RedFlag - A revolutionary AI powered platform to detect financial crime

Abstract

Themis is a UK-based Financial Crime Fintech BCorp SME forging a revolutionary Alerting Platform (RedFlag). RedFlag will be a key enabler in detecting and reporting fraudulent and suspicious or criminal financial activity whether that be at a country, organisation or individual level. These transformational insights will enable UK Law Enforcement, the NCA, businesses and citizens to identify previously undetected links to financial crimes making it far harder for criminals to profit from their illicit gains.

A conservative estimate would place savings to British Businesses north of £600M (itself just 1% of serious organised crime costs to the UK economy, ref Section 5).

This programme is spearheaded not only by very deep domain experts leading businesses that have battled fincrime everyday but underpinned by an experienced technology leader to create a scalable, extensible and performant platform based on modern, secure cloud infrastructure.

The core team consists of Dickon Johnstone CEO, and Ex-Banking CEO and Chair of the UK Modern Slavery Training Delivery Group, Matt Deacon, CTO and former principle Microsoft Architect, with Zia Zaidi an experienced Programme Manager and Financial Crime Analysis Expert and Nadia O'Shaughnessy as Insight and Industry Research Lead.

The 'shadow' economy is among society's most alarming yet overlooked problems. Money laundering and related fincrimes, such as drug/human trafficking, account for the loss of c.2.7% of global GDP p.a (FACTI, 2020). However, the amount of illicit funds intercepted remains very low - c.1% (Financial Times, 2021). Further, economic crimes such as fraud, cybercrime & modern slavery, negatively affect people, the environment and businesses. Thus, there is an urgent need to stop criminals from having access to financial networks to profit from their illegal activities. The amount of funding lost to criminal activities such as human/drug trafficking could, if recovered, be used to boost economic development and prosperity.

Lead Participant

Project Cost

Grant Offer

THEMIS INTERNATIONAL SERVICES LIMITED £491,629 £ 344,140

Publications

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