Flagright

🌇 What a Night! Last Thursday, we had the pleasure of hosting an incredible FinCrime Professionals Networking Dinner in Singapore CBD. The event was filled with insightful discussions, delicious food, and great company. A big thank you to all the financial crime compliance leaders who joined us! Vaibhav Gupta, CFA from Xendit, Sok Kuan Moi (SK) 梅淑君 ex Citi, Manoj Ranavaya from MUFG, Julia Chin 陈碧茹, MICA from xcube.co, Ashraf Aly from TerraPay, Leonardo Prado Correa from Taptap Send, Tommaso S. from Aspire, Caryn Leong from ACAMS, and our very own Baran Ozkan, CAMS and Kevin Koik from Flagright - It was great to have you! 🙌 Check out some of the highlights from the evening below. We’re already looking forward to the next one! #AMLCompliance #FinCrime #RiskManagement

Continuing our series of G2 awards, I’m excited to share that Flagright has been recognized with the Highest User Adoption award by G2 for Summer 2024! This award is particularly meaningful to us because it reflects how quickly and widely our solution is embraced by our customers across the board: An impressive 98% of our customers’ teams fully adopt and engage with our platform. 🏆 Why is our user adoption so high? - Intuitive user interface: We’ve designed Flagright to be as user-friendly as possible. Our solution’s intuitive interface means that users can navigate and leverage its full potential with minimal training, leading to widespread adoption across teams. - Exceptional onboarding and support: From day one, our onboarding process is tailored to ensure every user feels confident using the platform. Combined with our top-notch support, this ensures users never feel lost and they learn to leverage the Flagright platform's capabilities to the fullest over time. - Customizable to fit our customers' needs: Every organization is different, and so are their operational needs. Flagright platform is fully configurable in a way that allow teams to adapt the platform to their specific requirements, making it an indispensable tool in their daily FCC operations. - Proven value across functions: Flagright isn’t just a tool for a single team. It’s a platform that adds value across multiple functions within an organization, from risk management to transaction monitoring to regulatory reporting to customer support, driving broad and deep adoption. This award is yet another affirmation of Flagright’s dedication to delivering solutions that are not only powerful but also practical and widely embraced by users. As we continue to share more about our achievements in the coming weeks, we’ll keep highlighting what makes Flagright the go-to choice for AI-native AML compliance & risk management. 🎉 Looking for a platform that your team will love to use? We are here to help! #CustomerSuccess #AMLCompliance #G2awards

In the world of financial institutions, misconfigured compliance rules can lead to hefty penalties costing up to $14.82m each year. According to Flagright, that’s nearly three times the expense of maintaining proper compliance. These fines, coupled with business disruptions and reputational damage, underscore the severe impact of non-compliance. To deal with this, Flagright has introduced Shadow Rules, a product addition to its rules engine enables AML professionals to conduct risk-free testing of configurations, ensuring their compliance measures are perfectly calibrated. Read more here: https://lnkd.in/eMkMPY8a Joseph Ibitola Baran Ozkan, CAMS Madhu G Nadig

In the world of financial institutions, misconfigured compliance rules can lead to hefty penalties costing up to $14.82m each year. According to Flagright, that’s nearly three times the expense of maintaining proper compliance. These fines, coupled with business disruptions and reputational damage, underscore the severe impact of non-compliance. To deal with this, Flagright has introduced Shadow Rules, a product addition to its rules engine enables AML professionals to conduct risk-free testing of configurations, ensuring their compliance measures are perfectly calibrated. Read more here: https://lnkd.in/eXyifk3i Joseph Ibitola Baran Ozkan, CAMS Madhu G Nadig

