Mizuho International taps SymphonyAI to help fight financial crime
Mizuho Financial Group’s London-based securities and investment banking unit, Mizuho International, has chosen SymphonyAI to detect and deter financial crimes.
SymphonyAI Sensa will help Mizuho fight financial crime
The firm will use SymphonyAI Sensa for anti-money laundering (AML) purposes within its European capital markets division. Sensa uses AI and machine learning to detect risks including changes in behaviour, anomaly detection, risk similarities and hotspot identification.
SymphonyAI claims its customers have seen a “significant increase” in the discovery of risks compared to existing methods, and a reduction in “costly” false positive alerts by more than 60%.
“We needed a solution that helps analysts, through user interfaces, to deliver all the information needed to expedite investigations,” says Mizuho EMEA’s chief compliance officer (CCO) Dinesh Joshi.
“SensaAML will make a significant difference in our long-held fight against money laundering. Our financial crime team will be empowered and more effective,” Joshi adds.
Simon Moss, CEO of SymphonyAI Sensa, believes the deployment of the AML solution will enable Mizuho to achieve “dramatically better results” in its efforts to fight financial crime, with implementation time and cost manifesting these results “in weeks instead of years”.
