ThemisInnovation -InsightIntelligence

The spectre of financial crime can creep up on anyone with covertnessandstealth;thegrowthofthedigitalagehasonly increased this threat, with financial criminals able to utilise increasingly complex measures to seek and trap their next victim. As Themis’ CTO, Matthew Deacon, commented, “21st century criminals are often scarily tech-savvy”, utilising a range of innovative tools to steal and hide data, identities, or hard-earned money. In fact, over £1.6 trillion in illicit funds are laundered globally every year – demonstrating that financial crime is a threat that every business faces. Given the detrimental consequences, such as significant business disruption and risk to corporate reputations from financialcrimelosses,companiesmustbearmedwithsafety precautions that identify and manage this global risk.

Financialcrimeisincreasinganditisbecomingmoredifficult to identify and combat as more and more transactions are conducted online. After all, rapid developments in financial technology and communication have made the movement of money as seamless and effortless as ever, with financial criminals able to exploit the opportunities and weaknesses residing in the financial system. Companies are failing to act against the extremity of this threat, with 52% of large global organisations having been victims of theft, money laundering, fraud, or other financial crimes in the past year, accordingtoPwC’sGlobalEconomicCrimeandFraudSurvey 2022. These risks should be one of the most pertinent focuses of any business, yet businesses must ensure that it is done without introducing friction to their operational processes and customer experience.

Themis offers an innovative approach that helps its clients identify and protect against financial crime risks. The company’s award-winning AML platform, Themis Search, enables seamless due diligence, allowing users to search for any individual or company anywhere in the world to see if they have potential links to criminality. This means that userscancheckalloftheirclients,suppliers,thirdpartiesand investors for links to criminality; significantly, the platform’s cutting-edge interactive risk-mapping allows users to do so to multiple degrees of separation, enabling them to better understand complex associations, networks and red flags.

Themis Search is underpinned by advanced AI and ML technologywhichispoweredbythreat-baseddata,research and intelligence. The platform provides a simple way to conductscreening,onboarding,riskmapping,enhanceddue diligence and automated monitoring in one platform. It is through this exceptional use of technology and intelligence that they are normalising and democratising due diligence, providingeveryone,rangingfromtheindividualtocorporates, with the tools to limit their financial crime risk exposure by enabling them to conduct background checks on individuals and legal entities.

Themis Search provides users with access to over 215 million company records and 280 million individual directors in over 140jurisdictionsglobally.Theplatformalsocoversfullpolitical exposure (PEP) status, sanctions data from over 80 different countries, regulatory enforcements and over 25 million adverse media articles, spanning the last 15 years, in over 40 different languages. Themis’ Special Interest List, which is its unique proprietary data of financial crime related criminal convictions, is also accessible via the platform. It covers a broad range of predicate crimes, including bribery and corruption, fraud, sanctions violations and terrorist financing, as well as more hidden crimes such as modern slavery and human trafficking, the illegal wildlife trade and other forms of environmental crime.

In addition, Themis’ Insight arm sources threat-based analysis aiming to educate senior management about the ever-changing financial crime landscape. Such insights include staying abreast of the latest criminal techniques and the latest legal and regulatory requirements through countryriskreports,targetedwebinars,threat-basedbriefing notes and training. For clients seeking an in-depth external view of its potential damaging links to financial crime, Themis provides tailored due diligence reports and insights into ESG risks, supply chains and corporate structures. Themis works with both public and private sector clients to combat systemic financial crime vulnerabilities; this includes developing a digital toolkit with the UK government and civil society partners to help financial institutions understand, detect and disrupt potential links to the illegal wildlife trade.

Awarded its B Corp certificate and “Best for the World” for Governance in 2022, Themis’ purpose-driven ethos is enlighteningbusinessesabouttheincreasinglysophisticated measures taken for illicit activity, as well as arming clients with preventative tools for future concerns; details are documented in its 2022 Impact Report In this way Themis’ anti-financial crime framework is fuelling a safer future with its award-winning platform, and users reaping its innovative benefits are seeing a positive return on investment for its transparent approach.