Reducing the human impact of financial crime

At Sibos 2020, Identitii is helping celebrate the positive impact FinTech's and RegTech's are having on society, from improving financial inclusion to reducing the human impact of financial crime. Read an excerpt from our competition entry here.

How is Identitii creating and driving change that has demonstrable and significant social benefit for all participants in society?

Financial crime is increasing, which means more money is going to fund terrorism, modern day slavery, drug trafficking, child exploitation, fraud, tax evasion and corruption. If we can stop the flow of funds, we can significantly reduce the human impact of financial crime.

But financial institutions are struggling to provide regulators with the information they need to stop criminal activity. They battle complex legacy technology systems and manual processes, both of which make it difficult to fulfil their obligation to monitor every transaction going through the global financial system.

Identitii’s belief is that by making it easier for financial institutions to report on the transactions from across their often-multiple systems, we can help increase the accuracy of financial crime reporting and reduce the number of people who fall victim to crime every day.

To do this, we have built a platform that makes it easier for financial institutions to provide regulators with the information they need to prevent financial crime, while at the same time reducing the risk of fines for non-compliance.

In addition to helping reduce the human impact of financial crime, Identitii is also helping entire markets stay open to the global financial system. For a number of years, there has been a correspondent banking decline which has seen international institutions remove their services from markets that are deemed high risk, often because their AML/KYC standards are not considered to be as robust.

Our platform helps financial institutions request the information they need to satisfy their own AML requirements up front, which is enabling them to re-open closed banking channels or even open new ones, exposing entire markets to the global system at a time when they would otherwise have seen a continued decline in services offered.

Clare Rhodes

Clare Rhodes is Identitii’s Director of Marketing and Communications,  based in Sydney.

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