To help UK financial institutions and businesses stamp out money laundering activities, remain compliant with legislation, and improve efficiencies, Israeli fintech start-up, FinCom.Co, today announces the launch of its services in the UK through the London Stock Exchange’s Issuer Services Marketplace.
Developed for highly regulated sectors, FinCom.Co’s proprietary anti-money laundering (AML) platform utilises 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 breakthrough 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.
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 as a high percentage of these transactions are untraceable. However, official figures show that in the last ten years, institutions have been fined upwards of $300 billion for non-AML compliance. The solution, therefore, marks a major step forward in combatting this urgent and costly challenge.
Under section 19 of the EU AML regulation, businesses must actively seek new technologies to reduce their money laundering monitoring costs. 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.