Countering Financial Crime with AI – Our launch event in the heart of New York City
Ripjar ON March 14, 2019
New York, USA: Ripjar is excited to announce today the launch of a new capability in the global effort to counter financial crime. In the heart of Manhattan, Sir Iain Lobban – former director of the UK’s Intelligence service, GCHQ – provided a keynote address to more than 50 key partners and global thought leaders in financial crime, compliance, anti money-laundering and due diligence.
Ripjar’s new approach to screening client identities presents a step-change for financial institutions; screening in real-time millions of identities for risk against against any data source, including sanctions, PEPs and unstructured data such as negative news/adverse media.
Unveiling the new capability, based on Ripjar’s industry-leading Labyrinth data intelligence platform, Jeremy Annis, Ripjar’s CEO said: “Labyrinth is the culmination of all of the knowledge, experiences and careers of everybody at Ripjar. It’s already revolutionising the way that compliance teams are looking at their data, including automating manual effort. It means that computers can be used at what they are good at – crunching through large volumes of data. And then humans can focus on what they are good at – putting risk into context. Ultimately, making decisions.”
“We’ve taken a very different approach compared to traditional search tools” Jeremy Annis said at the event. “We take as much data as we can from world class providers like Dow Jones. We then use machine-learning to spot risk, de-duplicate documents and news articles, and join the dots between all data in any language or script – we’ve taught our algorithms to read the news like a human would”.
Ripjar’s technology employs a number of advanced techniques in the fight against false positives – traditionally a major issue for compliance teams managing risk in large financial institutions. This includes some major innovations that utilise secondary characteristics in addition to just names, including variants, abbreviations, dates, places, titles, nationalities, relationships – all of which can all help to resolve identities across siloed datasets and narrow down matches to detect real risk much more quickly than a human could.
The launch event was supported by two of Ripjar’s global partners, Accenture and Dow Jones. Philippe Guiral, Managing Director for Financial Crime and Yuvaraj Kandasamy from Accenture presented their vision for the Accenture technology ecosystem of which Ripjar is a key part of.
Situated in the heart of midtown, New York City, the event space was generously provided by Ripjar investors Winton Group – a global investment management and data science company.
“I’m so pleased to see so many people here and the reaction from the community has just been fantastic” James Mullins, Ripjar’s Global Director of Sales. “This launch represents our commitment to getting our amazing technology into the hands of the people that need it most, and really making a difference to those countering financial crime.”
Ripjar is a data intelligence platform company whose mission is to provide global institutions with the most advanced data and analytics solutions to protect themselves in real-time from evolving risks that threaten their growth, prosperity and value.
Founded by former members of the UK’s Government Communications Headquarters (GCHQ), Ripjar develops software products that combine automation, artificial intelligence, and data visualisation to help companies solve the most complex risk and security management problems at scale.