In the Press

October 31, 2024

WWF (World Wide Fund for Nature), the independent conservation organisation, has launched a new Environmental Crime Financial Toolkit at the COP16 nature summit in Cali, Colombia, to help financial institutions minimise their exposure to environmental financial crime.

Developed in collaboration with financial crime software company Themis, the WWF toolkit is an open-access platform that equips firms to better detect and monitor illicit activity related to land conversion and deforestation, by highlighting red flags and risks connected with different types of environmental and financial crimes.

It also helps financial institutions strengthen their screening capacity when reviewing existing clients, onboarding new ones, and assessing risks across the whole financial sector. It is a highly practical digital resource that firms can incorporate into their existing systems.

The launch comes as environmental financial crime is worth between $110billion and $281billion and is growing by five to seven per cent every year, according to INTERPOL.

Dickon Johnstone, CEO at Themis, said: “The financial sector is potentially exposed to environmental crime risks through numerous business activities, including investment, trade finance and insurance. This naturally poses a threat from an ESG and reputational perspective but what’s more, the extensive convergence between environmental crime and other financial crimes can expose firms to serious legal and regulatory risks.

“Our hope is that this Environmental Crime Financial Toolkit will help firms to understand and mitigate these risks, thereby protecting themselves and wider society and the environment from the devastating impacts of environmental crime.”

Helping financial institutions understand environmental crime

Despite environmental crime being the third largest illegal activity globally, financial institutions have major knowledge gaps and key vulnerabilities in the global financial system when it comes to handling the proceeds of deforestation and land conversion-related financial crimes.

In a survey of 644 financial services professionals, WWF and Themis found that over 60 per cent said that a land conversion risk policy was either non-existent (45.7 per cent) or not yet developed or in place (18.6 per cent) in their firm.

Almost half of financial institutions sampled reported operating with or in high-risk sectors or areas, yet over a quarter said they did not undertake specific related due diligence, and only 17 per cent of firms monitor or screen companies and clients on a periodic or ongoing basis rather than just in the early stages of a relationship. This creates a risk if bad actors initiate illicit activity after onboarding with a bank.

Recognising the urgent need to help firms address land conversion from a financial crime and ESG perspective, the companies created the Environmental Crime Financial Toolkit to help them reduce their risk exposure to the illicit financial flows associated with land conversion, ultimately reducing the financing and impact of this harmful activity globally.

Understanding the severity

WWF says that environmental crime frequently converges with and often enables different financial crimes, including corruption and bribery, fraud, money laundering, tax evasion, and drugs, wildlife and human trafficking.

“Our natural world underpins every aspect of our societies and economies, yet we continue to witness its large-scale destruction – global wildlife populations have fallen on average by 73 per cent since 1970,” explained Tanya Steele, CEO at WWF-UK.

“Despite its rapid growth, environmental crime is rarely seen as a serious risk by financial institutions, but it in fact poses significant reputational and material risks to their operations, such as the potential of sanctions for enabling illegal activity. Environmental crime is therefore very much an economic as well as a conservation issue.

“The new Environmental Crime Financial Toolkit will help institutions understand these risks and take action to mitigate illegal deforestation and land conversion. The private sector, especially financial services, has a unique opportunity to help restore our natural world.”

WWF and Themis’ published their introductory report, titled ‘Financial Crime and Land Conversion: Uncovering the Risk for Financial Institutions’, earlier this year.

Celine Herweijer, group chief sustainability officer at HSBC, said: “As a global trade bank, HSBC understands the complexities of global supply chains and the need to take a comprehensive approach to risk management in supporting our clients. The Environmental Crime Financial Toolkit is a practical way of helping financial institutions to improve their understanding of the risks related to the natural environment alongside financial crimes and secure nature-positive outcomes.”

Read more: https://thefintechtimes.com/wwf-unveils-environmental-crime-financial-toolkit-to-help-fis-manage-environment-related-risks/

November 1, 2024

31 October, 2024

WWF today launches a new Environmental Crime Financial Toolkit at the COP16 nature summit in Cali, Colombia, that will help financial institutions minimise their exposure to environmental financial crime worth US$110-281 billion annually and growing by 5 – 7 percent every year according to INTERPOL.

Developed by WWF and the financial crime software company Themis, the toolkit is an open access platform that equips firms to better detect and monitor illicit activity related to land conversion and deforestation, by highlighting red flags and risks connected with different types of environmental and financial crimes. It also helps financial institutions strengthen their screening capacity when reviewing existing clients, onboarding new ones, and assessing risks across the whole financial sector. It is a highly practical digital resource that firms can incorporate into their existing systems.

