Schwarzthal Tech is an innovative London-based RegTech & FinTech startup building a leaping-edge AI-driven platform that provides financial crime intelligence.
Schwarzthal Tech aims to revolutionise the way compliance works in the financial sector by bringing a paradigm shift from the traditional ‘know your customer’ (KYC) policies towards a new concept: Know Your Network™.
This graphical solution employs graph-based databases to assess and investigate complex cases. The technology can be also used to monitor transactions.
It fights financial crime by gathering publicly available information and assessing potential customers’ connections with criminal or suspicious networks via its AI platform Wunderschild.
Economic and financial crime is growing across the globe, with KYC policies implemented across financial institutions to tackle the problem. KYC processes take place when a bank or financial institution onboards a new client and are aimed at assessing the level of potential risk the customer could pose.
However, the globalisation of financial crime means that it rarely involves only one individual or company, which is why knowing not only your client but also their network has become increasingly important for financial institutions across the world.
Marius-Cristian Frunza, CEO and co-founder of Schwarzthal Tech, came up with the idea for its Know Your NetworkTM methodology after witnessing first-hand how organised crime networks infiltrated and abused the carbon emissions market in the 2000s.
A renowned expert and author of various books on modern-day financial crime, he played a key advisory role during the production of Netflix’s Lords of Scam. The 2021 documentary focused on the carbon emissions scandal, which resulted in tens of billions of dollars falling into the hands of transnational organised crime.
Schwarzthal Tech is supported and backed by the multi-award-winning SFC Capital, the largest startup fund in the UK, the Mayor of London, London & Partners and accelerated by Startupbootcamp, the leading global accelerator in FinTech innovations.