Fivecast today launched its cutting-edge, AI-driven digital intelligence platform into the financial crime compliance market, enabling financial institutions to radically streamline financial crime investigations, anti-money laundering (AML), know your customer (KYC), and enhanced due diligence (EDD) through online data analytics.
Fivecast empowers financial investigation teams to swiftly and efficiently assess customer risk across masses of online information. As a global provider of market-leading open-source intelligence (OSINT) software, Fivecast’s AI and machine learning capabilities have demonstrated a nearly four-fold increase in efficiency compared with conventional manual approaches to KYC/EDD and AML investigations, delivering faster results, boosting productivity, and reducing compliance costs for financial institutions worldwide.
The need for accurate, timely, and global data has never been greater. The global regulatory landscape is rapidly changing, demanding new data sources to meet evolving due diligence requirements for AML compliance. This is highlighted in the European Union’s expanded guidance and definitions pursuant to EU AMLD6, along with unprecedented consent orders from the US Treasury’s Financial Crimes Enforcement Network (FinCEN), the US Office of the Comptroller of the Currency (OCC), and the Australian Government’s AUSTRAC guidance for AML/CTF obligations.
The Fivecast platform delivers relevant and actionable information from a vast range of online data sources, enabling broad digital footprint discovery combined with in-depth, AI-driven multi-media data analysis. Current sources and methods used for financial intelligence investigations, by contrast, are missing critical, risk-based information about customers, leading financial institutions to grossly underestimate their risk exposure.
Fivecast solutions empower financial investigation units to efficiently and accurately assess a customer’s risk profile to rapidly identify predicate crimes and customer risk exposure and adopt a genuine risk-based approach to compliance while minimising compliance costs.
The increase in judgments for AML non-compliance and the changing regulatory landscape are pushing financial institutions to explore new innovative technologies to address these many challenges. In 2024, global penalties related to financial crime imposed by U.S. regulators surpassed $4.3 billion. Notably, TD Bank, the sixth-largest bank in North America, incurred $3 billion in fines for AML non-compliance, particularly for gaps in their due diligence programs.
Duane Rivett, Fivecast Co-founder and VP of Strategic Growth, said: “The vastly superior speed and accuracy of our digital intelligence platform streamlines slow, labor-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 latest product release from Fivecast showcases the company’s commitment to delivering cutting-edge open-source intelligence technology innovations to customers, as evidenced by the recent award from the Australian Government Department of Defence for Innovation in Science and Technology. Fivecast is committed to being at the forefront of applying the latest technology innovations to open-source intelligence solutions to help their customers enable a safer world.
