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EY and Microsoft Alliance Focuses on Fighting Financial Crime

EY and Microsoft Alliance Focuses on Fighting Financial Crime

EY has announced a new financial crime compliance platform leveraging Microsoft technology, which offers solutions to target financial crime operations, including transaction monitoring, list screening and know your customer (KYC).

With financial institutions facing sustained regulatory expectations and increased sophistication of criminals, while seeking to cut operational costs, they are looking to invest in technology solutions that improve efficiencies while maintaining the quality of their compliance programs. EY financial crime solutions use robotic process automation (RPA), machine learning and artificial intelligence (AI) to provide efficiency improvements while improving overall quality. Leveraging Microsoft Azure and AI tools, the financial crime compliance platform further enhances efficiencies in the financial crime process for financial institutions.

The extended alliance with Microsoft will address six financial crime domains: anti-money laundering and counterterrorist financing (AML/CTF); sanctions; fraud; anti-bribery and corruption; market misconduct; and tax evasion. In addition, EY is developing a wide range of technology-based financial crime assets: Financial Crime Compliance Operations managed services; a next-generation transaction monitoring solution; and a technology platform for the secure and traceable exchange of customer information.

Mr Charalambos Constantinou, Partner and Head of Advisory Services of EY Cyprus, referring to the cooperation between the two companies, comments: "As economic crime evolves using new technologies, both international and Cypriot financial institutions need to adapt to the new environment. New tools and defence lines are made available through Digital technology. The new platform, a product of collaboration between EY and Microsoft, offers financial institutions the ability to effectively protect themselves from financial crime."

To learn more about the alliance, visit the EY microsite.

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