Despite environmental crime being the third largest illegal activity globally, financial institutions have major knowledge gaps and key vulnerabilities in the global financial system when it comes to handling the proceeds of deforestation and land conversion-related financial crimes. WWF and Themis surveyed 644 financial services professionals from across 17 countries for their joint introductory report, ‘Financial Crime and Land Conversion: Uncovering the Risk for Financial Institutions’, published earlier in the year.

Over 60% of financial services professionals surveyed said that a land conversion risk policy was either non-existent (45.7%) or not yet developed or in place (18.6%) in their firm. Notably, almost half of financial institutions sampled reported operating with or in high-risk sectors or areas, yet over a quarter said they did not undertake specific related due diligence, and only 17% of firms monitor or screen companies and clients on a periodic or ongoing basis rather than just in the early stages of a relationship. This creates a risk if bad actors only initiate illicit activity once they have been onboarded by a bank. The report notes that the knowledge and procedural gaps identified give cause for concern and indicate an urgent need to help firms address land conversion from a financial crime perspective, as well as an ESG one.

The Environmental Crime Financial Toolkit was created to help these firms reduce their risk exposure to the illicit financial flows associated with land conversion, and therefore ultimately reduce the financing and impact of this devastatingly harmful activity across the world. Financial Institutions may be exposed to land conversion activity through high-risk commodities, including cattle, soy, palm oil, timber, coffee, cocoa, rubber and minerals. Additionally, environmental crime frequently converges with and often enables different financial crimes, including corruption and bribery, fraud, money laundering, tax evasion, and drugs, wildlife and human trafficking.

Tanya Steele, CEO at WWF-UK, said: “Our natural world underpins every aspect of our societies and economies, yet we continue to witness its large-scale destruction - global wildlife populations have fallen on average by 73% since 1970. “Despite its rapid growth, environmental crime is rarely seen as a serious risk by financial institutions, but it in fact poses significant reputational and material risks to their operations, such as the potential of sanctions for enabling illegal activity. Environmental crime is therefore very much an economic as well as a conservation issue.

“The new Environmental Crime Financial Toolkit will help institutions understand these risks and take action to mitigate illegal deforestation and land conversion. The private sector, especially financial services, has a unique opportunity to help restore our natural world.”

Dickon Johnstone, CEO at Themis, said: “The financial sector is potentially exposed to environmental crime risks through numerous business activities, including investment, trade finance and insurance. This naturally poses a threat from an ESG and reputational perspective but what’s more, the extensive convergence between environmental crime and other financial crimes can expose firms to serious legal and regulatory risks. Our hope is that this Environmental Crime Financial Toolkit will help firms to understand and mitigate these risks, thereby protecting themselves and wider society and the environment from the devastating impacts of environmental crime.”

Celine Herweijer, Group Chief Sustainability Officer at HSBC, said: “As a global trade bank, HSBC understands the complexities of global supply chains and the need to take a comprehensive approach to risk management in supporting our clients. The Environmental Crime Financial Toolkit is a practical way of helping financial institutions to improve their understanding of the risks related to the natural environment alongside financial crimes and secure nature-positive outcomes.

Read more: https://www.finextra.com/pressarticle/102973/wwf-releases-environmental-financial-crime-toolkit

The latest issue of International Accountant magazine is out now.

Highlights from this issue include:

⭐ Monitoring and achieving net zero targets
⭐ The hashtag #risks of undertaking a personal guarantee
⭐ The assurance of hashtag #sustainability reporting
⭐ Supporting ethnic minority business owners
⭐ Tackling financial crime with hashtag #AI
⭐ The benefits of online exams and remote invigilation

Themis Launches Crowdcube Campaign to Democratise Due Diligence and Combat Financial Crime

Themis has launched on Crowdcube, offering the public a unique opportunity to invest in the fight against financial crime. Themis aims to empower businesses of all sizes to take a stand and start with its self-serve platform, making due diligence simple and accessible to everyone.

As the only Financial Crime specialist available for investment on Crowdcube, Themis offers a unique opportunity to join the global fight against financial crime. Themis’ diversified range of revenue streams across technology, training, outsourcing, and enhanced due diligence reporting allows us to serve a wide range of clients, from regulated and unregulated businesses to sectors and government bodies. With a robust and scalable solution, Themis is well positioned as a leader in compliance services and financial crime prevention.

Our mission at Themis is to make due diligence a daily habit for everyone.” said Dickon Johnstone, CEO of Themis. “By democratising access to powerful financial crime prevention tools, we give organisations of all sizes the ability to protect themselves and the wider financial system. It’s time to pick a side: you’re either part of the solution or not.”

