A startup that uses artificial intelligence to stop banks dealing with terrorists raised 8.2 million

A "RegTech" startup that helps banks and insurance companies vet potential clients has raised 8.2 million ( 6.7 million) to expand to the US. London-based ComplyAdvantage has raised the sum from top European venture capital fund Balderton. The money will be put towards opening a New York office and expanding into the US. ComplyAdvantage uses machine learning and artificial intelligence technology to help finance firms do legal checks on clients to make sure they're not breaking any rules by dealing with them. Stephen Ball, VP of sales and marketing, told Business Insider: "We're focused around understanding the risk around people and companies you do business with. What we've built is an A.I. and machine learning thing under the radar for several years. It's a very difficult thing to do, we've invested millions in building our team and to monitor global data sources and build profiles of people who pose financial crime risk. "It could be because they're on sanction lists, it could be because they're on Interpol's watch list, they could be politically exposed, and we monitor the media as well.