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Tresata will offer its AML Diagnostic System for free to help Banks named in the ICIJ FinCEN reports pinpoint entity intelligence shortcomings


blog-details-userPress Release

blog-details-eye-slashSep 22, 2020


Tresata’s Fraud Intelligence System is designed to not just report suspicious activity, but also help prevent it

Tresata, a pioneering Intelligence Software company, will offer, at no charge, its automated AML Diagnostic System to all Banks named in the FinCEN reports to help them better understand the adequacy of their current systems and controls.

“We have always believed in the ability of better data and intelligent software to outsmart bad actors that put the entire financial system and global economy at risk,” said Tresata Founder & CEO, Abhishek Mehta.  “We want every Bank in the world to have access to our entity intelligence systems to stop the smartest, wiliest and dirtiest of the bad actors from misusing the financial system.”

Tresata is already planning to provide a similar service to all Banks in the world by the end of this year, leveraging its ‘Knowledge as a Service’ platform. 

Tresata’s software, already in use by the world’s largest companies, is unique in its ability to integrate, process and extract entity intelligence from massive amounts of internal data. In addition, using advanced record linkage engines, Tresata software also fuses internal data with a variety of external data, boosting the value of the extracted intelligence.  This is done via a proprietary Fraud Data Asset system, code named ‘Thirteen’.

Thirteen has started ingesting the data from this latest ICIJ reveal, and has already identified hundreds of unique entities from the underlying data.  Next, Thirteen will take these entities and find any hidden fraud networks across the universe of legal entities, counterparties, correspondent banks and shell companies. 

“We believe that with better data and automated intelligence Banks can and will present the ultimate defense in our fight against money laundering,” says Mehta.  “We are committed to ensuring that we use technology in even smarter ways for good, to outsmart those who exploit it for bad.”