The need to keep up with strict AML (anti-money-laundering) regulations is often challenging for financial institutions. Consistently steering clear of regulatory fines can become costly, demanding and time intensive.
A new Sri Lankan start-up, Dossiers offers a comprehensive risk-mitigation solution.
Dossiers is an Anti-Money Laundering and Compliance Toolkit. It helps financial institutions and other regulated industries identify high-risk customers and comply with Central Bank and FIU regulations and guidelines. Powered by Artificial Intelligence, Dossiers bridges the gap between AML regulations and the technology available to enforce it.
Co-founder Ishan Marikar said that what sets Dossiers apart is how it ‘gathers data from a vast variety of data sources and uses AI to structure it and present valuable insights about customers.’ With technology like this, it becomes possible to know one’s customers at an extremely granular level. The team behind Dossiers also offers an understanding of data, having previously founded Watchdog, a fact-checking and data journalism organisation.
According to data scientist and Dossiers co-founder, Yudhanjaya Wijeratne, this experience in fact-checking was central: “Because of Watchdog, we could identify data sources in South Asia, who the key players are and how structures of power work. We are part of OCCRP (Organised Crime and Corruption Reporting Project) and other investigative networks around the world, so we go where the data takes us.”
The toolkit provides robust and context-driven data for South Asia, where data has historically been sparse. Financial institutions and regulators can now better serve people in these areas and combat risk more effectively. From sanctions screening to combing through criminal databases, Dossiers supports institutions through multiple steps of the compliance process. It uses AI to identify and extract information about high risk customers, including Politically Exposed Persons (PEPs).
Co-founder Nisal Periyapperuma said, “We need better regulation enforcement to promote transparency. Dossiers will enable institutions to assert their commitment to anti-money-laundering at a national scale. For the average person, this could even lead to more efficient banking experiences on an everyday basis.”
The team behind Dossiers has partnered with risk-analytics company Forestpin, as they enter into conversations with financial institutions.
Non-compliance with AML regulations can lead to significant fines and increased monitoring from organisations such as FATF (Financial Action Task Force. Sri Lanka was identified as a ‘grey list’ country by the FATF in 2011 and 2017, which impacted the national financial systems.
The writer works as an editorial assistant at the Journal of Creative Communications, Ahmedabad, India.