Their London office expanded into Abu Dhabi in 2020 followed by Dubai, and newly launched Riyadh, enhances their ability to tackle financial crime globally. Themis have clients from the public, private and third sector, and Themis is also backed by UK Innovate Grant with a recent investment into how they are tackling AI in the fight against financial crime. Themis is at the forefront of building the future of financial crime management at scale.

“We are in the latter stages of our scale up investment round following an incredibly strong 2023 and 2024, with huge growth predicted in the next 6 months. Now is the time to come onboard as a Themis investor”, said Themis CFO, Simon Samuel.

Red more: https://ffnews.com/newsarticle/funding/themis-launches-crowdcube-campaign-to-democratise-due-diligence-and-combat-financial-crime/

About Themis

Themis aims to reduce the global impacts of financial crime through a powerful combination of technology innovation, insightful reporting and training, and enhanced intelligence. Its award-winning AML software helps organisations understand strategic threats through an ESG and socio-economic lens and protects their customers, staff, suppliers, and shareholders from criminal risk or associations.

We are more than just a platform.  We are Themis.  

Press Contacts

For more information or to request an interview with Themis, please contact:

• Luis Rolim, CMO - [email protected]

Our very own Henry Wyard spoke today on BBC News Live! Watch below and follow us for more insightful news from Financial Crime. 

In March, Pavel Durov (the owner of Telegram) said that each monthly user cost the platform 70 cents a year. Presumably, this figure doesn't factor in the countless lives ruined by the unmoderated, unmonitored activity of some of those users.

Every day seems to unearth a new horror hidden on the platform, but, according to Telegram, it is 'absurd' to assign responsibility for user behaviour to a platform or its owners.

This is incorrect. It is an entirely established notion that businesses whose products are at risk of criminal abuse should be obliged to take action to stop this from happening. It is a moral disaster that Telegram does not.

About Themis

Themis aims to reduce the global impacts of financial crime through a powerful combination of technology innovation, insightful reporting and training, and enhanced intelligence. Its award-winning AML software helps organisations understand strategic threats through an ESG and socio-economic lens and protects their customers, staff, suppliers, and shareholders from criminal risk or associations.

We are more than just a platform.  We are Themis.  

Press Contacts

For more information or to request an interview with Themis, please contact:

• Luis Rolim, CMO - [email protected]

Innovation Empowers Financial Crime Investigations Over Time 

London, UK, July 8, 2024 – Themis announced today another upgrade to its platform, incorporating timely technology that archives essential adverse media and law/regulatory enforcement links vital for due diligence research. In the fight against corruption and financial crime, the role of journalists is indispensable. However, the dynamic nature of the internet can lead to broken links and inaccessible evidence over time. Themis has resolved this issue by integrating advanced archiving solutions, ensuring that vital information remains available for future screening and investigations.

"Our new archiving capabilities ensure that vital evidence remains intact and accessible over time" says Dickon Johnstone, CEO of Themis.

This means that even if a known fraudster, criminal actor or organised crime group arranges to have their digital profile ‘cleaned’, Themis will still be able to bring you historic financial crime related data (from political exposure and sanctions, to litigation, corporate actions, regulatory actions, insolvency and adverse media).

Key Features:

• Adverse Media in Over 40 Languages: Access to adverse media coverage spanning 15 years in more than 40 different languages, including Arabic.
• Secure Evidence Vaults: Archives live webpage evidence and provides PDF versions, ensuring permanent access even if the original sites are altered or removed.
• View URL Evidence: Allows users to click on live webpages to view evidence in its original context.
• View PDF Evidence: Offers PDF versions of archived evidence, ensuring reliable access regardless of the status of the original webpage.

The Importance of Reliable Due Diligence:

The enhancement comes at a crucial time when regulatory requirements for Anti-Money Laundering (AML) and Know Your Customer (KYC) processes demand rigorous and reliable evidence as the internet ages. By ensuring that links to important media and regulatory content remain intact, Themis supports comprehensive and effective due diligence practices.

Collaborative Efforts in Financial Crime Prevention:

Themis maintains a strong relationship with many investigative journalists reflecting its commitment to combating financial crime. This collaboration emphasises the importance of preserving access to critical information uncovered by investigative journalists, to be used by AML professionals in perpetuity.

About Themis

Themis aims to reduce the global impacts of financial crime through a powerful combination of technology innovation, insightful reporting and training, and enhanced intelligence. Its award-winning AML software helps organisations understand strategic threats through an ESG and socio-economic lens and protects their customers, staff, suppliers, and shareholders from criminal risk or associations.

We are more than just a platform.  We are Themis.  

