Speed and accuracy of Fivecast’s digital intelligence platform transform compliance and risk exposure amid increased regulatory pressure and a renewed global clampdown on all types of money laundering
Fivecast launched its cutting-edge, AI-driven digital intelligence platform into the financial crime compliance market, enabling financial institutions to radically streamline financial crime investigations, anti-money laundering (AML), know your customer (KYC), and enhanced due diligence (EDD) through online data analytics.
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Fivecast empowers financial investigation teams to swiftly and efficiently assess customer risk across masses of online information. The Fivecast platform delivers relevant and actionable information from a vast range of online data sources, enabling broad digital footprint discovery combined with in-depth, AI-driven multi-media data analysis. Current sources and methods used for financial intelligence investigations are missing critical, risk-based information about customers, leading financial institutions to grossly underestimate their risk exposure.
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The need for accurate, timely, and global data has never been greater. The global regulatory landscape is rapidly changing, demanding new data sources to meet evolving due diligence requirements for AML compliance. This is highlighted in guidance and consent orders from Government agencies and financial regulatory bodies across Europe, the US, and Australia. In 2024, global penalties related to financial crime imposed by U.S. regulators alone surpassed $4.3 billion.
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Duane Rivett, Fivecast Co-founder and VP of Strategic Growth, said: “The vastly superior speed and accuracy of our digital intelligence platform streamlines slow, labor-intensive processes in a highly sensitive area for financial institutions. Just as national security agencies use our solutions to analyze extremist or terrorist networks online, banks are doing the same with a slightly different focus on EDD, AML, and KYC.”
Fivecast solutions empower financial investigation units to efficiently and accurately assess a customer’s risk profile to rapidly identify predicate crimes and customer risk exposure and adopt a genuine risk-based approach to compliance while minimizing compliance costs.
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Source – Businesswire