🚀 Earlier this week, we introduced Shadow Rules, our latest feature that’s already transforming how compliance teams operate. With Shadow Rules, we're helping financial institutions move beyond guesswork to embrace smarter, data-driven compliance strategies. Since launching Shadow Rules, our customers have seen remarkable improvements in their compliance operations: ✅ 65% of rules are tested as Shadow Rules before going live, significantly reducing errors and ensuring accuracy. 🎯 An 80% reduction in false positives, allowing compliance teams to focus on real threats. ⚙️ Customers typically test three versions of a rule configuration before finalizing it, leading to more efficient and effective rules. These advancements underscore the power of Shadow Rules in refining compliance strategies. As Leonardo Prado Correa, Head of Compliance & AML - UAE at Taptap Send, and ex-Nubank & PWC, puts it: "Flagright’s Shadow Rules offer financial institutions the ability to refine their compliance frameworks with unprecedented precision, reducing regulatory, reputational, and financial risks.” Ready to see the difference Shadow Rules can make? Contact us for a demo and take your compliance operations to the next level. 🌟 #AMLCompliance #TransactionMonitoringRules #RiskManagement

Minimizing false positives in #AML compliance is a hefty undertaking, and there are several strategies to achieve this. You can either reduce the time it takes to manage false positives or focus on preventing them from occurring in the first place. Let's talk about the latter—how to prevent false positives and keep them from bogging down your operations. Here’s how you can tackle false positives effectively: 1. 💻 Use Simulators (Sandbox/Backtesting Environments): Implementing a simulator allows you to test rule changes and scenarios in a controlled environment before they go live. By simulating different conditions, you can ensure that any new rules won’t inadvertently increase false positives, giving you confidence in your system's performance. 2. 🛡️ Leverage Shadow Rules: Shadow rules run in parallel to your active rules without affecting live processing. This allows you to monitor the potential impact of rule changes in real-time, helping you fine-tune your approach before making any permanent adjustments. 3. 🔍 Conduct Periodic Rule Reviews: Regularly reviewing and updating your rules is key to keeping your AML system effective. This process involves not just updating the rules but also analyzing their performance over time. By understanding which rules are effective and which may be causing unnecessary false positives, you can make targeted adjustments to reduce their occurrence. 4. 📊 Adopt Risk-Based Monitoring: Shift your focus to monitoring transactions and entities based on their risk profiles. This approach prioritizes higher-risk activities, which helps reduce unnecessary alerts from lower-risk ones, thereby lowering the chances of false positives. 5. ⚙️ Enable Dynamic Risk Scoring: Using a dynamic risk scoring engine allows for real-time adjustments to risk scores based on new information and changing conditions. This results in more accurate assessments and a reduction in false positives. 6. 🤖 Utilize AI Rule Recommendations: AI can analyze historical dispositions to suggest optimal rule thresholds that minimize false positives without missing true positives. This ensures your rules are always performing at their best and you can save a lot of time instead of experimenting yourself manually. 7. 🛠️ Deploy False Positive Suppression Algorithms: These algorithms automatically detect and suppress alerts that are likely false positives. They learn from your historical dispositions as well as how a user is placed among the entire user base. By integrating these capabilities into your AML compliance program, you can significantly reduce false positives and streamline your operations. If you would like to talk about how this can be done quickly and effectively, feel free to reach out. I'd be happy to share how we approach this at Flagright and discuss how you can optimize your AML efforts. #AMLCompliance #FinTech #Banking #FalsePositives #RiskManagement

Say goodbye to guesswork and hello to smarter, more effective compliance management. 💡💡 Excited announce the launch of our latest feature: Shadow Rules. This addition to our core platform empowers compliance teams to be more data-driven and precise than ever before. 🌟 With Shadow Rules, you can simulate and test your compliance strategies in a risk-free environment, ensuring that you never misconfigure the rule again. This feature allows you to monitor the impact of new rules in real-time, without any disruptions to your operations. Here are the key features and advantages: 🧪 Simulation Environment: Test new rules and configurations safely before implementing them live. ⚡ Real-Time Monitoring: Observe the effects of your rules immediately, ensuring they work as intended. 💊 Error Prevention: Minimize risks by catching potential issues early, ensuring you never misconfigure the rule again. 📈 Data-Driven Decisions: Leverage comprehensive data insights to fine-tune your compliance strategies. 🏗 Operational Efficiency: Streamline the rule creation and testing process, saving valuable time and resources. Watch the video to see Shadow Rules in action and discover how it can transform your approach to compliance. 🔍👀 #Compliance #DataDrivenCompliance #ShadowRules #Fintech #RiskManagement #AML #FraudPrevention #Flagright

