Discai and Harmoney, two prominent Belgian firms specializing in combating financial crime, have joined forces to introduce an advanced anti-money laundering (AML) solution tailored for financial institutions. This collaboration integrates Discai's state-of-the-art AI-driven alert system with Harmoney's comprehensive end-to-end case and process management platform, presenting a customizable toolkit to generate and manage AML alerts effectively.
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According to the United Nations Office on Drugs & Crime (UNODC), between $800 billion to $2 trillion of global GDP is laundered annually, with a mere 10% being detected and a minimal 0.1% recovered. The complexity of laundering methods necessitates modern solutions, prompting Discai and Harmoney to unite in offering a complete AML cycle solution.
The partnership enhances operational efficiency for financial institutions by seamlessly integrating best-in-class technologies. Discai’s KYT AML solution employs cutting-edge AI models and a rule-and-simulation engine to pinpoint potential money laundering activities, minimizing false positives and enhancing alert accuracy. Complementarily, Harmoney's platform automates case management processes, leveraging AI and robotic automation to streamline investigations, reduce errors, and save valuable time.
Financial institutions benefit significantly from this joint offering. Discai’s advanced detection capabilities complement Harmoney's streamlined investigation processes, ensuring suspicious activities are expertly handled and compliance standards are met consistently. The collaboration emphasizes open architecture, offering flexibility for institutions to adopt comprehensive solutions or tailor-made combinations to suit their specific needs.
Both Discai and Harmoney bring extensive expertise to the table, combining financial sector knowledge with compliance leadership. Fabrice Deprez, CEO of Discai, affirms, “Our collaboration with Harmoney underscores our commitment to delivering innovative solutions for effective financial crime management.” Thomas Van Maele, CEO of Harmoney, adds, “Together, we empower institutions to proactively combat evolving money laundering tactics with a future-proof approach.”
In an environment increasingly challenged by financial crime, Discai and Harmoney's partnership represents a significant stride towards fortified defenses for financial institutions. Their integrated solution promises resilience against sophisticated laundering techniques, ensuring compliance with evolving regulatory landscapes and technological advancements.