Press Contacts

For more information or to request an interview with Themis, please contact:

• Luis Rolim, CMO - [email protected]

Access to Abu Dhabi Global Market (ADGM) enhances Themis’ financial crime data coverage in the Middle East 

Abu Dhabi, UAE – Themis, a leader in anti-money laundering (AML) and financial crime prevention, is thrilled to announce a significant enhancement to its platform through a strategic collaboration with Abu Dhabi Global Market (ADGM). This collaboration provides Themis access to ADGM's company data, helping businesses with their due diligence and regulatory compliance needs.

For years, Themis has built a robust proprietary data set, enriched by an extensive team of investigators and industry-leading data input. This new live feed from ADGM will further bolster Themis' unparalleled data coverage in the Middle East.

"This integration with ADGM's data is a game-changer for the market," said Dickon Johnstone, CEO of Themis. "It significantly enhances our ability to provide clients with the most comprehensive and accurate data, giving them a distinct advantage in tackling financial crime."

Themis has now integrated data from all entities registered with ADGM into its system. This unique access allows clients to subscribe to Themis' investigation module and benefit from additional data sourced directly from ADGM. The data can be used for investigations, building risk maps, screening, and automated monitoring via Themis' platform.

About Themis

Themis aims to reduce the global impacts of financial crime through a powerful combination of technology innovation, insightful reporting and training, and enhanced intelligence. Its award-winning AML software helps organisations understand strategic threats through an ESG and socio-economic lens and protects their customers, staff, suppliers, and shareholders from criminal risk or associations.

We are more than just a platform.  We are Themis.  

About Abu Dhabi Global Market (ADGM)

Abu Dhabi Global Market (ADGM) is the international financial centre (IFC) of the capital city of the United Arab Emirates, which opened for business on 21 October 2015. ADGM augments Abu Dhabi’s position as a leading financial centre and a business hub serving as a strategic link between the growing economies of the Middle East, Africa, South Asia, and the rest of the world.

Operating within an international regulatory framework based on the direct application of English Common Law, ADGM governs the entirety of Al Maryah Island and Al Reem Island collectively designated as the financial free zone of Abu Dhabi.
ADGM is ranked as one of the most preferred and top-ranking IFCs in the Middle East and Africa region and named MENA’s largest Fintech hub. Its progressive and inclusive business ecosystem gravitates toward global financial and non-financial institutions whilst leveraging synergies between ADGM and multiple jurisdictions positioned as one of the world’s most advanced, diverse, and progressively governed financial hubs.

For more details on ADGM, please visit www.adgm.com or follow us on Twitter and Instagram: @adglobalmarket and LinkedIn: @Abu Dhabi Global Market (ADGM)

Contacts

For more information or to request an interview with Themis, please contact:

• Luis Rolim, CMO - [email protected]

• In 2023, 150 financial institutions provided $6.1 trillion of funding to companies with the greatest risk exposure to tropical deforestation.
• A quarter of financial professionals surveyed said their firms did not undertake sufficient due diligence on land conversion and related financial crime in high-risk sectors or areas.
• Over 60% also said that a land conversion risk policy was either non-existent or not yet developed or in place in their organisations.

London, UK – Environmental crime is the fourth largest illegal activity globally worth US$110-281 billion annually and growing by 5 – 7% every year according to INTERPOL. Despite this, there are major knowledge gaps across the industry as well as key vulnerabilities in the global financial system when it comes to handling the proceeds of land conversion-related financial crimes, a new report reveals.

Moreover, Themis and WWF’s joint introductory report, ‘Financial Crime and Land Conversion: Uncovering the Risk for Financial Institutions’, published today, found that over 60% of financial services professionals surveyed said that a land conversion risk policy was either non-existent (45.7%) or not yet developed or in place (18.6%) in their firm.

The report includes results from a survey of 644 financial services professionals from across 17 countries as regards the issues of land conversion and related financial crime. It also highlights knowledge gaps across the industry as well as key vulnerabilities in the global financial system when it comes to handling the proceeds of land conversion-related financial crimes.

Notably, almost half of financial institutions sampled reported operating with or in high-risk sectors or areas, yet over a quarter said they did not undertake specific related due diligence, and only 17% of firms monitor or screen companies and clients on a periodic or ongoing basis rather than just in the early stages of a relationship. This creates a risk when bad actors only initiate illicit activity once they have been onboarded by a bank.

The report notes that the knowledge and procedural gaps identified give cause for concern and indicate an urgent need to help firms address land conversion from a financial crime perspective, as well as an ESG one.

