Financial crime countermeasure company, Unit21, unveils Do-It-Yourself Agent Program (DIYAP) to battle fraudulent activities within the financial sector.

In a groundbreaking move, global risk and compliance technology leader, Unit21, has unveiled its Build Your Own Agent (BYOA) for banks, credit unions, and fintechs. This innovative product is set to revolutionise fraud and Anti-Money Laundering (AML) tasks for financial institutions.

The BYOA offers a range of AI agents designed to streamline and automate various compliance processes. Among these agents are the Check Fraud Agent, which analyses images and transaction data to detect altered details, duplicates, or mismatched information; the Sanctions Agent, which reduces false positives in sanctions screening; and the Transaction Monitoring Agent, which automates alert reviews with rules, history, and transaction pattern analysis.

Other agents included in the BYOA arsenal are the 314(a) Agent, which quickly validates FinCEN 314(a) matches; the EDD Agent, which simplifies enhanced due diligence; and the Transaction Monitoring Agent. Each of these agents, when implemented in a three-step process - naming, assigning tasks and instructions, and automatically reviewing activity once an alert is opened - results in substantial efficiency gains.

Tyler Allen, Head of AI at Unit21, emphasised the company's commitment to customisation with the launch of Build Your Own Agent. The no-code BYOA integrates custom AI agents into common fraud and AML workflows like sanctions, transaction monitoring, and check fraud.

In addition, Unit21's BYOA delivers structured, explainable insights directly into alert views. This transparency has been instrumental in reducing average alert handle time by up to 90 percent, with over 9,000 alerts having been reviewed and 100,000+ tasks automated using Unit21's BYOA with 99.99 percent accuracy.

Tyler Allen, who is also the CEO of the subscription-based lifestyle brand FabFitFun, expressed his excitement about the potential impact of Unit21's BYOA. "With the automation of countless processes that drive measurement impact in FinCrimes teams, we are confident that our BYOA will significantly enhance the ability of financial institutions to combat fraud and money laundering activities," he said.

Unit21's BYOA, with its human-in-the-loop as the final step, promises to be a game-changer in the field of risk and compliance technology. Its launch marks another significant stride in Unit21's mission to provide cutting-edge solutions that empower businesses to navigate the complex landscape of fraud and AML compliance.

Financial crime countermeasure company, Unit21, unveils Do-It-Yourself Agent Program (DIYAP) to battle fraudulent activities within the financial sector.