Steele Compliance Solutions has purchased TransparINT, a company using Artificial Intelligence technology to provide compliance tools.
TransparINT provides financial crime compliance tools. Its search and monitoring platform leverages machine learning and natural language processing to help financial institutions protect their organisations from regulatory and reputational risks.
Its AI engine harnesses over 5 million sources to compile risk records on over 43 million entities and individuals across 120 countries. The company claims its risk profile database enables compliance officers to far more accurately and efficiently make risk decisions than those relying on conventional data searches or databases.
TransparINT’s platform is currently used in 4 of the top 10 US banks and globally by thousands of AML and Financial Crime professionals.
The acquisition creates a combination of software technology and human + artificial intelligence, all designed to deliver an industry-leading set of compliance and risk mitigation tools.
“As the role of compliance officers continues to expand, they are increasingly looking to technology as a means of effectively managing the expanding regulatory requirements they face globally,” said Eric Lochner, CEO of Steele, a portfolio company of Bregal Sagemount. “Steele sees the combined role of technology, human intelligence and employee training as the future of enhanced compliance.
“The addition of TransparINT’s market-leading artificial intelligence coupled with Steele’s software and investigation expertise will give our clients the resources they need to proactively address changing regulatory and reputational risks.”
Based in San Francisco, Steele offers configurable compliance solutions that incorporate artificial intelligence, training, automation, and human diligence to help users to thoroughly evaluate and mitigate potential risks. It claims its integrated risk solution is designed to help companies promote a culture of ethics and compliance. Steele’s risk management solution incorporates solutions for anti-bribery, anti-money laundering, corporate social responsibility, and compliance training.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
