Press Release | March 28, 2022

Symphony AyasdiAI Gets Tough in the Cryptosphere

Time is Running Out for Crypto Criminals

PALO ALTO, Calif. – Mar. 28, 2022 – According to Symphony AyasdiAI, it’s about to get a lot tougher for criminals who use cryptocurrency to hide or launder great sums of cash.

“President Biden recently ordered a sweeping study of cryptocurrency risk and regulation, but crypto financial crime identification using AI has been front and center for the Ayasdi team for some time now,” states David Mirfield, director of product management.

The common perception is that cryptocurrencies are nearly impossible to regulate because of the decentralized nature of the blockchain technology driving them. Blockchains act as trusty, impartial mechanisms, eliminating the need for intermediary parties such as regulated banks and brokerages. Among the various implications, transactions are anonymous, and third parties are not needed to authorize transactions.

But the tide is turning globally. In addition to Mr. Biden’s executive order to investigate the feasibility of cryptocurrency regulations, the United Kingdom, India and South Africa among others are debating regulatory clampdowns on crypto transactions.

And as the tide does turn and regulation becomes a reality, so does the ability of AI fraud and anti-money laundering systems to more accurately and quickly detect cryptocurrency crime. According to Andrea Vucetich, Ayasdi’s technical product manager, the company’s Sensa™ platform already has this capability and puts Ayasdi up front in helping financial crime teams stay ahead of any changes that regulation will bring.

He stresses that the ability to model customers’ transaction activity in virtual currencies alongside more ordinary financial operations would be critical in distinguishing between regular customers and malicious actors.

Ayasdi CEO Simon Moss adds that regulation can’t come fast enough. “It’s important that regulators understand that old regulatory processes are no longer effective in this new environment, an environment that’s growing as fast today as internet adoption in the early 2000s.” He stresses that crypto has the potential of becoming a whole new financial system, and as such, it must be understood and monitored. “That’s why we are getting ahead of what will inevitably be a wave of regulation.”

“We’ve proven our ability to transform the way organizations keep pace with technology and crime evolution across the fiat financial services world using our next generation Sensa™ platform,” says Mr. Mirfield, “and we’re thrilled to do the same as the worlds of fiat and crypto converge.”

Ayasdi has garnered multiple awards for innovations in financial crime detection and has just been named a finalist in the 2022 Banking Tech Awards USA in the Tech of the Future – Data, AI, ML and RPA category. Awards will be presented at the Julia Morgan Ballroom in San Francisco in May.

 

About Symphony AyasdiAI

Symphony AyasdiAI, a SymphonyAI portfolio company, empowers banks and financial institutions with a complete picture of the customer, third party and user behavior to discover crime, risk, and competitive opportunity through unparalleled, predictive insight. Using a uniquely powerful combination of artificial intelligence and machine learning, AyasdiAI customers dramatically reduce the time to achieve genuine transparency, with full explainability. Ayasdi Sensa™ leverages unique combinations of time series and leading analytical innovations to give organizations absolute fidelity for competitive discovery, risk detection and efficiency optimization. Learn more at www.ayasdi.com, LinkedIn or Twitter.

About SymphonyAI

SymphonyAI is building the leading enterprise AI company for the digital transformation of the business enterprise, across the most important and resilient growth verticals, including life sciences, healthcare, retail, consumer packaged goods, financial services, manufacturing and media. In each of these verticals, SAI businesses have many of the leading enterprises as clients. SAI is backed by a $1 billion commitment from Dr. Romesh Wadhwani, a successful entrepreneur and philanthropist. Since its founding in 2017, SymphonyAI has grown rapidly to a combined revenue run rate of more than $300 million and more than 2,200 talented leaders, data scientists and other professionals. Visit symphonyai.com.