Abu Dhabi: In partnership with the UAE’s Executive Office of Anti-Money Laundering and Counter Terrorism Financing (EO AMLCTF) and Abu Dhabi Global Market (ADGM), Themis is pleased to announce the publication of a seminal new research report to coincide with this year’s Abu Dhabi Finance Week (ADFW).
This report, entitled ‘Risk 4.0: Managing the Financial Crime Risks of the Fourth Industrial Revolution’, provides a deep-dive analysis of the emerging impacts of next generation technology on financial crime risk. It explores how criminals are exploiting generative AI chatbots, synthetic identities, decentralised finance services and other evolving tech trends, whilst also shedding light on how innovation can be used to outsmart criminals at their own game.
The report will be presented during the Risk 4.0 session of ADFW on 29 November by representatives from Themis and the EO AMLCTF. A collaboration between Themis, the EO AMLCTF and ADFW, it provides a range of recommendations to help both public and private sector stakeholders deploy next generation technologies for good, whilst mitigating associated risks. In this way, the research feeds into strategic anti-financial crime work being undertaken across the MENA region and beyond.
“As the pace and complexity of the financial system continues to increase, the effectiveness of global financial crime efforts will be contingent on the readiness of governments and the private sector to innovate in a strategic and coordinated manner. The UAE has embraced a technologically-advanced future across all parts of the national AML/CFT system in order to mitigate financial crimes risks associated with new technologies. The publication of this important White Paper at Abu Dhabi Finance Week 2023 is an exemplary example of information sharing that will bring ADFW participants and industry professionals more widely up to date with the latest developments”, said Mohamed Shalo, Director of Communications and Strategic Partnerships at the EO AMLCTF.
“2024 is set to be a major inflection point for technology and its impact on the fight against financial crime globally. Criminals are constantly leveraging innovation to conduct their illicit activities in new ways that are harder to spot. At the same time though, we’ve seen first-hand at Themis the tremendously positive role that technology can play anti-financial crime efforts. It allows us to connect dots in new ways, helping expose hidden connections and links to illicit activity, and providing us with the tools to stop criminals in their tracks. There is no better opportunity to foster innovation in this area than at ADFW, which brings together industry leaders from across the world on this very topic”, said Dickon Johnstone, CEO of Themis.
Themis is an ADGM, DIFC and UK registered business that aims to reduce the global impacts of financial crime through a powerful combination of Innovation, Insight and Intelligence. Its award-winning anti-money laundering software, Themis Search & Monitoring, helps organisations understand financial crime threats through an ESG and socio-economic lens, so that they can better protect their customers, staff, suppliers and shareholders from criminal attacks or association. Themis believes technology and innovation can fundamentally change the way society approaches financial crime and aims to normalise due diligence through tech so that screening for financial crime risks becomes a habitual part of everyday life.
Themis also conducts proprietary threat-based research and investigations to highlight the latest financial crime threats, trends, and techniques. Themis has worked with governments, regulators and law enforcement bodies around the world to understand the global flow of illicit finance. Notable examples include multi-year studies on the illegal trafficking of wildlife as well as people, gold and other commodities. In recognition of Themis’ purpose-driven and ESG approach to addressing the global challenges of financial crime, the company was awarded full B-Corp status in 2022.
For more information about the research or to set up a meeting with Themis during ADFW, please contact: Nadia O’Shaughnessy, Head of Insight, Themis (firstname.lastname@example.org) or Sandeep Sroa, Head of Business Development & MLRO, Themis MENA (email@example.com).