23.05.2023 Finance FarvesTalks Luxembourg Mopso Regtech

AML: going beyond mere compliance

Writer Laura Campan

Offering an easy access to decision-makers in both public and private sectors, as well as a dedicated support to over 700 startups and 15 incubators, Luxembourg is arguably a flourishing ecosystem worth watching. So, what are the new FinTech gems to follow in 2023?

This week, our team went to meet Mopso CEO and Founder Andrea Danielli to understand how RegTech could take your AML strategy to the next level.

How would you pitch your startup in a few lines? 

Mopso is a startup that develops solutions to facilitate banking and financial clients by making regulatory compliance less burdensome and more effective and to address anti-money laundering regulations, respectively Brain and Amlet.

Brain is a risk assessment tool that helps banks and financial institutions find suspicious transactions and high-risk customers, using semantic web technologies.

Amlet makes adequate verification data “portable” and reusable within an ecosystem of intermediaries, simplifying onboarding procedures and reducing the risk of money laundering. Mopso checks and verifies personal information, creates a standard for exchanging and sharing it among financial institutions, and relies on decentralized digital identity to store data securely.

How did such an idea come up?

As a former anti-money laundering analyst at the Bank of Italy, I soon realized that navigating the choppy waters of compliance may be challenging for many banks and financial institutions. Hence the idea of creating a platform to improve anti-money laundering controls using artificial intelligence was born, and we firmly believe that Luxembourg can be our gateway.

How much have you raised and on how many rounds?

For the moment, we have raised 240k in Italy in one pre-seed round.

Which type of investor are you looking for?

We are looking for investors who understand the specific field in which we are competing, and see the opportunity of the huge service market that will be activated by the digital identity wallet. We want rather bold investors, able to take the risk of being the first mover.

What sets you apart from competition? 

Our strengths include effectiveness in identifying money laundering patterns, efficiency in report analysis, and ease of integration with existing processes using cutting-edge technology. We ensure a simple and smooth implementation that preserves past investments. Mopso Brain relies on knowledge graphs and AI algorithms to enrich and connect data with open source intelligence techniques, providing completely explainable and traceable results. We believe that human analysts enhanced by algorithms are the strongest tool to fight financial crime, which is why we don’t create black boxes. With Mopso Amlet, financial institutions can onboard new customers in just a few seconds, enabling customers to reuse their credentials across multiple FIs and other companies.

Any news you would like to share? – on a fruitful partnership for instance, a disruptive product you’re working on, an anecdote when creating your firm etc.

In Italy, we are partnering with our shareholder CRIF to develop together an advanced solution to grant a continuous monitoring of retail and corporate customers, mixing their vast dataset with our semantic web technology.