Over the past few years, financial crime technology has gained attention due to the increasing complexity and frequency of financial crimes, stricter regulatory and compliance requirements, and technological advancements.
“Global State of Scams 2023” report by Global Anti-Scam Alliance (GASA) and ScamAdviser reveal A serious increase in fraud worldwide. The study surveyed approximately 50,000 people in 43 countries and found that 25.5% of respondents lost money to fraud and identity theft in the past year, resulting in an estimated economic loss of US$1 trillion. It turned out that it was going up.
Despite 69% of respondents believing they can identify a scam, 59% encounter a scam every month, 78% encounter a scam every year, and phone calls are the main methods used by scammers. SMS message.
Data analytics company LexisNexis Estimate The cost of financial crime compliance in Asia-Pacific is predicted to approach USD 45 billion in 2023, indicating the need for significant investments to meet stringent compliance requirements.
In this context, technology is recognized as a key tool to improve financial crime detection and prevention, increase operational efficiency, reduce costs, and enable institutions to adapt to evolving regulatory requirements. It has been.
May, Fintech Global released Named to the inaugural FinCrimeTech50 list, which recognizes the world’s leading technology companies fighting money laundering, fraud and financial crime.
This list features the world’s 50 most innovative technology companies that provide financial crime and fraud prevention solutions. These companies were selected by a panel of industry experts and analysts based on industry importance, growth, innovation, and value proposition.
Of the top 50 financial crime technology companies named in the FinCrimeTech50, four are from APAC, representing pioneers in financial crime technology in the region. Here we take a deeper look at their offerings, recent advancements and contributions to the field.
Arctic Intelligence (Australia)
Headquartered in Sydney, Australia, arctic intelligence is a multi-award-winning regtech company specializing in financial crime risk assessment technology. Founded in late 2015, the company provides regulated entities with tools to effectively manage their audit, risk, and compliance programs.
Arctic Intelligence’s AML Accelerate platform enables small and medium-sized enterprises (SMEs) in over 30 financial and non-financial industries in over 50 countries to easily conduct money laundering and terrorist financing risk (AML/CTF) assessments. Designed. Evaluate the effectiveness of control design and operation and facilitate the creation of effective AML/CTF programs and policies.
For large enterprises and the consultants who support them, Arctic Intelligence offers a risk assessment platform that allows for customization of methodologies and risk and control models, helping organizations move from manual spreadsheet-based approaches to fully automated financial crime risk assessment. It includes a set of financial and non-financial crime risk domains with hundreds of risk indicators and controls, but also allows users to integrate their own.
Arctic Intelligence is trusted by a wide range of financial services organizations, from small businesses to multinational corporations, in a variety of industry sectors including banking, insurance, credit unions, foreign exchange (FX), remittances, digital currencies, asset and wealth management, and gaming. It has been. . Many professional advisors also utilize Arctic Intelligence’s technology to assist their clients with their financial crime risk assessments and compliance obligations.
IDVerse (Australia)
IDVerse was previously known as OCR Labs. teeth An Australian company specializing in identity verification technology. Founded in 2018, the company’s technology can extract and verify information from most identification documents used around the world and match this information against local government and credit bureau databases in real time. can. The AI-powered process includes a “liveness” check to ensure that the person presenting the document is alive and the owner of the document, eliminating the need for human intervention via an agent or call center. Masu.
With a fully automated solution, IDVerse accelerates global business growth by authenticating new users in seconds using only their face and smartphone using any ID document in over 220 countries and territories. Allows for expansion. The company’s Zero Bias AI technology leverages generative artificial intelligence (gen AI) to train deep neural network systems to ensure protection against discrimination based on race, age, and gender. IDVerse achieved 99.99% accuracy in independent lab testing.
IDVerse is trusted by startups, government agencies and global enterprises such as Experian, HSBC, Vodafone, BMW, Virgin Money and ANZ for comprehensive cross-border identity verification. The company is the first Australian private sector company to be certified as an identity provider operating outside the Australian Government’s digital ID system under the Trusted Digital Identity Framework (TDIF). Additionally, IDVerse has received certification from the UK’s ACCS for its API for age verification services. Company
IDVerse is headquartered in London with offices in North America, Asia and Europe.
Know your customers (Hong Kong)
Established in Hong Kong in 2015, customers are Award-winning regtech company We specialize in next-generation business verification solutions for financial institutions and regulated organizations around the world. The company aims to transform Know Your Customer (KYC) compliance by fully digitizing and streamlining the onboarding process for both corporate and individual customers, improving efficiency and strengthening compliance.
Know Your Customer combines the most intuitive digital workspace in the market with real-time registry data, seamless integration and smart automation to deliver a modular compliance solution that is transforming the nature of core compliance functions. The product’s modular design allows clients to select and implement only the functionality they truly need, all available via Rest APIs, enabling efficient customization.
company Offers Three fully integrated products to tackle critical compliance challenges:
- KYC Workspace is a platform that digitizes and automates all compliance activities across multiple offices, markets, and business functions using a cloud-native, intuitive interface.
- KYC Data is a solution that provides real-time access to global corporate registries, integrated AML screening, and global identity verification to provide robust defense against financial crime. and
- KYC reviews ensure ongoing compliance and provide permanent KYC updates and ongoing AML screening for all corporate and small business customers and their shareholders.
With offices in Hong Kong, Dublin, Singapore and London, Know Your Customer has established a global presence and reputation for excellence. The company’s customers span 11 sectors and 18 jurisdictions, including banking, fintech, corporate services and real estate. They use Know Your Customer technology to verify and onboard customers in over 180 countries.
Transparently.AI (Singapore)
Transparently.AI was founded in 2021 and is based in Singapore. provide An AI-based system for automatically detecting accounting manipulation and fraud in companies.
Transparently.AI’s software is trained by machine learning (ML) to detect accounting red flags on a company’s balance sheet. A risk score from 0 to 100 is generated that measures the likelihood and extent to which a company is manipulating the account. Wealth managers, banks, auditors, exchanges, etc. can use this product as a due diligence tool to filter out questionable accounting practices, fraud within accounts, and weak corporate governance.
transparent AI count One of the world’s largest sovereign wealth funds, a global commercial bank, and its clients include one of the Big 4 auditors.
3-year-old AI startup Announced In February 2024, the company received investment from US asset management giant Franklin Templeton as part of a $3 million pre-Series A funding round. This round values the startup at $20 million.
Featured image credit: Edited from freepic
