Greenlite, a startup utilizing generative AI to vet bank and fintech customers for anti-money laundering (AML) compliance, has secured $4.8 million in seed funding led by Greylock and Y Combinator. The increasing focus on AML safeguards in financial firms, driven by geopolitical tensions, underscores the significance of solutions like Greenlite. The platform acts as a compliance co-pilot, assisting analysts in determining the bankability of “risky” customers. It uses generative AI to compile reports, analyzing high volumes of text data from sources like court documents or LinkedIn. Greenlite charges per API call, focusing on cases where human involvement is traditionally high. Despite skepticism in the fintech industry about the transformative power of generative AI, fraud prevention has been an exception. However, concerns about explaining decisions for regulatory and fairness reasons persist, and Greenlite addresses this by maintaining a robust audit log of every data source touched by AI. The investment is seen as a means for fintechs and banks to enhance consistency and auditability in their decision-making processes.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}