Taiwan RegTech Challenge 2020: CRIF awarded Proof of Concept Award and Excellence Award for AML/KYC Compliance Solution. Sherlock Detection reaches the final

The Taiwan RegTech Challenge 2020 is a public-private partnership event aimed at accelerating the digital regulatory journey in Taiwan. How? By looking for high-potential, reliable, and advanced Tech/RegTech-based solutions around the world.

Supported by the Financial Supervisory Commission and Taiwan supervisory authorities, the Taiwan RegTech Challenge 2020 focused on FinTech solutions that are helping to transform financial services globally while accelerating financial inclusion.

CRIF took the opportunity to be part of the event and present its Sherlock Detection and AML/KYC Compliance solutions to other stakeholders in the FinTech and RegTech fields.

Sherlock Detection is CRIF’s AI-driven risk assessment solution to empower insurers’ anti-fraud strategies. Three main factors saw it advance to the final of the competition: interest in the use of machine learning models, the resolution of a common pain point (complete automation of the claim assessment phase), and the service provided in "as a service" mode.

The CRIF Sherlock Detection team was coordinated by Federico Fontolan, CRIF Consultant in the region, and included Romano Panzacchi (Team Leader), Matteo Bussani – both CRIF Project Managers - and Roberto Falasca, CRIF Data Scientist. The team created a video demo presenting Sherlock Detection, with the technical support of the CRIF Communications Department. Their presentation and Q&A session with judges was conducted entirely remotely due to the COVID-19 pandemic.

The AML/KYC Compliance Solution (Mr. AML) was presented by CRIF CCIS, the CRIF company operating in Taiwan, and was awarded the Proof of Concept Award and Excellence Award. The AML/KYC Compliance Solution combines the complete enterprise database of CRIF CCIS and the AI technology of Eureka Fintech Limited, presenting data such as cash flows or transactions as graphics. With a reduction in turnaround from 7 days to 4 minutes, the AML/KYC Compliance Solution helps customers go from KYC to KYCC (Know Your Customer's Customer) to understand relationships among cooperative enterprises.

"We are proud to have brought CRIF's solutions to the attention of the Taiwanese market and the FSC, and even happier that our AML/KYC Compliance Solution and Sherlock service generated such interest from the RegTech judges," commented Vincenzo Resta, Regional Executive Director at CRIF. "This was an important showcase to raise awareness of CRIF's commitment to developing innovative and advanced InsurTech and FinTech solutions. We are confident that the Taiwanese market represents a great opportunity to partner with the country's leading financial and insurance players."

“With the launch of the second stage of Open Banking, the official operation of the first online-only bank, and the maturity of FinTech in Taiwan, financial institutions are facing difficult challenges, including regulatory compliance, money laundering prevention, and risk control”, said Alice Kuo, Director of CRIF CCIS. “In view of this, CRIF CCIS endeavors to expand the applications of CrediTech. By taking part in Taiwan RegTech Challenge 2020, CRIF CCIS developed and introduced state-of-the-art RegTech solutions, and it is an honor for CRIF CCIS to have received these awards. CRIF CCIS plans to help Taiwanese enterprises become equipped to deal with international financial regulations and to broaden the applications and development of RegTech in financial services through the cooperation with Taiwan Depository & Clearing Corporation on PoC”, commented Alice Kuo.