Resistant AI Partners with ComplyAdvantage Amid New International Sanctions

To properly address the stricter compliance rules resulting from extended sanctions and resulting increase in money laundering activity, ComplyAdvantage, an international data firm providing embedded counter risk intelligence to find, mitigate and stop financial crimes and Resistant AI, an AI and machine learning company providing identity forensic solutions that protect automated financial services, have teamed up “to expand their offering for the financial industry.”

Martin Rehak, founder and CEO at Resistant AI, stated:

“Sanctions on this unprecedented scale have dramatic consequences. They exclude a large number of powerful individuals and organizations from the global financial system. As a direct consequence, they open the floodgates to widespread, creative evasion attempts by very sophisticated financial criminals. We predict that the volume of money laundering attempts will skyrocket over the next few months.”

The addition of Resistant AI’s capabilities to ComplyAdvantage‘s transaction risk monitoring platform will “extend anti-money laundering (AML) protections offered to financial institutions, enabling them to detect previously unknown patterns of behavior and identify new risks faster than before.”

The combined solution will also help “to detect clusters of related transactions and entities, as well as provide alert prioritization, enabling financial institutions to focus on the highest risk areas and make best use of their resources.”

With these capabilities, businesses can transition to “a more dynamic and responsive AML capability that uncovers novel behavior as it happens.”

Charlie Delingpole, founder and CEO at ComplyAdvantage, said:

“We know that the bad actors will leverage technology and advanced analytics to continue raising the stakes. Even the most subtle patterns of behavior can reveal attempts to evade sanctions and ultimately huge financial losses,”

Delingpole added:

“It becomes harder to keep pace with so much change in a brief period of time, which also drives up compliance costs and complexity for financial institutions. However, we want to assure businesses that there is a way to respond, with tools like purpose-built AI and risk monitoring for fighting back.”

Organizations across the globe, such as ComplyAdvantage’s existing customers, will be able “to adopt the joint solution to quickly enhance existing AML capabilities.”

Jan Hammer, Partner at Index Ventures, the venture capital firm that backed both companies, noted:

“For financial organizations every bit of data becomes a critical piece of the puzzle in identifying their risk exposure. Resistant AI’s ability to identify unknown patterns of criminal behavior on top of the continuously updated sanctions data from ComplyAdvantage is a major help for compliance teams,” 

As covered, ComplyAdvantage is the financial industry’s source of embedded risk intelligence and detection technology.

ComplyAdvantage’s mission is “to neutralize the risk of money laundering, terrorist financing, corruption, and other financial crime.”

Over 500 enterprises in 75 countries “rely on ComplyAdvantage to understand the risk of who they’re doing business with through the world’s only global, real-time database of people and companies.”

The firm “actively identifies tens of thousands of risk events from millions of structured and unstructured data points every single day.”

ComplyAdvantage has three global hubs “located in New York, London and Singapore and is backed by Goldman Sachs, Ontario Teachers’, Index Ventures and Balderton Capital.”

Established 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.”

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