RisikoTek
Specialists in Detecting Financial Crime

Money laundering costs the global economy estimated two trillion dollars per year, equivalent to two-five percent of the world’s GDP according to UNODC. The journey of RisikoTek began when its two co-founders were leading top-tier global financial institutions in this fight against financial crime. The duo saw first-hand how the whole process around analytics and detection of financial crime was incredibly complex, time and resource-intensive, and mostly unsolved. They found that the impact of financial crime was affecting everyone, from large corporations and the public sector to individuals in the community. Despite spending billions of dollars every year, the world was still at a near-zero rate of detection. Hence, an idea of developing a next-gen financial crime detecting system was born to make the fight against financial crime more effective, leading to the foundation of RisikoTek.

Singapore-based RisikoTek is a pioneer in the detection of financial crime; from identifying terrorist links behind wildlife crime, following trading routes in counterfeit medication activities, uncovering the trail of illicit import and export of goods in a case of government corruption, identifying parallel networks in off-shore tax havens, to identifying money laundering methods used to illegally shift millions of dollars through banks.

By combining years of experience in criminal investigations with innovative and advanced technologies, the company has developed a next-gen data and network analytics system, AMALIA. It is a proprietary engine with powerful algorithms built explicitly on financial crime typologies to spot illicit activities such as money laundering.

“AMALIA gives clients the ability to monitor key suspects continuously and attain comprehensive insights on diverse and transnational financial crime in an automated way,” says Elke Biechele, CEO of RisikoTek.

One of the company’s many success stories is helping a pharmaceutical client that lost several million dollars due to counterfeit medication sales activities. The client wanted to find out who was behind the activities and stop them from jeopardizing the public properties. RisikoTek came to the rescue. They studied the information gathered by the client from past investigations and formed an investigation strategy. The company’s team then did an in-depth analysis of the key red flags using AMALIA’s core databases and was subsequently able to identify the illicit production capability, distribution, marketing, and sales channels. “We were surprised to discover how a globally distributed criminal network was controlled from one location,” states Elke. RisikoTek also was able to locate some of the assets related to criminal activity.

AMALIA enables clients to integrate data across multiple databases easily. It digitizes documents to automate data input and facilitates the connection of both structured and unstructured data from various sources. Subsequently, data analysis techniques such as entity resolution and network analysis are deployed to uncover non-obvious relationships and understand the relations across global networks of entities, individuals, transactions, and behaviors across varying data sets. The system is appreciated for its ability to connect the right databases, use the right algorithms, and offer a user-friendly workflow for thorough criminal investigation.

AMALIA has an easy-to-use layer of visualization and collaboration that provides the most profound insights to organizations in one easy to digest visual understanding. To detect the complex, transnational criminal activity, RisikoTek translates known criminal methods and patterns into comprehensive algorithms that underpin the data analytics, which identifies suspicious behaviors. Additionally, the company’s unique rules engine is customizable; even non-technical users can configure rules and patterns that they want to run over multiple datasets efficiently. “Through our solution, we provide an opportunity to take a 360-degree approach to effectively detecting financial crime that is affecting companies and the society every day, in a pragmatic way,” says Elke.

Aimed squarely to secure the world against financial crime, RisikoTek is persistently building its global knowledge base and creating advanced solutions using AI and machine learning. “We are constantly developing and expanding our business and are looking forward to spreading outside of Asia shortly,” concludes Elke, “Our ultimate goal is to be the most globally used financial crime risk analytics tool.”