Last January, the Central Bank of Ireland (CBOI) identified AML/CFT check weaknesses in payment and e-money firms. The CBOI published a ‘?Dear CEO?‘ letter to payment and electronic money firms outlining supervisory findings and expectations on AML/CFT obligations.
The letter’s summary by Grant Thornton can be found ?here?. According to the Financial Intelligence Unit (FIU) of Ireland’s Central Bank, more than €3 billion of criminal proceeds move through the Irish financial system, as stated in their report “Money Laundering and Terrorist Financing Trends in 2020”.
According to a report from the Central Bank of Ireland, the number of suspicious transaction reports (STRs) filed by financial institutions in the country has increased steadily in recent years, with a total of 30,000 STRs filed in 2020.
The number of suspicious transaction reports (STRs) filed in Ireland has increased from 14,371 in 2015 to 30,000 in 2020, representing more than a two-fold increase in SARs. One company that is helping to beat financial is Salv and Ronan talks to Taavi Tamkivi, their CEO and co-founder.
Taavi talks about his background, what Salv does, applying new regulations, cryptocurrencies, their recent fundraising and more
More about Salv:
Salv is a leading regtech start-up that is helping financial institutions and payment providers in Europe and the UK to meet their AML screening, monitoring, and customer risk assessment needs. Their platform, Bridge, is a collaborative crime-fighting platform that is GDPR-compliant and proven effective against money ?laundering, Authorised Push Payment fraud?, and sanctions evasion.
Over 50 financial institutions across 13 countries are already using Salv’s products and services to fight financial crime. Salv recently closed a ?€4m fundraising ?round with plans in place to expand to further geographies in Europe.
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