Tresata announces the beginning of the end of finance
CHARLOTTE, North Carolina, September 08, 2021 (GLOBE NEWSWIRE) – Tresata today announced the launch of its Regtech Cloud with the availability of Bad Actor as a Service Detection (BADAaS). Powered by Tresata’s advanced AI systems, BADaaS offers the first free and scalable service that uses public data to identify bad actors and prevent the misuse of global financial and regulatory systems by exposing their hidden networks.
United Nations Office on Drugs and Crime estimates that $ 2.4 trillion is laundered by the world’s financial markets and banking systems each year, funding illicit activities such as slavery, child labor, forced prostitution, terrorism and drug trafficking. However, as the Investigative Consortium of Investigative Journalists notes — despite the consequences and known actions of bad financial actors — these crimes often go unnoticed, with less than 1% of criminal funds seized by authorities each year.
This service is the first to use information generated by advanced AI algorithms that analyze billions of data points on hundreds of millions of beneficial owners from legal, corporate, offshore leaks and sanctions data. This allows BADaaS to identify, track and expose the hidden connections of these beneficial owners on an absolute scale.
“Financial sector institutions and individuals are not the only victims of bad actors. There are significant human costs that we all bear as a result of such exploitation. It is a global problem that will persist until we eliminate the ability of bad actors to cover their tracks, ”said Abhishek Mehta, President and CEO of Tresata. “We designed BADaaS to do just that: uncover leads, through all the data available — and we made it free, so that honest, hard-working professionals in governments, banks or journalism can expose those leads, reveal suspicious connections and join the fight to end financial crime.
Audrey Koh, White Collar Crime & Investigations Partner at Avonhurst, an early user of BADaaS, said: “BADaaS is transformational. Traditional research services and existing tools are expensive and struggle to keep pace with the evolving threat of financial crime. Identifying the bad actors is not enough in itself – you need to understand what their relationships are and follow them over time. I look forward to seeing the functionality and functionality of BADaaS evolve in the coming months.
Tresata plans to make BADaaS a key service for its Regtech Cloud offering, with additional products and services slated for launch in early 2022. BADaaS is available for immediate use on all web and mobile platforms starting today .
Tresata automates data analysis at the absolute scale. Its Digital Business Engine is used by Fortune 500 companies to harness data as an asset and create products and services that enrich the lives of all their customers.