Money Laundering Compliance is a growth industry.
The Financial Times points to a world shortage of AML compliance officers.
The industry is still relatively young and there is a lack of experience in the ranks that are qualified.
Software available to manage money laundering is disparate, out of date, conflicting and inaccurate.
Operation Embrace is a project to build the most comprehensive intelligence solution for the banking industry.
For the first time we will link up the industry to share homomorphically encrypted data with each other.
The system will also share data with Law enforcement, Customs and Intelligence agencies.
It will use Artificial Intelligence technology to;
- Identify patterns of criminal behavior.
- Identify internal criminal connections in banks.
- Identify criminal assets allowing banks to freeze them.
- Provide criminal intelligence from our internal collection team.
- Match up disparate data across the industry to identify criminality.
We are securing data to support the banks from other providers such as;
- The dark web
- Port authorities
- Business registration authorities
- Open source data
- Adverse media
- Court results
- Vehicle tracking
- Digital footprints
- Social media
- and more
The Scale of the Opportunity.
$25 billion is spent per annum by the banks in the US alone.
Globally the spend is $250 billion.
It is estimated by the UN less than 1% of the $2 trillion laundered annually is recovered. We will change that.
With regulation tightening and more industries being drawn into compliance, there is a need to support the industry with dedicated professional services.
Most compliance consultancies focus on non-financial services like Casinos, Real Estate agents, Law firms and small agent MSB’s.
There is a growing gap for provision for tier three financial institutions who spend up to 2% of turnover on compliancy due to a lack of scale. Large international banks spend half that. We will help them reduce that cost.
Moving into this space are more and more fintechs with a market leaning towards difficult to reach groups with payment services and banking. Facebook’s ‘Libra’ being one.
The speed of investment into fintech is growing exponentially but these firms are not keeping pace with regulatory requirements nor including experienced intelligence and policing experts in the design of their solutions.
Our team can be found here. It is cross-functional, employed in senior positions across the financial and Law Enforcement sectors and extremely experienced.
CYW have the answer.
We are building a revolutionary system. Not revolutionary in terms of its technical difference. Revolutionary in terms of the breadth and depth of its ability to network and identify criminals and their assets.
Our system will encompass AI engines to help with data sharing and the grading of intelligence. This will be unique in the industry and we are patenting the solution.
We will improve the asset seizure exponentially with the number of criminals we uncover.
We will reduce risk for the banks in simply allowing them to identify criminals and deny them access to the financial industry.
We will help the banks manage their data more effectively. See how here.
We will reduce the financial industry’s costs to stay compliant.
We are looking to raise GBP 4 million by May when our solution will enter the build stage.
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