Digital Digest: The Latest Tech News – Citigroup, Digital Assets, Dow Jones

Editorial Staff

3 December 2023

Citigroup
has rolled out an artificial intelligence solution to fight financial crime and manage risks.

The firm’s RiskCenter Advanced Screening and Monitoring uses risk data, machine learning and AI technologies to optimize anti-money laundering, sanctions and anti-corruption compliance, Dow Jones said in a statement this week.

The offering brings “greater transparency to risk management workflows, enabling financial institutions and corporations to screen customers and third parties at speed and scale,” the firm said.

The new solution is an example of how AI, while it has prompted concerns about new sources of cybersecurity threats and problems, is also seen to offer defenses and ways of spotting valuable patterns. (See articles here and here on the intersection of AI and wealth management.)

“As the legislative landscape becomes increasingly complex, organizations need to be able to identify and evaluate risk quickly and effectively,” Joel Lange, general manager of risk and research at Dow Jones, said.

ASAM said it takes information from multiple data sources, including Dow Jones’s proprietary structured risk data and unstructured text from thousands of licenced news sources on the Factiva business intelligence platform.

The launch of ASAM adds to Dow Jones’s strategic partnership with Ripjar following its minority equity investment in January 2023. The two companies have worked together since 2018 to help financial institutions and large corporations thwart criminals.