Unit21, a global provider of risk and compliance technology, has introduced its Build Your Own Agent (BYOA) product for banks, credit unions, and fintechs, designed to automate fraud and anti-money laundering (AML) tasks.
The BYOA solution aims to convert manual data gathering, sorting, and sifting into expedited analysis and action. It integrates custom AI agents into common fraud and AML workflows, including sanctions, transaction monitoring, and check fraud, providing structured insights directly within alert views.
Implementation of an agent follows a three-step process: naming the agent, assigning tasks and instructions relevant to the workflow, and automatically reviewing activity upon alert opening. With human oversight as a final step, Unit21 reports that its BYOA has reduced the average alert handle time by up to 90 percent.
Tyler Allen, Head of AI at Unit21, stated, “At Unit21, we believe in creating technology that fits a customer’s process and workflow, instead of expecting them to conform to ours. Today’s launch of Build Your Own Agent is a testament to our commitment to customization, and we’ve seen 9,000+ alerts reviewed and 100,000+ tasks automated with 99.99 percent accuracy.”
The platform supports several AI agent use cases for financial crime teams, such as a Sanctions Agent to reduce false positives by analyzing names and identifiers, a Check Fraud Agent for detecting fraudulent checks via image and transaction data analysis, and a Transaction Monitoring Agent to automate alert reviews with rules and historical data. Additional agents include a 314(a) Agent for validating FinCEN matches and an EDD Agent to consolidate account risk, adverse media, and transaction behavior into a single view for enhanced due diligence.
Unit21’s BYOA is available either as a standalone product or integrated into a company’s existing Unit21 fraud and AML workflows, with both options offering efficiency gains. Unit21 specializes in solutions that identify and mitigate risks associated with money laundering, fraud, and other illicit activities, having raised close to $100 million from investors including Google and Tiger Global.