This need is all the more urgent when combined with data on the amount of global funding provided to deforestation-risk companies by financial institutions: according to Global Canopy, USD 6.1 trillion in funding was provided to the 350 companies with the greatest risk exposure to tropical deforestation by some 150 financial institutions in 2023.

Deforestation is just one type of land conversion: one concerned specifically with forested land rather than a range of ecosystems, like grassland, savannah and swamps. This figure is likely to be much higher when taking into account a broader array of land types – and it is important that companies do since the destruction of important biodiverse ecosystems that contain more than one land type, like the Brazilian Cerrado, tends not to fall under the label of ‘deforestation’.

In light of this, Themis and WWF have partnered to create a series of practical resources for financial institutions to manage their exposure to land conversion, including this introductory report, to raise awareness of the exposure financial institutions have to environmental crimes.

The report particularly focuses on the ways in which firms may be exposed to land conversion activity through high-risk commodities, including cattle, soy, palm oil, timber, coffee, cocoa, rubber and minerals. It also warns of the many different financial and predicate crimes which frequently converge with (and often enable) land conversion activity, including corruption and bribery, fraud, money laundering, tax evasion, and drugs, wildlife and human trafficking.

Olivia Dakeyne, Associate Director of Insight at Themis, said:

“Land conversion is responsible for a wide range of environmental and social ills, including human rights violations, biodiversity loss and the removal of carbon sinks. The impact on businesses is no less severe, when considering reputational, legal and physical or supply chain risk. Our hope is that this report helps firms to realise the extent of the damage that land conversion can cause – to them as well as to the wider world – especially through its substantial convergence with a wide range of financial crimes.”

John Dodsworth, Environmental Crime expert at WWF, said:  

“For too long, environmental crimes like deforestation and land conversion have been viewed through a narrow lens by financial institutions. These offenses can no longer be dismissed as outside the realm of financial crime and financial institutions are facing greater exposure than ever before.

“This report alongside the toolkit WWF and Themis are developing will provide practical information to support financial institutions to better detect environmental crime, strengthening internal teams’ ability to address financial flows and put appropriate policies and systems in place.”

Notes for Editors  

• To read ‘Financial Crime and Land Conversion: Uncovering the Risk for Financial Institutions’’ visit here 
• This report is supported by the Climate Solutions Partnerships, a philanthropic collaboration between HSBC, World Resources Institute and WWF. For further information, please visit WWF’s website on the Climate Solutions Partnership.

About Themis

Themis aims to reduce the global impacts of financial crime through a powerful combination of Innovation, Insight and Intelligence. Its award-winning AML software helps organisations understand these strategic threats through an ESG and socio-economic lens and protects their customers, staff, suppliers and shareholders from criminal attacks or association.

Themis in the news: a complete library of recent press articles can be found here.

About WWF

WWF (World Wide Fund for Nature) is the global environmental charity, active in nearly 100 countries, and we’re bringing our world back to life. With nature in freefall, we’re urgently tackling the underlying causes that are driving the decline – especially the food system and climate change. We’re finding solutions so future generations have a world with thriving habitats and wildlife.   

WWF. Bringing our world back to life.   

Find out more about our work, past and present at wwf.org.uk   

Contacts

For more information or to request an interview with Themis or WWF, please contact:

• Nadia O’Shaughnessy, Head of Insight, Themis – [email protected]
• Mike Eames, Media Manager, WWF – [email protected]

April 25, 2024

April 4, 2024

Themis is proud to announce the release of a market-leading Intelligence module for its anti-financial crime platform. This latest innovation allows users to seamlessly conduct or commission a range of bespoke financial crime investigations, continuing Themis’s commitment to develop the first truly comprehensive integrated financial crime solution.

The new Intelligence module offers a holistic solution for managing financial crime risk and intelligence needs in one easy to use, integrated platform. Dickon Johnstone, CEO of Themis says “Financial crime is not a victimless crime and criminals are deliberately exploiting people, businesses and the environment for their own gain. This latest innovation is part of our mission to reduce the global impacts of financial crime by providing people and companies with all the tools they need to detect (and report) any unwanted links to organised crime and criminal activity, thereby protecting themselves from criminal attacks and exploitation.”

The world is awash with cash extracted from innocent people through theft, enslavement, sexual abuse, and an almost endless list of other crimes. In fact, it’s barely too much to say that we are drowning in dirty money: the UN estimates that the equivalent of 2-5% of global GDP - $2-5 trillion – is laundered by criminals every year.

Yet the grim reality of financial crime is that, despite its massive scale, it is often very hard to detect. This formerly impossible task has been made far more achievable by AI powered risk management platforms like Themis, which have transformed the accessibility and quality of financial crime information and are now deploying artificial intelligence to unlock new threat detection capabilities.

