Fintech firm Consilient officials are detailing the company’s effort to secure $3 million in private seed funding to aid financial crime prevention technology development.
“Criminals adapted during the pandemic and continue to evolve,” Consilient CEO and Co-Founder Gary Shiffman said. “But recent innovations in technology can empower those individuals and teams engaged in combating financial crime. Current detection and prevention systems simply do not work, in spite of massive investments made each year. As an industry, it is critical that we implement the next generation anti-money laundering solution. It is our goal to solve this fundamental challenge.”
Consilient was founded via a K2 Integrity and Giant Oak collaboration. The seed round provides working and growth capital to accelerate client pilots while making further investments to expedite the rapid build program expanding product design and deployment capabilities.
“Consilient is poised to reshape the way the financial system prevents financial crime,” Consilient Chairman and Co-Founder Juan Zarate said. “Consilient elegantly solves at once the bedeviling problems affecting the AML/CFT system globally: inefficiency, ineffectiveness, concerns for data privacy and security, and the decentralization of the financial system.”
Zarate said Consilient will need to be a fundamental part of the solution for banks, payment providers, the crypto industry, and regulators to manage financial crime risk and sanctions exposure in the 21st century.
The company indicated it possesses a pair of technology patents pending for an adaptive transaction processing system and orchestration techniques for adaptive transaction processing.