📢📢📢 Following up on last week’s exciting news, I’m thrilled to share that Flagright has been recognized with the Most Implementable award in the Anti-Money Laundering category by G2 for Summer 2024! This highlights just how easy it is to get started with Flagright and see results quickly. 🚀 Key Highlights: 🚀 87% Implementation Score—well above the industry average of 78%, showing how seamless onboarding is with Flagright. 🚀 Ease of Setup: 98%, outperforming the industry average of 90%, making implementation a breeze for even the most complex setups. 🚀 Fastest Time to Go Live: Our customers feel that they are fully live in just 1.44 months on average, beating the industry’s 2.51 months. This rapid deployment ensures you see benefits almost immediately. What we’re especially proud of: Every single one of our customers has managed the implementation entirely with their in-house teams. No vendor services, no third-party consultants—developers love working with the Flagright API. 💻 This award is yet another validation of our commitment to building solutions that are not only powerful but also incredibly easy to implement. As I mentioned last week, there are more exciting achievements coming down the pipeline, so stay tuned as we continue to showcase how Flagright is setting the modern standard for AI-native AML compliance and risk management. 💥 And as always, a huge thank you to our customers—your trust and success drive us to keep pushing the boundaries of innovation. 🎉 #CustomerSuccess #AntiMoneyLaundering #AMLCompliance #G2Awards

Event announcement 🎊📣 Flagright is hosting an exclusive FinCrime Professionals #Networking Dinner in Singapore at the beautiful Artemis Grill & Sky Bar next week. 🌇 🍽 I'm excited to share that the event is almost fully booked with a fantastic lineup of financial crime #compliance leaders from the likes of Xendit, TerraPay, MUFG, and many more! Our attendees can look forward to: 🍷 Enjoying drinks and casual networking. 🍽️ Savoring a specially curated 4-course menu paired with fine wines while engaging in insightful discussions. 🎁 Wrapping up the evening with special gifts and more opportunities to connect with peers. If you’re in Singapore and would like to join us, feel free to DM me for an invite. We’ll do our best to accommodate you! Looking forward to a night of great conversations and networking. #AMLCompliance

When I was looking at the G2 report that ranks Flagright as the #1 transaction monitoring solution, a non-obvious insight made me think. The average user adoption rate for AML tools in the market is just 70%, whereas Flagright’s adoption rate is 98%. This is a very interesting number and a massive difference, but why? I used to be on the buyer's side. So I quit my job as a #fintech operator and started building something I would wanna buy. 🤷🏻♂️ Based on what I know about our competitors, 70% is a reflection of how the incumbent providers are building their solutions, and by extension, how they are treating their customers. 🚩 Too many AML tools are built solely as back-office utilities—functional but boring. 🤮 They check the necessary compliance boxes, but they do so without engaging or caring about their users. And that’s a problem. When tools are boring and difficult to use, users are less likely to interact with them unless absolutely necessary. This not only hinders the effectiveness of the tool but also leaves organizations more vulnerable because critical risks might be missed. Many of the most popular tools on the market fall into this trap. They focus on function over experience, creating clunky, uninspiring interfaces that users dread interacting with. No wonder these tools struggle to go beyond core tasks—users don’t want to spend more time with them than they have to. 😒 But we can do both! We believe AML solutions should be as intuitive and engaging as any modern software. We’re building solutions that users actually want to use—tools that make their jobs easier, not harder. When the user experience is front and center, everything improves: productivity, risk management, and overall organizational safety. 🌟 The takeaway? Don’t settle for #AML solutions that are just “good enough” to meet compliance requirements. Demand more. Look for solutions that empower your team and make them want to engage with the tools they’re using. Because when your staff is fully engaged, you’re not just ticking boxes—you’re truly protecting your organization. 💪 #AMLcompliance #UserExperience #Banking #Innovation