FIS, C3 AI Partner to Launch AML Compliance Hub

Fazzaco learned that FIS, a Fintech leader, has partnered with C3 AI to launch an AML Compliance Hub to help capital markets firms tap into the power of their organizational data to increase efficiency and better manage regulatory compliance and risk.

The AML Compliance Hub leverages C3 AI's advanced machine learning technology, combined with the deep financial industry domain expertise of FIS, to improve the efficiency of financial crime detection. Designed to help capital markets firms fight the increasing threat of financial crime, the machine learning-based platform aggregates and analyzes client data across disparate systems to enhance AML and KYC processes, improving decision-making and reducing false positive alerts.

The partnership with C3 AI is reflective of FIS' focus on partnering with innovative companies to accelerate its ability to deliver disruptive new technologies and solutions into the market.

Ed Abbo, President and Chief Technical Officer at C3 AI, said: "Money laundering and other illegal activities are dynamic, fast-moving challenges for the financial services sector, and the data necessary to identify financial crimes are segregated across numerous disparate systems. By leveraging C3 AI's advanced capabilities to unify and analyze all relevant data using machine learning, The FIS AML Compliance Hub is a next-gen solution that can accurately identify, prioritize, and report suspicious activity, while simultaneously reducing the number of false positives."

Last week, Fazzaco reported that Mark J. Hawkins has joined its Board of Directors. Additionally, the company supported cryptocurrency exchange CEX.IO to launch crypto-based consumer debit cards​.