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Intel launches new Saffron AML tool to detect financial crime

BBR Staff Writer Published 13 October 2017

Intel has introduced new Saffron anti-money laundering (AML) tool for financial services institutions to detect financial crime.

Developed to use on Intel Xeon scalable processors, the Intel Saffron’s associative memory AI can simulate a human’s natural ability to study, remember and reason in real time.

It is said to mimic the associative memory of the human brain to surface similarities and anomalies hidden in heterogeneous data sources, while accessing larger data set than its human counterparts.

The AML Advisor will surface these patterns in a transparent way to use white box AI in enterprise applications.

With the support of associative memory AI, the AML Advisor will detect new insights to meet compliance and regulatory requirements of the growing businesses.

The new AML tool allows to link unifying structured and unstructured data in a 360-degree view at the individual entity level.

Intel Saffron AML Advisor allows to decrease the human cognitive burden through automation thought processes, helping investigators to focus on higher value activities.

Intel Saffron Early Adopter Program (EAP) has been designed to provide institutions with latest advancements in associative memory artificial intelligence

The Bank of New Zealand (BNZ) has joined program, which allows to face the competition and define the future of associative memory AI in financial services.

Intel Saffron AI Group general manager and vice president Gayle Sheppard said: “We accelerate the path to decision by surfacing and explaining patterns in data with speed, precision and accuracy.

“The amount of data that banks and insurers collect is growing at massive scale, doubling every two years.”

Image: Intel has introduced new anti-money laundering tool for financial services institutions. Photo: courtesy of Intel Corporation.