Financial Crime Prevention Tips in Norway: Experts Warn of Rising Fines

In the wake of a staggering $1.6 trillion in laundered funds globally each year, it is imperative for businesses and individuals to take proactive measures to prevent financial crime. As fines for non-compliance surge to nearly $5 billion in 2022, experts are urging caution.

The Need for Innovation in Financial Crime Prevention

Traditional methods of combating financial crime are no longer sufficient, according to Marit Rødevand, CEO of Strise, an Norway-based anti-money laundering (AML) intelligence software company. The increasing complexity of regulations and the need for automation have made it essential for companies to adapt to innovative solutions.

Introducing Strise’s AI-Powered Solution

Strise’s innovative solution uses a robust knowledge graph combined with artificial intelligence (AI) and natural language processing technologies to empower regulated companies with intelligent insights. The system seamlessly incorporates network data, AI, and NLP advancements to simplify customer onboarding and implement smart risk-based AML processes.

Recent Funding and Expansion Plans

The company has recently raised $10.8 million in Series A funding, led by Atomico, which will drive its international expansion across key European markets, starting with the UK, and expand its customer base across the financial, insurance, legal, and other industries.

Benefits of Strise’s End-to-End AML Solution

Strise’s end-to-end AML product offering is designed to solidify its position as a leading disruptor in the fight against financial crime. The company has already reported significant results with existing customers, including major Nordic banks and payment services, who have seen:

90% reduction in diligence time
30% cost saving since implementing the system

Expert Advice for Preventing Financial Crime

In light of these findings, experts are advising businesses to take the following steps to prevent financial crime:

Implement AI-powered AML solutions to streamline customer onboarding and risk assessment processes
Conduct thorough due diligence on customers and vendors
Ensure compliance with stringent privacy standards such as GDPR
Monitor transactions in real-time for suspicious activity

Conclusion

By taking proactive measures to prevent financial crime, businesses can protect their reputation and stay ahead of the game. As Strise’s CEO Marit Rødevand emphasized, “Strise is leading the way in this change – we help AML and compliance teams work faster, detect crime more accurately, and stay compliant.”