Mindtree, a global technology services and digital transformation company, guiding its clients to achieve faster business outcomes, is using artificial intelligence and machine learning technology to help banks improve their ability to detect financial crimes and enhance reconciliation management.

These service offerings are made possible through a partnership with Tookitaki's machine-learning- powered platform. Banks and other financial institutions are challenged by both the rising sophistication of financial crimes worldwide and increasingly complex regulations requiring strict operating and reporting standards.

The ongoing efforts to manually detect money laundering, dealing with false alarms and fragmented reconciliation processes are costly and time consuming. There is an urgent need for these institutions to automate many of these processes, reducing errors and accelerating their response times to incidents.

Shares of the company declined Rs 8.45, or 0.89%, to trade at Rs 946.00. The total volume of shares traded was 31,115 at the BSE (3.28 p.m., Tuesday).