EY addresses financial crime with Microsoft alliance

EY addresses financial crime with Microsoft alliance

Total of six financial crime domains will be addressed

EY has entered into an alliance with Microsoft on a new financial crime compliance platform designed to target financial crime operations, including transaction monitoring, list screening and know your customer (KYC).

"The growing cost of operations and a more competitive marketplace make it harder for EY clients to meet market demands while remaining compliant with regulatory expectations,” said Dai Bedford, EY global banking  and capital markets advisory leader.

"With EY financial crime assets and Microsoft’s advanced technology, we can provide that balance and offer clients sustainable, sophisticated, and cost-efficient solutions on a leading-class cloud platform."

With increased regulatory compliance and security concerns, financial institutions are looking towards technology investments that improve efficiencies while maintaining the quality of their compliance programs.

Technologies that EY uses for its solutions combating financial crime include robotic process automation (RPA), machine learning and artificial intelligence (AI).

Through EY’s alliance with Microsoft, the financial crime compliance platform will make use of Microsoft’s cloud platform, Azure, together with AI tools, to enhance efficiencies in the financial crime process for financial institutions.

“EY and Microsoft are addressing the societal and business needs to fight financial crime,” said Janet Lewis, vice president of Worldwide Financial Services at Microsoft.

“As criminal activity becomes more sophisticated, we believe financial institutions will be most effective with leading advisors and intelligent platforms that drive efficiency, innovation and compliance."

The partnership will also combine the financial crime knowledge and experience of EY with the digital, cloud and productivity technologies of Microsoft.

“The EY financial crime solutions bring together the proven domain experience of EY with Microsoft Azure and AI technology so that financial institutions can meet evolving regulatory requirements and uncover and report financial crime,” said Lewis.

A total of six financial crime domains will be addressed through this alliance, namely, anti-money laundering and counterterrorist financing (AML/CTF); sanctions; fraud; anti-bribery and corruption; market misconduct; and tax evasion.

Furthermore, a wide range of technology-based financial crime assets are already being developed by EY, including financial crime compliance operations managed services; a next-generation transaction monitoring solution; and a technology platform for the secure and traceable exchange of customer information.

Tags MicrosoftErnst & Youngfinancial crime

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