European banks spent €28 billion on monitoring financial transactions for money laundering last year. While 70 million transactions were flagged as money laundering issues, 95 per cent of these were flagged incorrectly, yet still had to be investigated. To improve on this accuracy problem, CorribPoint has developed Akula, which enables credit unions and smaller financial institutions to meet anti-money laundering obligations under legislation efficiently, consistently and cost-effectively.
The first generation of the product is a state-of-the-art rules-based system and it allows customers to fine-tune transaction monitoring. Akula can be used by organisations in standalone mode or integrated with existing enterprise applications via API to provide seamless AML capabilities.