Law Enforcement-Grade Web Investigation Platform to Protect Financial Institutions From Money Laundering and Terror Finance Threats

März 10, 2020

Cobwebs AI-powered solution now delivers immediate threat intelligence, accelerates KYC verification, and broadens risk investigative capabilities for financial institutions

NEW YORK – March 10, 2020

​Cobwebs Technologies (Cobwebs), the specialized web intelligence company, has entered the financial services market with its law enforcement-grade and artificial intelligence (AI)-powered web intelligence and investigation platform. Previously available only to the law enforcement and national security sectors, this battle-proven platform delivers the necessary risk intelligence to make financial professionals self-sufficient in detecting both simple and complex money laundering schemes targeting their institutions. Now financial services companies can conduct global, deep level intelligence-driven risk inquiries with immediate and trustworthy results on any client, partner, or employee for Know Your Customer (KYC) identity verification and due diligence analysis. The platform also exposes hidden risks posed by the greater network of any party being vetted. Political exposure, Counter Financing of Terrorism (CFT), sanctions risk, and other threats are easily determined.

Deep level due diligence investigations typically demand extensive research spanning days, weeks, and even months. With just a few mouse clicks, this multifunctional platform can generate automatic and immediate decision-quality insights. Similar to an internet search engine, Cobwebs extracts data and insights worldwide by simultaneously penetrating the deep and dark webs where most threat actors choose to congregate, collaborate, and ply their nefarious trade. It also concurrently scans open-source data obtained from the surface web such as watch lists, local multi-language media sources, websites, and the current sentiment of various social media platforms and blogs.

“Cobwebs is a game-changer for the industry on three fronts,” observes Johnmichael O’Hare, sales and business development director. “First, it speeds up the compliance process, so financial service companies don’t have to worry about losing high-opportunity clients due to extended waiting periods. Second, it makes current KYC processes and technologies completely redundant—no more expensive outsourced solutions from investigative firms or their weak inhouse intelligence and static risk screening solutions. Finally, it saves financial institutions money by significantly decreasing the cost of labor and limiting tedious work so valuable employees can contribute in more meaningful and productive ways.”

Designed by intelligence and financial experts, the Cobwebs platform allows users to conduct numerous deep investigations on all entities with absolute confidence, such as anti-money laundering and CFT, fraud detection, cyber financial crime monitoring, KYC and deep due diligence, reputation monitoring, and asset tracing.

“Every day, financial institutions across the world face threats and risks from nefarious individuals and organizations responsible for money laundering and terror financing,” adds O’Hare. “To protect themselves, they need to achieve deep due diligence that is completely accurate the first time round. The overwhelming amount of data and the extreme challenges of finding pertinent information exacerbate the process. Missing a detail in the compliance process can result in massive reputational damage, financial penalties, personal liability of senior managers, and even potential national-security risks. As we’ve seen in global press coverage on these issues in recent years, plus the exorbitant fines issued by regulators, there is absolutely no room for any margin of error.”

The Cobwebs web intelligence platform allows financial service company investigators to analyze, uncover and map social and business networks and countries of activity, immediately generating deep risk insights. It helps neutralize common money laundering techniques such as fronting and shell companies. If necessary, compliance teams and relationship managers can receive real-time alerts on current cases and employ predictive analytics to monitor client risk factors and external threats from an array of sources. They can also check and verify any piece of information on their client, partner, or employee, including names, phone numbers, email addresses, and affiliated companies and connections.

In 2019 Frost & Sullivan presented Cobwebs Technologies with its Global Technology Innovation Award in the web intelligence market. The company has established offices in New York, London, Singapore, New Delhi, and recently opened an office in Frankfurt, Germany.

Source: Business

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