The world is 99% ineffective at stopping financial crime...
Every year, more than $4 trillion is laundered, and globally we catch less than 1% of it.
Simply put, despite increased regulations and global efforts, we are still losing in the fight against financial crime.
Banks and financial institutions are paying the price...
More than $2.3bn of fines are given every year for failures to do with anti-financial crime regulation, and each fine averages $100m.
Of those fines, nearly half mention ineffective controls.
And these numbers are all increasing.
But it’s not surprising.
How can anyone get more effective at something, if they don’t know how effective they are right now?
And how can banks and financial institutions know how effective they really are, when the only way to find out is by manually reviewing a tiny percentage of accounts or transactions?
Our mission begins with helping banks and financial institutions understand and improve the effectiveness of their financial crime controls
We are building world-first technology to make a real, tangible improvement in the world.
But this is just the start. Our mission is lofty and our time span is long. There is much that we will do.