The Data Initiative announced today that it intends to release a new system built to display critical money laundering data termed ignitionX. The system, which was constructed and realized by former employees in the field of financial crime risk and compliance industry, seeks to compile open source technologies into a simplified overlay to aid in money laundering detection. The app serves as a reminder of the benefits of SaaS to global industries.
The Technology Behind the App
The application is built using a series of data points that combine disparate data into something that can help security experts pinpoint suspicious financial data. Called the 100 Series MLDP by The Data Initiative, the system offers security personnel information that they can use to customize their individual AML programs. By combining these data sets, the app can provide insights that risk assessment teams can use to produce policy changes and enforcement.
Timely Intervention for the AML Industry
As Forbes notes, the AML and KYC systems in place internationally are cobbled together and don’t really provide a general overview as is required to generate meaningful policies. The 100 Series MLDP seeks to rectify this situation by offering a more well-rounded data set that companies can use in order to get an overview of the international financial market trends and money laundering practices. The intention is to use this insight to help AML professionals develop countermeasures.
Professional Praise of ignitionX
AML professionals that have been privy to the pre-release of the client have rave reviews about its functional interface. One early user commented on the app, stating that it had a very professional feel, and noting that it had the potential to make the entire industry more efficient through its compilation of data into a single source. Having been designed by professionals in the field, it’s no wonder that the app builds a functional interface to interact with its data sources at a deep level.
A Leak in Global Finance
Bloomberg estimates that as much as $US2 trillion worth of transactions annually fall under the umbrella of money laundering and financial impropriety []. The goal of ignitionX is to provide a means for internal AML practitioners to get and stay one step ahead of money launderers. The adoption of the app internationally could potentially lead to the development of a charter of best-practice as well as a unified data source for the development and adoption of policies throughout the industry.
