Safe Banking Systems (SBS), a provider of anti-money laundering and compliance solutions, and Centrifuge Systems, a provider of link analysis software, have partnered to offer banks, financial institutions, government agencies and other organizations with the ability to deal financial crime by detecting entities in corporate databases that pose risk.
Centrifuge provides free-form data exploration via link analysis techniques, with connections rendered as interactive visualizations, including charts, maps, timelines and geospatial.
Users can connect to and integrate data from multiple sources, find groupings and patterns and see non-obvious relationships and anomalies in large data sets at record level detail, according to Centrifuge.
In addition to fraud analysis, applications include intelligence analysis by government agencies and network security analysis by the private sector.
SBS offers specialized technology solutions for anti-money laundering, fraud and risk management. Its entity-resolution software employs complex algorithms that isolate the anomalies in large databases of high-risk entities and alerts clients to dangerous elements identified in their customer base.
In addition to its SAFE Advanced Solutions, SBS provides a forensic analysis service for institutions requiring immediate identification of their highest-risk entities.
SBS will use Centrifuge’s link analysis technology with its SAFE Advanced Solutions and forensic analysis services to identify sanctioned, politically exposed and other high-risk entities within client databases, thereby enabling organizations to take steps to investigate and manage risk more quickly.
Mark Schiffer, vice president of research and chief scientist with SBS, said: “The Centrifuge visualizations and analytics enrich our proofs of concept and distinguish our forensic analysis services from the competition. With Centrifuge, SBS is able to find patterns undetected by others, develop rules that are scalable and persistent and solve cases more quickly.
“Centrifuge’s interactive analytics and visualization technologies will further enhance our ability to help institutions meet changing regulatory requirements and streamline processes while saving time and money.”
Guljit Khurana, president and CEO of Centrifuge Systems, said: “With Centrifuge, SBS can visualize data in the form of relationship graphs to identify hidden connections between people, accounts, transactions and other events.
“Because SBS is able to perform unconstrained analyses faster, it can uncover suspicious activity invisible to others. Typically, this activity is missed by other analysis tools.”