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Dixtior: Combating Money-Laundering with an AI-Powered Solution

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Rui Vicente, CEO, DixtiorRui Vicente, CEO
Over the past few years, the growing instances of financial crimes, including money laundering, terrorist financing, bribery and corruption have become a substantial threat to the development of economies and their stability. Due to the complex nature of financial services, detecting and preventing fraud within the financial sector poses an almost insurmountable challenge. Today, as both public and private organisations, across the world, increase their focus on digitisation—a successful execution of their business strategies requires the ability to effectively balance revenue generation and operational efficiency objectives with risk management and compliance obligations.

Governance, Risk and Compliance (GRC) solutions offer a broader view of Anti-Money Laundering (AML) checks and the level of compliance with the law. However, most companies lack the enterprise-wide standards and protocols to identify policies, processes, and redundancies for a transparent system and orchestration of critical activities in GRC domains. Furthermore, regulatory divergence and concerns associated with cybersecurity and privacy have led to inefficiencies and conflicts in critical risk and compliance activities. To help companies combat financial crimes, Dixtior, a Portuguese consultancy firm, is merging two key components - economics and information technology. The company’s Dixtior Compliance Solution AML (DCS) in combination with its team’s modern business management techniques and innovative organisational structures, deliver a tailored solution to help clients define and meet long-term strategic objectives.

In a bid to curb money laundering practices, DCS analyses and assesses all transactions made by a financial institution and issue alerts whenever suspicious activity is detected. The DCS adapts to each client’s AML (anti-money laundering) context and analyses data to develop models that are specifically tuned to the markets in which they operate.

Clients can reduce compliance costs through optimised search processes and scaled-down workloads, using DCS. By utilising a risk-based approach to support companies in their work to prevent money laundering and the financing of terrorism, DCS guarantees compliance with AML legislation and regulations to deliver a comprehensive overview of financial activity. The product’s AI technology based on updated and parameter is able behavioural statistical models - accurately identifies potentially undesirable relationships and efficiently manages client and entity risk in real-time. Furthermore, its configurable workflows features enable users to customise monitoring, analysis and automate reporting of money laundering practices such as suspicious transactions, internal fraud and more.

With the ongoing COVID-19 pandemic, financial institutions are left without a blueprint. Not only do they have to tackle the challenge of internal risk management, compliance and AML processes but also navigate their customers through an unprecedented time while adapting to a work-from-home setting. Furthermore, the number of online transactions, new online users and devices has increased, which makes identifying risk harder. “We offer clients a holistic view of all their data and processes by breaking-down disparate silos and enabling them to understand the broader picture of their issues,” says Rui Vicente, CEO of Dixtior.

To further illustrate the Dixtior’s efficacy, Rui Vicente narrates a case-study, where one of the largest banks of Angola - the Banco de Fomento Angola (BFA) approached them for assistance. As a country who is dependent on oil economy and the USD—the restrictions enforced by the USA and VISA, resulted in banks of Angola such as the BFA struggling to acquire the currency. With help from Dixtior, BFA is now one of the most sought-after banks that can provide USD to its clients and can keep a check on all transactions in real-time. Two years post collaboration, BFA has undergone various audits from third-party companies such as VISA, Central Bank of Angola and FIU proving to be compliant with all standard regulations of operations. Since the inception of the company in 2013, Dixtior has established a strong presence in three continents - Europe, Africa and Asia. Dixtior was founded in 2013 by Rui Vicente, Mário Oliveira and Sónia Silva, all of whom have extensive experience in the field of banking, computer engineering and management informatics respectively. This diverse background of its founders has allowed the company to continually evolve and garner the ability to provide a solution with specialised business consultancy and state-of-the-art technology. “Our main goal is to keep evolving our solution – DCS to check the dynamic malpractices in the financial world and to be on top of the request of every prominent client in the market,” concludes Vincente.

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Dixtior

Company
Dixtior

Headquarters
Lisbon, Portugal

Management
Rui Vicente, CEO

Description
A Portuguese consultancy firm, Dixtior’s Compliance Solution in combination with its team’s modern business management techniques and innovative organisational structures deliver a tailored solution to help clients define and meet long-term strategic objectives.The company founded in early 2013 by three professionals with extensive experience in areas different Rui Vicente - banking and financing, Mário Oliveira - computer engineering and Sónia Silva - management informatics. Since the inception of the company in 2013, Dixtior has established a strong presence in three continents - Europe, Africa and Asia