The fight against money laundering and terrorist financing requires a united front, with financial institutions and large corporations playing a critical role. One key weapon in this arsenal? Politically Exposed Persons (PEP) screening. PEP screening identifies individuals with prominent public positions or close ties to them, who may be exposed to a higher risk of bribery, corruption, and other financial crimes due to their influence.

Neobanks, which operate exclusively online without traditional physical branch networks, are facing an increasingly challenging landscape due to a significant rise in fraud cases. In recent years, financial institutions have reported a marked increase in fraudulent activities, with the average cost of fraud for institutions with assets over $5 billion rising by 65% from $2.3 million in 2022 to $3.8 million in 2023.

Artificial intelligence (AI) is swiftly reshaping our reality, sparking innovation across diverse domains. Yet, amid this advancement lies a pressing issue: deepfakes. These ultra-authentic synthetic media pieces can alter videos or audio to fabricate instances where individuals seem to say or do things they never actually did.