The best criminals are the hardest to catch, the hardest to convict, and consequently the hardest to detect. More to the point, professional money launderers are professionals for a reason: only this week, the UK’s National Crime Agency confiscated millions of pounds from the leader of a money laundering gang, whose operations revealed a complex web of international money movements. This was only one example of the innumerable networks of individuals and corporate entities that have been designed to hide the dark origins of criminals’ wealth from the legitimate businesses they seek to make use of.

In fact, the most dangerous financial criminals can make their cash appear to be not just clean, but pristine. This is why the fight against financial crime needs both technology and human brain power. Technology platforms such as Themis use AI & ML to assimilate, parse and present many millions of data points across the globe, showcasing hidden patterns, connections and red flags. This powerful technology enables all of us, even those with no financial crime or compliance background, to become skilled financial crime investigators and to make sure you and your organisation are not accidentally or indirectly linked to nefarious characters or companies.

Themis has a long track record in providing unparalleled investigative intelligence to its customers, and the combination of market leading data, advanced risk mapping and skilled financial crime investigators and intelligence sets it apart in an increasingly crowded marketplace.

The development of the Intelligence module was driven by client feedback and industry demands; it allows users to both conduct their own investigations or request for specialist intelligence support from Themis. This comes in the form of deep dive Enhanced Due Diligence reports, supply chain analysis, ESG risk reports, as well as sectoral or country risk reports.

"With the launch of our Intelligence Module, we are providing our clients with a comprehensive solution to manage their financial crime risk," said Henry Wiliams, Head of Investigations at Themis. "Now, our clients can access a range of intelligence reports directly through our platform, eliminating the need for insecure email exchanges and reducing the risk of data breaches."

In addition to streamlining the request process, the Intelligence module offers enhanced visibility and tracking capabilities. Users can monitor the progress of their intelligence reports within the platform and receive real-time notifications for status updates, ensuring timely access to critical information.

"As the threat landscape evolves and cybercrime becomes more prevalent, the need for secure platforms to access sensitive reports is paramount," added Matt Deacon, CTO. "With our Intelligence Module, clients can rest assured that their data is protected while gaining valuable insights to mitigate financial crime risk effectively."

About Themis

Themis that helps clients identify and manage their specific financial crime risks, through a combination of innovation, insight and intelligence.

Our cutting-edge platform helps organisations understand these strategic threats through an ESG and socio-economic lens and protects their customers, staff, suppliers and shareholders from criminal attacks or association.

Themis believes technology and innovation can fundamentally change the way society approaches financial crime and aims to normalise due diligence through tech so that screening for financial crime risks becomes a habitual part of everyday life.

We are more than just a platform. We are Themis.

For more information, visit www.wearethemis.com.

Themis in the news: a complete library of recent press articles can be found here.

For interviews please contact:

Nadia O’Shaughnessy - Head of Insight ([email protected])

Paulina Sulewska - Business Development Manager ([email protected])

UK: +44 (0)20 8064 1724

MENA: +971 (0) 58 526 8765

March 27, 2024

Last night, our Head of Research Nadia O'Shaughnessy was asked to share her thoughts about the trends fuelling the alarming global surge in trafficking on BBC World Service Newshour.

Listen here from 26:33 onwards:
https://www.bbc.co.uk/sounds/play/w172z09zhq4n299

Access the Themis’ Anti-Slavery Hub to learn more about our ongoing research into human trafficking and its links to the financial services sector:
https://www.wearethemis.com/uk/anti-slavery-hub/

About Themis

Themis aims to reduce the global impacts of financial crime through a powerful combination of Innovation, Insight and Intelligence. Its award-winning AML software helps organisations understand these strategic threats through an ESG and socio-economic lens and protects their customers, staff, suppliers and shareholders from criminal attacks or association.

Themis also conducts proprietary threat-based research and investigations to highlight the latest criminal threats, trends and techniques and uncover potential links to financial crime. Themis has worked with governments, regulators and law enforcement bodies around the world to understand the global flow of illicit finance. Notable examples include multi-year studies on the illegal trafficking of wildlife as well as the trafficking of people, gold and other commodities.

In recognition of Themis’s purpose-driven and ESG approach to addressing the global challenges of financial crime, the company was awarded full B-Corp status in 2022.

We are more than just a platform. We are Themis.

Contact

For more information, visit https://wearethemis.com.

