Fitch Ratings is acquiring AI startup Sigma for its AI-based tools, which can help in detecting frauds. 
Financial institutions and rating agencies are under pressure to ramp-up internal control and protect clients from unauthorized transactions. The financial crisis of  2008 was partly caused by rating agencies exaggerating the ratings of securities, which led to significant losses by investors. Both regulators and investors are demanding that rating agencies be vigilant in identifying financial crimes.
The software tool developed by Sigma analyzes news sources, financial databases, and other publicly available data about an entity under review. The tool then assigns a risk rating such as low, high, or none.