Business Wire

FINOM Selects Resistant AI’s Transaction Forensics to Strengthen its Money Laundering Defences

Share

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.”

About FINOM

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.

About Resistant.AI

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.

Additional Information

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

https://www.europol.europa.eu/

https://op.europa.eu/webpub/eca/special-reports/fight-money-laundering-13-2021/en/index.html

# # #

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Touchdown PR for Resistant.AI
resistant.ai@touchdownpr.com

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Altium, IPC Education Foundation, and Arduino Announce Student Electronics Design Competition18.8.2022 07:00:00 CEST | Press release

Altium LLC, the leading printed circuit board (PCB) design software company, is partnering with the IPC Education Foundation (IPCEF) and Arduino to launch the second annual student electronics design challenge. This competition aims to engage, educate, and enhance PCB design capabilities while developing STEM solutions to environmental challenges. The electronics design challenge is an excellent opportunity for students to showcase their talents and gain real-world experience. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220817005660/en/ Altium LLC, the IPC Education Foundation, and Arduino are partnering to launch the second annual student electronics design challenge to engage, educate, and enhance students’ proficiencies in PCB design capabilities with a focus on solving some of the world’s most pressing environmental challenges. (Photo: Altium LLC) The Innovation for Environmental Change 2022 International Student Desi

Tavneos ® (avacopan) recommended by England’s NICE for the treatment of AAV (GPA/MPA)18.8.2022 07:00:00 CEST | Press release

Vifor Fresenius Medical Care Renal Pharma (VFMCRP) is pleased to announce that England’s National Institute for Health and Care Excellence (NICE) has recommended Tavneos® in combination with a rituximab or cyclophosphamide regimen for the treatment of adult patients with severe, active granulomatosis polyangiitis (GPA) or microscopic polyangiitis (MPA), two main forms of AAV. The decision follows authorization from the UK’s Medicines and Healthcare products Regulatory Agency (MHRA) in May 2022. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220817005538/en/ “ANCA-associated vasculitis is a rare, systemic disease which can be rapidly fatal if not appropriately & promptly treated. The variable nature of the disease and its course along with challenging side-effects of current treatment options can severely affect subsequent quality of life for patients,” said John Mills, Vice-Chair of Vasculitis UK. “We very much welcome NICE’

Pre-registration Opens for Hotly Anticipated Racing Game KartRider: Drift18.8.2022 06:01:00 CEST | Press release

Starting today, Nexon’s upcoming party game, KartRider: Drift, is opening pre-registration to racers in preparation for the game’s launch on PC (Steam and Nexon Launcher), Xbox One, PlayStation 4, and mobile (iOS and Android). Kart racer fans who sign up beforehand can receive a special character Model Student Diz when the game officially launches. Additionally, an upcoming cross-platform play test will be announced soon. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220817005798/en/ Nexon America KartRider: Drift (Graphic: Nexon) KartRider: Drift boasts multiple game modes and features, delivering exciting racing gameplay regardless of what platform you choose to play. 3 Thrilling Game Modes – Racers can test their grit in “Speed Mode,” a fast-paced mode that will test a racer's reaction skills and strategy using boosts. “Item Mode” offers a wide variety of usable items to attack opposing teams or defend their allies. Fina

Exscientia Business Update for Second Quarter and First Half 202217.8.2022 22:01:00 CEST | Press release

Exscientia plc (Nasdaq: EXAI) This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220817005681/en/ Recent developments in the Company’s pipeline, collaborations, and operations, as well as financial results for the second quarter and first half 2022, are summarised below. In addition, Exscientia will host a conference call Thursday, August 18 at 1:30 p.m. BST / 8:30 a.m. ET to provide an overview of the company’s pipeline and corporate strategy. “In the first half of 2022, we delivered on major new and existing collaborations, advanced our pipeline programmes, and marked the 10-year anniversary of Exscientia’s founding. Over the past decade, we’ve pioneered an AI-driven approach to modernising drug discovery and development, and it was fitting that this quarter we also announced topline data from our EXS-21546 programme, one of the first AI-designed molecules to enter clinical trials,” said Andrew Hopkins, D.Phil., Exscientia's f

Watts Water Technologies Completes WAVE Water Stewardship Verification17.8.2022 17:00:00 CEST | Press release

Watts Water Technologies, Inc. — one of the world’s leading manufacturers and providers of plumbing, heating, and water quality products and solutions — has successfully completed verification for The Water Council’s WAVE: Water Stewardship Verified program, indicating the company has assessed water-related risk across the enterprise, identified the highest water-related impacts using credible water-related data and implemented best practice in improving water stewardship performance. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220817005123/en/ (Graphic: Business Wire) During the WAVE process, Watts prioritized eight of its sites with the highest water risk, identified the watersheds in which it operates, conducted a water balance to learn more about its water inputs and outputs, and engaged the community around its selected sites. As a result, Watts took a variety of actions at the local and global level to reduce water