monitoring millions of transactions and accounts on a daily basis.