The Financial Action Task Force estimates that money laundering activities can cost the global economy between $590 billion (equivalent to the economic output of Spain) and $1.5 trillion. True figures of financial loss as a result of money laundering cannot be identified, because a high percentage of these transactions are untraceable. That’s why governments and international institutions look actively how to stop this massive financial loss with new directives and regulations. Under section 19 of the EU AML regulation, for example, businesses must actively seek new technologies to reduce their money laundering monitoring costs. However, official figures show that in the last ten years, institutions have been fined upwards of $300 billion for non-AML compliance.
There are solutions out there, nonetheless, that can make a huge difference in combating this urgent and costly challenge. One of those has been recently released by FinCom.Co and aims to help UK financial institutions and businesses stamp out money laundering activities, remain compliant with legislation, and improve efficiencies.
Developed for highly regulated sectors, Israeli fintech start-up, FinCom.Co, has announced the launch of its services in the UK through the London Stock Exchange’s Issuer Services Marketplace. The company is proprietary of an anti-money laundering (AML) platform and they assure they utilise advanced mathematics with proprietary phonetic fingerprint technology to aid customer verification and compliance in real time. Prior to the launch of FinCom.Co, fighting AML was an extremely time-consuming and costly process. The company’s solution was designed to address these challenges, and offer businesses an easy-to-use and effective method to monitor, detect and prevent money laundering activity, in real time, through its unique, built-in automation capabilities.
“Small – medium banks spend over $100 million annually to fight AML, which in turn costs the consumer. Our solution is fast, accurate and efficiently minimises the risk businesses face,” commented Gideon Drori, CEO & 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.”
Proven to reduce false-positive results by over 90 per cent, FinCom.Co’s phonetic fingerprinting technology, combined with artificial intelligence and multi-dimensional processes, can 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, including OFAC (US) and HMT (UK), and enables organisations to significantly enhance efficiencies, while improving the accuracy of searches.
According to the company and to date, FinCom.Co has helped its customers meet this legislation by reducing the costs of AML monitoring. 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.
Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.
