Crime flourishes in complex systems, plaintful of grey areas where to hide illegal actions. As a complex system par excellence, the financial and banking sector presents many relevant risks, which needs to be addressed specifically.
Indeed, money laundering is a highly impactful threat to democracies, as it allows organized crime to create a subterranean economy able to destroy social fabric, and to gain prizes from criminal activities. To give a snapshot, the United Nations Office on Drugs and Crime (UNODC) estimates that between 2 and 5% of global GDP is laundered each year, meaning between 715 billion and 1.87 trillion euros each year.
Anti Money Laundering rules require gatekeepers (banks and other obliged entities) to apply measures to prevent money laundering and terrorist financing. Traceability of financial information has an important deterrent effect; however, the collection of needed information and documentation is time and money consuming for both banks and customers.
Amlet offers a swift and smooth process on customer due diligence. Anti-Money Laundering Wallet (Amlet) stores all needed information in a digital wallet locked by biometrical credentials and it is able to share pre-checked and trustful information with banks in clients’ on-boarding phase.
Thanks to a one-time collection of documents and personal data, Amlet enables customers to engage every financial institution with just one click, by transferring their own on-boarding data with a biometric verification.
Financial Institutions save time and money in the Customer Due Diligence as all data have already been checked; customers access financial institutions using a process fast and secure as creating an email account. Digital identity may reduce customer on-boarding operative costs by 90%, according to McKinsey, with beneficial effects on the entire financial ecosystem.
Andrea Danielli, CEO and founder
1 Minute Pitch
Take a look of our idea here: https://youtu.be/-NoHxto4Yow
About the Accelerator
IBM gave us the possibility to enhance our business model, refine our offer and structure the product to bring it to the market. The experience in the accelerator is amazing as we never stop learning from our mentors and peers. We believe that sharing and cooperating with others gives amazing opportunities to grow and become impactful on our market. Thanks to IBM, this opportunity is real and easy to pick up, both for newcomers and long-dated players.
Amlet integrates with financial institutions’ IT in order to collect customers’ data: during this preliminary phase, we deal with very sensitive information, and that is why we rely on IBM Cloud Hyper Protect Services. We then manage users' personal data in a totally decentralized manner in compliance with the SSI paradigm, but we need to store the evidence of data checks to eventual audits by Financial Institutions and the Regulators, in accordance with AML legislation. Needless to say, IBM Hyper Protect is the best choice to guarantee to all the stakeholder a very high standard of security and reliability.
. [IBM Cloud Hyper Protect DBaas](https://www.ibm.com/cloud/hyper-protect-dbaas)
. [IBM Cloud Hyper Protect Virtual Server](https://www.ibm.com/cloud/hyper-protect-virtual-servers)
. [IBM Cloud Kubernetes](https://www.ibm.com/cloud/container-service/)
. [IBM Cloud App ID](https://www.ibm.com/cloud/app-id)
. [IBM Cloud Api Gateway](https://cloud.ibm.com/docs/api-gateway)