A leading Australian financial institution with around one million customers across Australia and New Zealand has dramatically enhanced its anti-money laundering (AML) operations by integrating SymphonyAI’s SensaAI platform. Previously hindered by an overwhelming number of false positives in its transaction monitoring systems, the bank faced mounting operational costs and a growing burden on its compliance teams.
Rather than overhauling its entire compliance infrastructure, the bank opted to upgrade its existing system with SensaAI’s advanced artificial intelligence capabilities. The impact was swift and significant: false positives were reduced by over 47%, improving detection accuracy and exposing previously hidden complex criminal activity that legacy rule-based systems had missed.
The transition to SensaAI was seamless, thanks to close collaboration between the bank and SymphonyAI, ensuring rapid implementation and immediate performance improvements. Compliance teams reported a noticeable reduction in case volumes, freeing them to prioritize real threats and high-risk alerts more effectively.
One standout feature of SensaAI was its ability to generate explainable AI outputs, offering greater transparency and accelerating decision-making across compliance workflows. Building on the success of this implementation, the bank is now exploring the use of AI for other critical compliance areas, including sanctions screening and Know Your Customer (KYC) operations.