For the press kit and further press articles please visit: https://wearethemis.com/uk/about/in-the-press/

For interviews with our CEO or Head of Insight please contact:

Lizzie Stewart

[email protected]

UK: +44 (0)20 8064 1724

MENA: +971 (0) 58 526 8765

March 8, 2024

According to Global Canopy, US$6.1 trillion in funding was provided to the 350 companies with the greatest risk exposures to tropical deforestation by some 150 financial institutions in 2023. This is bad news for the financial sector—and the world at large—since deforestation is responsible for a range of devastating environmental and social impacts and poses a serious threat to global efforts to tackle climate change. Deforestation—covering the destruction, conversion or degradation of natural forests—is perhaps the most widely discussed form of land conversion (a broader term that covers land-use changes—for example, into agricultural land—across a range of different biomes, such as savannah, grassland and marshland, not merely forested areas).

Deforestation and land conversion: a serious global issue

Cutting down trees reduces the number of carbon sequesters that capture and store then prevent carbon from being released into the atmosphere, where it contributes to global warming. This activity significantly undermines efforts to curb climate change; land-use changes have been estimated to be responsible for as much as 12 to 20 percent of global carbon emissions. Indeed, the latest United Nations’ Intergovernmental Panel on Climate Change (IPCC) report stressed that one of the most important mitigation options to fight climate change is to reduce the conversion of existing natural ecosystems.

However, it can be just as problematic when people plant trees on land that previously didn’t have them or even replace the trees they cut down with different ones. When grassland or marshland is cleared to make way for palm-oil plantations, the biome is significantly altered, changing the habitat of the many species that have adapted to that specific environment. Monoculture plantations for commodities, such as soy, coffee, rubber and palm oil, host and support nowhere near as many diverse species as the wild and natural ecosystems they replace and cause soil degradation. In fact, 69 percent of the world’s wildlife has been lost since 1970—the majority from land-conversion hotspots.

What’s more, land conversion accounts for numerous human-rights violations through illegal land grabbing and violence against Indigenous Peoples and local communities in forested areas. It is the primary cause of the murders of environmental human-rights defenders across the world, equating to a rate of one killing every other day. It is further associated with forced labour. It is thought, for example, that up to 40 percent of all deforestation worldwide is carried out by victims of modern slavery or forced labour, and that, as a result, slave-based deforestation is responsible for the emissions of around 2.54 billion tonnes of carbon dioxide each year. Child labour, too, is often utilised in commodity-producing sectors that drive land conversion, such as mining (children can be sent into smaller spaces than adults) and on cocoa farms (for example, Ghana’s remote cocoa belt, where children as young as five have been found wielding machetes to harvest beans that are used in the supply chains of global household brand names).

Land conversion is thought to increase the risk of zoonotic-disease outbreaks since land-clearing pushes wildlife outside their former habitats, increasing interactions between humans, wildlife and domestic animals, resulting in the mergence and emergence of novel pathogens.

Given these effects, the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) has estimated that the degradation of the Earth’s land surface through human activities is currently negatively impacting the well-being of at least 3.2 billion people, pushing the planet towards a sixth mass extinction and costing more than 10 percent of the annual global gross domestic product (GDP) in loss of biodiversity and ecosystem services.

Impact on financial institutions

This is bad news for society, but how does it specifically affect financial institutions? Financial firms can be exposed to—and essentially support—deforestation and wider land-conversion activities directly and/or indirectly through debt or equity investments, the provision of capital or financial services (including correspondent banking) and the financing of trade in hard and soft commodities—particularly cattle, soy, palm oil, timber, cocoa, coffee, rubber, minerals, oil and gas—for which land is aggressively cleared.

These commodities pose high risks to firms since, globally, more than 90 percent of forest loss is thought to be from conversion into agricultural land, according to satellite imagery from the Food and Agriculture Organization (FAO) of the United Nations. The level of risk associated with each commodity depends on the region of origin: for example, research indicates that in Southeast Asia, rubber, pulp and palm oil drive most of the land conversion; in South America, soy and cattle; and in Africa, cocoa, coffee and timber.

Through this exposure, land conversion presents numerous supply-chain risks to firms, namely:

• The reputational risks posed by adverse media (exacerbated further if linked to any human-rights abuses in the context of land conversion).
• The legal risks represented by increasing regulatory and legislative pressures on companies and financial institutions to prevent deforestation.
• The physical risks present, given that most bank-financed businesses and commercial services ultimately depend on natural capital and resources directly or through their supply chains. Aggressive consumption of resources reduces their availability in the long term, undermining sustainable development and creating economic instability. Indeed, the World Economic Forum (WEF) has estimated that at least 50 percent of global GDP is reliant on nature and warned that the impacts of climate change would significantly destabilise global trade.

