Programme name: SMEs Growth Romania – Boost to Romanian Business sector: Business Growth in Start-ups – restricted call
Project name: dMonitor – Sanctions Lists
Project Promoter: Process Lab S.R.L.
Total project duration: 5 months – from 01.12.2023 to 30.04.2024
Total grant approved: EUR 65.620
The recently secured grant enables Process Lab to develop cutting-edge AI-driven products, elevating the company from a ‘point solution’ to a ‘best of breed’ provider in line with top competitors. This initiative not only enhances our competitive edge but also benefits clients by revolutionizing transaction monitoring and bolstering compliance departments’ efficiency in financial services worldwide.
The project, focused on leveraging AI and machine learning, aims to solve a major industry challenge: manual data searching and comparison. Through aggregating international sanctions from 65 sources, we’ve amassed a database of 2.5 million data points, continually updated and augmented using AI. This data will empower our AI module to provide context, identify relationships, and assess risks within unstructured data, vastly improving KYC capabilities.
The goal is to create a KYC platform that transcends basic name matching, offering a comprehensive view of individuals and entities while adapting to evolving compliance requirements. By incorporating advanced analysis techniques, we aim to identify crucial connections and risks that conventional methods might miss, ensuring our platform stays ahead in the ever-evolving regulatory landscape.
We are proud to share that this ambitious project has received generous support from the EEA Grants 2014-2021, through the SME Growth Programme Romania. This funding, provided by Iceland, Liechtenstein, and Norway, demonstrates their commitment to fostering innovation, development, and growth within the Romanian business landscape. With the support of EEA Grants, we are confident that we can accelerate the development and implementation of this module, bringing us closer to our vision of establishing dMonitor as a fully comprehensive international KYC tool.
The EEA Grants initiative serves as a crucial instrument for promoting economic cooperation and reducing social and economic disparities across the European Economic Area (EEA). By facilitating the transfer of knowledge, technology, and expertise between EEA member states and beneficiary countries, the EEA Grants contribute to fostering sustainable development and strengthening business competitiveness.