New AI solution 'could be a gamechanger in fight against financial crime' - Global Banking & Finance Review

Neotas – a leading provider of online due diligence for the financial services sector – is joining forces with artificial intelligence (AI) experts at the University of Essex to develop a next-generation screening system. The London-based company has been awarded a £200,000 grant from Innovate UK towards the first stage of the project, which it believes could revolutionise due diligence by providing new solutions to tackle financial crime and mitigate risk. Neotas uses powerful search techniques to analyse a company's or an individual's'digital footprint', providing advanced insights without invading their privacy. Clients range from private equity firms carrying out pre-investment checks to banks and institutions which need to comply with anti-money laundering (AML) rules or the Senior Managers & Certification Regime (SMCR). The project aims to make the screening process less labour intensive and automatically identify warning signs without creating false alarms.