Israeli AML startup launches in UK
Written by Peter Walker
Israeli startup FinCom.Co has launched its anti-money laundering (AML) fingerprint technology in the UK, gaining market access through the London Stock Exchange’s Issuer Services Marketplace.
Developed for highly regulated sectors, the AML platform utilises advanced mathematics with phonetic fingerprint recognition to aid customer verification and compliance in real time.
Proven to reduce false-positive results by over 90 per cent, FinCom.Co’s proprietary technology combines with artificial intelligence-backed processes to search records in over 25 languages.
By converting names and other records such as country of origin and date of birth into mathematical sequences, the platform compares results with records across a host of sanction and blacklist databases.
“Small to medium banks spend over $100 million annually to fight AML, which in turn costs the consumer,” commented Gideon Drori, chief executive and co-founder FinCom.Co. “The need for such solutions is key for businesses to remain compliant with current and future AML directives which can see individuals within organisations prosecuted for any wrongdoings.”
The Financial Action Task Force estimates that money laundering activities can cost the global economy between $590 billion and $1.5 trillion. True figures of financial loss as a result of money laundering cannot be identified as a high percentage of these transactions are untraceable.
Under section 19 of the EU AML regulation, businesses must actively seek new technologies to reduce their money laundering monitoring costs.
Since its launch in 2018, FinCom.Co has developed a number of strategic relationships with tier one banks and regulators to support compliance and data management.