Banks, Estonia, Financial Services, Internet, Security, Technology

International Internet Magazine. Baltic States news & analytics Tuesday, 28.11.2023, 19:41

4 Estonian banks join anti-money laundering pilot program

BC, Tallinn, 07.10.2020.Print version
Four Estonian banks -- LHV, Luminor, SEB Estonia and Swedbank Estonia -- have joined a pilot program called AML Bridge, which seeks to test a data sharing platform created by the anti-money laundering technology startup Salv.

The AML Bridge pilot tests a similar solution to the X-tee the data exchange layer, Estonia's centralized e-platform where, instead of storing data in a centralized location, technology instead enables data to be kept in the hands of the originator and accessed securely from there. This ensures maximum immunity against cyber attacks and robust personal data protection, according to Salv.

Salv's technology can create links between peer banks' data and securely share AML intelligence to identify potentially severe risks. In this way, banks will be able to prevent illicit transactions and discrimination against honest customers.

"We can rule out cases where a person is refused service because a criminal in another country has their same name," Taavi Tamkivi, the founder of Salv, said.

"AML Bridge is a supplement, not a replacement, for AML tools financial institutions use today. Our technology offers banks a new tool that enables secure access to third party intelligence and, thus, greater collaboration in the fight against crime," Tamkivi said.

Chairman of the Board of the Estonian Banking Association Erki Kilu said that the pilot gives Estonia a unique opportunity to test intelligent collaborative solutions to make AML measures more effective. He believes those findings could be implemented outside Estonia

The pilot is conducted in collaboration with experts from the Estonian Financial Supervision Authority (FSA), Financial Intelligence Unit, and Data Protection Inspectorate whose experts have been participating as consultants in the working groups.

Results of the pilot will be announced in the spring of 2021.

Founded by Taavi Tamkivi, Jeff McClelland and Sergei Rumjantsev, Salv began developing its core technology in 2018 with a team mostly consisting of former Skype and Transferwise employees. Salv has raised more than 2 mln US dollars in venture capital investments.

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