AXIOS PRO: The BFD: Refining AML Investigations

We’re thrilled that Ryan Lawler chose to cover our recent launch: a remarkable $13 million seed funding to further our mission in revolutionizing Anti-Money Laundering (AML) investigations in the important publication AXIOS PRO; in their subscriber newsletter the title was “The BFD: Refining AML investigations”.

This coverage underscores the significant challenges and costs facing the North American banking industry, which spent a whopping $61 billion in 2022 combatting financial crimes. These costs are not just monetary; they reflect the enormous effort and time spent by financial institutions in dealing with the surge in digital banking and regulatory demands.

Lawler covers Refine’s game changing solution that leverages advanced AI to recognize genuine transactions like buying a car or paying for international tuition, which might otherwise raise false flags in traditional systems.

The Refine approach is not just about flagging anomalies; it’s about understanding the customer’s story behind these transactions. This unique perspective significantly reduces the time and resources wasted on investigating false alarms, with our inquiries boasting an impressive 85% completion rate.

He also mentioned how New Jersey-based Valley Bank, our first customer, not only benefited from our platform but also joined as an investor, a testament to the impact and effectiveness of Refine’s innovative approach.

Read the insightful coverage by Ryan Lawler (paywall).