MENLO PARK,Calif.,Oct. 16,2024 -- Skan AI,a leading provider of work and process intelligence solutions,today announced the launch of a groundbreaking offering designed to address critical deficiencies in Anti-Money Laundering (AML) programs across the banking and financial sectors. Skan AI's new "Real-time Execution Visibility" solution empowers financial institutions to ensure compliance with regulatory requirements while optimizing the efficiency of their AML operations,preventing fraud,and enhancing overall program performance.

This announcement comes after increasing scrutiny on AML programs,highlighted by the U.S. Department of Treasury's Financial Crimes Enforcement Network (FinCEN) imposing a record fine on TD Bank for violations of the Bank Secrecy Act. TD Bank's failures in timely reporting,inadequate staffing,and inefficient peer-to-peer transaction processing have sent shockwaves throughout the industry,prompting banks to reassess their own AML programs.

Skan AI's Real-time Execution Visibility provides end-to-end process transparency leveraging advanced digital process twin technology. This powerful tool enables financial institutions to continuously monitor AML workflows,identify inefficiencies,and take immediate action to ensure compliance. Banks can now maintain the highest compliance oversight standards while reducing operational complexity.

"The recent issues in even the best-performing banks highlight the critical need for better visibility into AML processes. Skan AI's new offering addresses the missing link—real-time execution visibility—allowing banks to improve compliance and prevent fraudin previously impossible ways,"said Avinash Misra,CEO and Co-Founder ofSkan AI."With our solution,financial institutions can take control of their AML programs by gaining full visibility into all transactions and processes,ensuring they meet both regulatory demands and operational excellence."

Key features ofSkan AI's AML solution include:

Real-time visibility across the AML ecosystem:Providing a comprehensive view of operators,customer interactions,and back-office processes.

Digital twin technology: Allows institutions to visualize theirAML workflows function in real-time,identifying inefficiencies and bottlenecks.

Continuous monitoring and auditing:Ensuring regulatory compliance and quality oversight through performance metrics and deviation tracking.

Customizable dashboards and reporting:Offering tailored insights at every organizational level,from front-line staff to executives and regulators.

Skan AI's solution integrates with existing AML investments,complementing tools with real-time monitoring to transform AML programs. By addressing common areas of deficiency,such as peer-to-peer transaction management and delayed reporting,Skan AI helps banks avoid costly regulatory penalties and improve their ability to prevent money laundering activities.

Skan AI works with leading financial institutions to enhance AML programs using its real-time execution visibility solution. Early adopters report improved efficiency,better compliance,and reduced risk. A Fortune 100 bank,for instance,cut procedure documentation time by 90%,eliminating non-compliant process variations.

About Skan AI

Skan AI empowers some of the world's largest enterprises to transform their operations using its AI-powered Process Intelligence platform. By continuously observing work across every application,Skan AI delivers actionable insights that fuel innovation and drive transformation. Skan AI empowers businesses to capture valuable insights to improve efficiency,automation,productivity,compliance,and customer experiences.

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