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Mizuho International picks SymphonyAI to tackle money laundering

Mizuho International picks SymphonyAI to tackle money laundering

Mizuho International, the London-based securities and investment banking arm of Japanese giant Mizuho Financial Group, is rolling out technology from SymphonyAI to help it detect financial crime.

Mizuho has picked SymphonyAI Sensa for anti-money laundering detection within its European capital markets division.

Sensa's combines comprehensive scenario rules with advanced machine learning models - including changes in behavior, risk similarities, anomaly detection, and hotspot identification - to provide insights for more effective and increased risk detection.

SymphonyAI says that its existing SensaAML customer deployments today demonstrate a significant increase in the discovery of risks compared to existing methods, while reducing costly false positive alerts by more than 60%.

Dinesh Joshi, chief compliance officer, Emea, Mizuho, says: "Our next-gen AML TM [transaction monitoring] strategy sought a more refined rule detection and advanced AI solution to find real AML risk and reduce false positives and analyst review times by holistic scoring.

"We needed a solution that helps analysts, through user interfaces, to deliver all the information needed to expedite investigations. SensaAML will make a significant difference in our long-held fight against money laundering. Our financial crime team will be empowered and more effective."

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