- Salv’s new Collaborative Scenario Library enhances transaction monitoring and streamlines compliance efforts for financial institutions
- A new way to foster collaboration within the financial services industry, which has a common interest in beating financial crime
- Learning from the strategies of similar, anonymised, institutions gives compliance teams proven scenario frameworks to draw on
- The tool sets a new standard for meeting regulatory obligations and tackling emerging threats
Tallinn, Estonia - 28 November 2024: European Regtech scale-up Salv has announced the launch of its Collaborative Scenario Library, an innovative tool designed to help AML teams improve their transaction and customer monitoring in order to catch more financial crime.
The Collaborative Scenario Library, a feature of the Salv Monitoring solution, represents a significant leap forward in proactive AML solutions and community-driven transaction monitoring. It sets a new benchmark for how AML teams from different financial institutions can collectively tackle emerging threats while maintaining stringent regulatory standards.
Today, financial institutions face significant challenges in maintaining compliance and effectively detecting new patterns of financial crime. Regulations often provide broad, risk-based guidelines without specific frameworks for what organisations should monitor.
The Collaborative Scenario Library addresses these challenges by providing institutions with a curated, anonymised database of proven monitoring scenarios and rule frameworks.
“We understand that compliance is more than a checkbox—it’s about actively preventing financial crime. Teams want to go beyond tick-box compliance and do more,” said Ester Eggert, Head of Product at Salv. “The Collaborative Scenario Library empowers financial institutions by giving them access to shared insights that enhance both regulatory adherence and real-world effectiveness.”
“Our solution is rooted in a unique collaborative model where users can trust that they are learning from the best practices of their peers,” continued Ester. “Companies will be able to take scenarios known for generating high true positive rates, tweak them as needed, then implement them. As a result, they can quickly catch more financial crime.”
Fostering community crime-fighting
The library focuses on scenarios that generate high ‘true positive’ alert rates. When criminals find a new tactic, they don’t target just one organisation, so a cooperative approach enhances individual organisations’ ability to fight crime and elevates the industry’s collective defences against emerging threats.
About Salv
Salv empowers financial institutions to beat financial crime with a SaaS platform that helps them detect money laundering, share intelligence, and stop fraud.
Criminals work in networks, so financial organisations should too. Using the world’s first fincrime platform that enables intelligence sharing, Salv helps banks, fintechs, and payment service providers to fight financial crime more effectively and recover 80% more stolen funds.
Led by crime fighters and data scientists from Wise and Skype, Salv is a regulated partner and licensed KYC data processor on a mission to make the world safer by beating financial crime.
Additional information
- Jacob Story
- Head of Content
- [email protected]
