FINOM Selects Resistant AI’s Transaction Forensics to Strengthen its Money Laundering Defences
Resistant AI, the AI and machine learning financial crime prevention specialists, today announced that FINOM, the Netherlands-based B2B fintech platform for small businesses and professionals, has selected Resistant AI Transactions Forensics to bolster its anti-money laundering measures. Resistant AI will overlay and enhance FINOM’s own transaction monitoring system to provide valuable context and uncover new types of unusual and anomalous behaviour. Within Europe, Europol estimates the value of suspicious transactions in the hundreds of billions of euros – at an equivalent of 1.3% of the EU’s gross domestic product (GDP). Global estimates are close to 3% of world GDP (please check the “Additional Information” below for more details).
“In a world that is seeing ever-increasing incidents of fraud and money laundering, we need to have the most effective tools and techniques to detect suspicious activities. On the other hand, they should not create any friction or obstacles for legitimate clients” - comments Sergey Petrov, co-founder and managing director at FINOM - “Resistant AI’s solution perfectly complements FINOM’s AML and Anti-Fraud program with its explainable AI, ensuring transparency to AML analysts as well as the regulator.”
Resistant AI’s technology enhances FINOM’s existing in-house transaction monitoring system by adding additional context to existing alerts, the ability to detect previously unknown types of suspicious behaviour, and deliver intelligent alert prioritization allowing analysts to focus on the highest risk cases first.
Resistant AI analyzes the hidden relationships between identities and transactions to draw a better decision boundary between legitimate and criminal activities. Advanced layering and muling techniques are identified, providing organisations increased visibility of novel criminal activity.
“We are delighted to help FINOM simplify and speed up the detection of suspicious activity,” adds Martin Rehak, founder and CEO, Resistant AI. “Criminals are always developing more subtle and discreet ways of moving money illegally; our tools use AI to spot both existing and new behaviour without generating thousands of false positives which need to be manually processed.”
Headquartered in Amsterdam, FINOM is an international innovation-driven start-up, currently providing B2B services in France, Germany, and Italy. It was founded in 2019 and since then its mission has been to simplify the life of entrepreneurs and freelancers, who are the economic backbone of Europe. FINOM is a 100% digital B2B financial service, designed by entrepreneurs and freelancers for the benefit of entrepreneurs and freelancers. FINOM acquired its own electronic money license in the Netherlands in 2021. Our platform combines finance management, invoicing and payments. The start-up raised €16.8 million in investments during 2020. Its main investor is Target Global, an international investment firm headquartered in Berlin. For more information, visit https://finom.co.
Founded in 2019, Resistant AI uses AI and machine learning to provide identity forensic solutions that protect automated financial services from fraud and manipulation, including customer onboarding, credit scoring, AML and existing fraud detection systems. The Resistant AI founding team has a deep background in machine learning, artificial intelligence and computer security with more than 15 years of experience applying AI in the computer security domain. Backed by GV (formerly Google Ventures), Index Ventures, Credo Ventures, Seedcamp and several angel investors specializing in financial technology and security, Resistant AI is headquartered in Prague with offices in London and New York. Visit resistant.ai to learn more.
According to Europol the scale and complexity of money laundering activities in the EU have been previously underestimated. They have stated that:
- 80% of the criminal networks active in the EU use legal business structures for their criminal activities – infiltration of legal economy
- 68% of the criminal networks active in the EU use the services of professional money laundering syndicates
- 60% of the criminal networks active in the EU use corruption as a preferred way of conducting businesses
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