Financial Crime World

Here is the rewritten article in Markdown format:

Greenland’s Financial Crime Fighters Unite: DataRobot Wins Top Prize at FCA TechSprint

London, UK - In a major victory for financial crime prevention, Team Citadel, comprising representatives from various financial institutions and technology companies, including DataRobot, has taken the top prize at the Financial Conduct Authority (FCA) Global AML and Financial Crime TechSprint.

Event Overview

The event, held at the FCA’s headquarters in London, brought together over 100 participants from ten teams to develop innovative solutions using data analytics and technology to combat financial crime.

Winning Solution

The winning team, led by Karan Jain of Westpac, developed a cutting-edge prototype named Citadel that addresses the European Union’s pending statutory 5th Anti-Money Launderthing Directive (5AMLD). Scheduled to take effect in January 2020, this directive requires entities, including banks, to report any discrepancies found between their held information and the information on central registers of companies.

Team Citadel

DataRobot’s Chief Data Scientist EMEA, André Balleyguier, and a Data Scientist from the company were part of Team Citadel. The team’s solution centered around reconciling beneficial owner data across multiple banks, allowing for more efficient compliance with regulatory reporting requirements and improved identification of suspicious individuals and networks related to customers.

Key Features

  • Leverages machine learning capabilities to predict suspicious activity by analyzing patterns in entity relationships, including connections between Ultimate Beneficial Owners (UBOs) of corporate clients.
  • Enriches data with UBO profiles to provide better reconciliation and more accurate information about UBOs.
  • Results in better models and increased detection of suspicious cases.

Quotes

“The team delivered a prototype that reconciles beneficial owner data together in under a week. The solution will help banks efficiently handle the new 5MLD regulation, provide new risk indicators to fight financial crime, and help SME customers open bank accounts faster.” - Karan Jain

Implications for Greenland’s Financial Institutions

This innovative solution has significant implications for Greenland’s financial institutions, which can now leverage advanced data analytics and machine learning to improve their anti-money laundering efforts and better protect against financial crime.