Friday Nov 29, 2024
Friday Nov 29, 2024
Friday, 10 November 2023 00:40 - - {{hitsCtrl.values.hits}}
Eshana De Silva
In a strategic move, NorthLark, the Singapore based RegTech company known for its AI-powered compliance solutions, has appointed Eshana De Silva, as its new Chairman.
Featured on the coveted cover of “Gulf Business Invest” magazine, the company plans an operational presence in the UAE, a region ripe for technological advancement in regulatory compliance.
NorthLark which uses cutting edge software and excels in biometric recognition, document classification and identification software is used as a KYC and AML compliance solution by both financial and non-financial organisations. Thanks to its well-trained machine learning models, verifications are done in seconds.
The pandemic led to an increase in online financial transactions as remote work became the order of the day and disrupted not only the way we live but also how we transact. This has created a massive demand for RegTech software like NorthLark. It has become more and more important for automated monitoring for money laundering and other suspicious activities.
NorthLark is poised to capitalise on the burgeoning global RegTech market, which was valued at a staggering $ 10.47 billion in 2022 (Future Market Insights). With a suite of products that harness the power of AI for biometric recognition, document classification, and quick identification, NorthLark offers a seamless KYC and AML compliance solution that’s important for financial and non-financial entities worldwide.
The company’s finely-tuned machine learning models have turned verification processes that once took days into a matter of seconds, a pivotal enhancement at a time when the pandemic has irrevocably shifted financial transactions online, inflating the demand for swift and secure regulatory technology. The platform enables real time and instant verification and identifies 2,500 different document types from 195 countries.
Eyeing a leading role in combating AML and CFT threats, NorthLark aligns with international regulations from bodies like FATF, the UN, and the DFSA, ensuring compliance across diverse jurisdictions. The firm is on track to secure essential certifications in jurisdictions they want to operate in, and tailor its offerings to meet the stringent standards of local regulatory and financial intelligence units, collaborating with premium API partners who command extensive databases
As NorthLark sets its sights on global expansion, the company hopes its forward-thinking approach places it firmly at the forefront of the RegTech revolution, promising to reshape compliance standards and redefine the financial landscape.
