FinCrime Dynamics has a company vision to make the global financial system safer. We aim to do this by accelerating the adoption of new technologies in the fight against financial crime. Our software solution Synthetizor® uses synthetic data generation and financial crime simulations to allow financial institutions to improve their financial crime controls and prevent crime before it happens.
The problem of financial crime remains huge for society and is estimated to total around $1.45 trillion per year in lost output. Financial institutions are still struggling to fight financial crime despite spending of over $200 billion a year on compliance. Regulators are beginning to lose their patience over the inadequate control systems of banks. Over $14 billion of anti-money laundering fines were issued last year and the FCA recently issued a “Dear CEO” letter to retail banks warning them over their weak financial crime controls. The ability to fine tune compliance systems is hindered by the lack of collaboration within the industry. This makes it extremely difficult to prepare for criminal activity before it happens in real life despite other banks having knowledge. While many financial institutions are now exploring the use of machine learning to help fight financial crime, access to large amounts of high quality and very sensitive data to train models remains obstructive.
Our synthetic data generation and financial crime simulation engine provides a new opportunity to improve financial crime control systems. According to Gartner “by 2030 synthetic data will completely overshadow real data in AI models”. Synthetic data allows realistic synthetic data twins of real sensitive data to be generated quickly at large scales but free from the data privacy concerns.
Our product allows synthetic data to be enriched with simulations of labelled financial crime techniques. This enriched data allows banking control systems to be tested, measured through our benchmarking and then iteratively improved. Financial institutions can increase their protection with our growing library of known financial crime typologies as well as create their own bespoke simulations. Labelled typologies allow for better machine learning to now become a possibility. Further to this, we aim to build a collaborative peer benchmark of financial crime control performance which will also benefit wider stakeholders such as regulators, consultants and insurers.
FinCrime Dynamics was founded as Ealax Ltd by Dr Edgar Lopez-Rojas (CTO), an academic and financial crime expert. He holds a PhD in computer science and his research focused on fighting financial crime which gives us a large advantage over our competition. In addition, Dr Lopez-Rojas has consulting experience with the FCA and a number of financial crime systems companies. Following two grants from Innovate UK our product has been developed to an MVP stage and we are now prepared to begin Proof of Concepts with targeted financial institutions.
The team has expanded to include Stephen Quick (CEO) and Kellyann Ripnar (COO). Both have completed MBAs at Cambridge Judge Business School and lead the commercial elements of the business. Their addition adds valuable financial services experience, particularly in the area of digital transformation and strategy. The product team is driven by Daniel Turner-Szymkiewiczk (CPO) and currently consists of three contracted developers.
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