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Strise Receives Oslo Innovation Award for Transforming AML with AI Technology

AI/MLStrise Receives Oslo Innovation Award for Transforming AML with AI Technology

On September 25th, Strise, a Norwegian anti-money laundering (AML) software company, received the Oslo Innovation Award during the opening ceremony of Oslo Innovation Week. This recognition highlights Strise’s achievement in developing advanced AI tools that expedite the detection of financial criminals, thereby contributing to the restoration of trust in financial institutions.

The rise of financial crimes like fraud, coupled with organized crime’s infiltration into society, has prompted authorities worldwide to view these issues as threats to national security. In this context, the Western world is implementing its eleventh sanctions package against Russia.

The award is presented to an Oslo-based company that demonstrates ethical and social responsibility, addressing problems that create value for both business and society. The jury recognized Strise for its potential expansion into other sectors and its promotion of ethical and social responsibility among end-users.

Over the past decade, regulatory bodies globally have enforced stringent measures, requiring financial institutions to conduct thorough customer checks and anti-money laundering procedures. Despite these efforts, recent high-profile scandals in the Nordics and elsewhere have exposed vulnerabilities in the systems meant to safeguard the integrity of the banking industry. Consequently, financial institutions face substantial fines, underscoring the need for more effective regulatory oversight and compliance mechanisms.

How AI for AML Works: Strise originated as a spinoff from research conducted by its founders at the Norwegian University of Science and Technology in Trondheim. Initially, the team collaborated with a Norwegian bank institute, which believed their research on network models and AI could aid in AML efforts. In 2019, the founders bought shares from the University of Trondheim and refined their software product.

Their AI-powered software addresses two main challenges faced by financial institutions: the overload of financial data and the need for streamlined processes. It efficiently analyzes and reviews data, reducing manual work and presenting results to human investigators through an intuitive interface.

While Strise has been working with AI for some time, the recent release of ChatGPT has brought AI technology into the spotlight. Rødevand believes that AI will have a significant impact on AML and know-your-customer processes, marking a crucial shift in this field.

This award announcement coincides with Strise’s recent $10.8 million Series A funding round led by UK-based investment group Atomico. Strise plans to expand into the UK market following its success in the Nordics.

Rødevand concluded by emphasizing that Strise’s work is not just about compliance; it’s also about combating crime. With global events like the war in Ukraine and the implementation of sanctions packages, there is a growing awareness of the importance of addressing these issues correctly in Europe and beyond.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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