MinervaAI

MinervaAI is an AML (Anti-Money Laundering) platform developed by MinervaAI that utilizes deep learning technology to proactively identify client risk throughout the customer lifecycle. According to the vendor, the platform offers a range of features to assist compliance teams in leading financial institutions and innovators in staying ahead of financial crime. These features include customizable onboarding flows, configurable risk ratings, beneficial ownership analysis, investigations and enhanced due diligence, adverse and social media monitoring, and ongoing monitoring. MinervaAI is designed to cater to businesses of all sizes, including compliance officers, risk managers, financial institutions, fintech companies, and crypto and Web3 providers.

Key Features

IDV, KYC, & KYB: MinervaAI offers identity verification (IDV), know your customer (KYC), and know your business (KYB) functionalities. According to the vendor, the platform provides customizable onboarding flows to ensure safe and efficient customer onboarding. MinervaAI's configurable forms capture the necessary information during onboarding without relying on pre-defined workflows. Additionally, the vendor claims that MinervaAI can quickly adapt to support new jurisdictions or ID formats within 24 hours.

Risk Ratings: MinervaAI provides a highly configurable risk rating model based on FATF guidance and industry best practices. According to the vendor, the risk ratings consistently reflect an organization's unique risk tolerance. The platform is designed to assist organizations in demonstrating their "risk-based approach" to regulators. The vendor also states that MinervaAI ensures consistent risk assessment across the organization, regardless of the number of investigators involved.

Beneficial Ownership: MinervaAI aims to help organizations understand ultimate beneficial ownership by consulting various data sources such as business registries, open-source data, company websites, media, and financial filings. The vendor claims that MinervaAI analyzes multiple data points to create context-rich profiles, providing insights into who owns, directs, and stands to benefit from a business.

Investigations & Enhanced Due Diligence: MinervaAI automates the manual data collection process during investigations, according to the vendor. The platform assembles a comprehensive view of client risk, including regulatory-required data, red flags, and other key risk indicators. Investigators can access risk profiles with actionable information in seconds, allowing them to focus on risk analysis rather than data collection.

Ongoing Monitoring: MinervaAI enables organizations to implement an ongoing monitoring program without overwhelming investigators. The platform allows organizations to configure real-time monitoring based on their specific risk preferences. According to the vendor, organizations can set a monitoring cadence aligned with their policies and trigger events, such as changes to global sanctions.

Configurable Risk Rating: MinervaAI's risk rating model is highly configurable to match an organization's unique risk appetite. The model is based on FATF guidance and industry best practices, according to the vendor. The platform aims to help organizations demonstrate their "risk-based approach" to regulators and ensure consistent and compliant risk ratings across the organization.

Context-Rich Profiles: MinervaAI leverages deep learning models to create context-rich customer profiles. The platform analyzes the details of each customer and the broader context in which they operate. According to the vendor, context is crucial for risk decisions, and MinervaAI aims to deliver actionable insights with fewer false positives. The platform utilizes billions of real-time, accurate, and verified data points to provide relevant and immediate analysis.

Regulator-Ready Reporting: MinervaAI automatically generates a complete audit trail in a regulator-ready report. The report satisfies record-keeping requirements and saves investigators' time on document collection and compliance tasks, according to the vendor. This feature allows investigators to focus their time on analysis rather than administrative tasks.