Fivecast's platform revolutionises financial crime detection

Fivecast has introduced an AI-driven digital intelligence platform designed to assist financial institutions in enhancing financial crime investigations, focusing on anti-money laundering (AML) and customer due diligence processes.

This new platform aims to help financial institutions streamline their compliance and risk management operations by leveraging online data analytics. Fivecast's platform offers financial investigation teams the ability to rapidly and accurately assess customer risk through extensive analysis of online information.

As a global provider of open-source intelligence (OSINT) software, Fivecast highlights the platform's AI and machine learning capabilities, stating that it delivers efficiency improvements nearly four times greater than traditional manual approaches used for KYC/EDD and AML investigations. This advancement allows for faster results, higher productivity, and cost reduction in compliance operations for financial institutions worldwide.

The changing global regulatory landscape has increased the demand for accurate and timely data. This need aligns with the updated due diligence requirements for AML compliance as outlined by regulatory bodies such as the European Union under AMLD6, the US Treasury's Financial Crimes Enforcement Network (FinCEN), and the Australian Government's AUSTRAC.

Fivecast's platform offers financial institutions the capability to gather relevant, actionable data from diverse online sources, facilitating an extensive digital footprint analysis. This AI-driven analysis aids in filling the gaps left by traditional methods which may overlook critical, risk-based customer information.

The platform supports financial investigation units in assessing customer risk profiles efficiently and accurately, enabling them to identify potential predicate crimes swiftly. This prompts a genuine risk-based approach to compliance while aiming to reduce associated costs.

In light of increased penalties for AML non-compliance and an evolving regulatory environment, financial institutions are turning to new technologies. In 2024, US regulators imposed over USD $4.3 billion in penalties related to financial crime. One significant case involved TD Bank, which faced fines amounting to USD $3 billion for deficiencies in their due diligence programs.

Duane Rivett, Co-founder and VP of Strategic Growth at Fivecast, emphasised: "The vastly superior speed and accuracy of our digital intelligence platform streamlines slow, labour-intensive processes in a highly sensitive area for financial institutions. Some banks employ thousands of analysts to perform enhanced due diligence and investigate money laundering or terrorism financing. Just as national security agencies use our products to analyse extremist or terrorist networks online, banks are doing the same with a slightly different focus."

This product release aligns with Fivecast's efforts to deliver advanced open-source intelligence technology. The company was recently recognised with an award from the Australian Government Department of Defence for Innovation in Science and Technology, reaffirming its commitment to technological advancement in open-source intelligence solutions.