Deforestation and land conversion: convergence with financial crime

Given these issues and the substantial environmental, social and governance (ESG)-related concerns, many financial institutions are already risk-assessing and attempting to limit their exposures to land-conversion-related activities. However, in addition—and as important to compliance teams as they are to ESG teams—land conversions, regardless of whether they are legal, frequently converge with an array of financial crimes (and, indeed, much activity occurs in grey areas between the two).

These financial crimes can actively drive, enable or converge with land conversion in numerous ways. Corruption and bribery, for example, widely underscore the activity—used to secure permits for land clearing that should not have been issued legally—as does fraud via the alteration or falsification of documentation, such as mis-invoicing, permit trading, trade-database hacking or fraudulent bills of lading that can conceal or misrepresent activities.

Not only are front companies used to evade taxes on land-clearing activities, but vast volumes of financial flows from high-secrecy tax havens actively fund land-conversion activities. Researchers have found that tax havens offer a major conduit through which investors can fund agribusinesses in tropical areas. For example, 68 percent of all investigated foreign capital flowing into nine of the top companies in the soy and beef sectors in the Brazilian Amazon rainforest was transferred through tax havens between 2000 and 2011.

A Serious and organised criminal activity

Confluence with serious, organised crime is also a key risk. Not only is land often cleared to make way for the cultivation of drugs, including marijuana, opium and cocaine, but also to build the infrastructure—such as airstrips, makeshift river ports and roads—necessary to transport narcotics through undeveloped areas. An even greater risk to firms, overlapping with commodity production, is that land is cleared to establish ranches, plantations and mines through which illicit proceeds from serious, organised criminal activity—often drug trafficking—are then laundered (think of the so-called “blood avocados” associated with Mexican drug-cartel activities). In Honduras, for example, the land is cleared by narco-traffickers in wetlands and mangrove swamps to produce palm oil to both legalise drug-trafficking income and legitimise the groups’ presence in areas traversed by trafficking routes.

Cattle can also be used to launder the proceeds of illicit activity. Drug traffickers—especially in Colombia, Honduras and Guatemala––are known to launder revenue from drugs by buying or grabbing land, which they convert into pasture for cattle (also purchased with narco-trafficking proceeds). When the cattle are sold, it is difficult to trace profits back to the drug networks, and their illicit proceeds are effectively laundered. This practice, known as narco-ranching, is suspected of contributing up to 87 percent of deforestation in the Maya Biosphere Reserve, a large UNESCO (United Nations Educational, Scientific and Cultural Organization) heritage forested area covering more than two million hectares of rainforest across northern Guatemala and bordering other protected forests in Mexico and Belize.

Accompanying and feeding such laundering activities, transnational organised crime syndicates are rapidly diversifying their income streams across multiple environmental crimes, engaging in wildlife, drug, mineral and timber trafficking simultaneously. These goods often share the same transit routes, trading methods and shipping processes and move through the same geographical hotspots, ports and consolidation hubs. Indeed, criminal groups that previously operated in cities and urban areas and relocated to the Amazon to occupy drug-trafficking routes have since stayed to take advantage of the rainforest’s natural resources, such as gold and timber, which give them an even higher “growth potential”.

Indeed, in 2022, more than 320 illegal gold mines were counted in the nine states that make up Brazil’s Legal Amazon (Amazônia). Major drug-trafficking factions, including the Brazilian Primeiro Comando da Capital (PCC), have infiltrated mining operations in Indigenous territories, running protection rackets, extorting taxes, controlling pits and forging partnerships with gangs in neighbouring Venezuela to sell contraband minerals. In Colombia and Peru—the world’s largest producers of cocaine—the value of illegal gold exports now exceeds that of cocaine; this is perhaps unsurprising, given that gold can fetch almost twice the price of cocaine, ounce for ounce, thanks to a 360-percent increase in its value between 1990 and 2020.

Themis and WWF’s Deforestation and Land Conversion Toolkit

This research, and more, formed the basis of the Themis and WWF-UK (World Wide Fund for Nature-UK) report “Financial Crimes and Land Conversion: Uncovering Risk for Financial Institutions”, which will be published imminently and acts as an introduction to the Deforestation and Land Conversion Toolkit that is being developed to help firms mitigate their risk exposures to deforestation and land-conversion-related financial crimes. The toolkit will be launched later this year and will equip firms to better detect and monitor illicit activities related to land conversion, encompassing typologies, red-flag indicators, governance and risk assessments.

The toolkit is intended to be a highly practical digital resource that firms can incorporate into their existing control and risk frameworks, helping them to mitigate their own risk exposures to the illicit financial flows associated with land conversion and, therefore, ultimately reduce the financing and impacts of this devastatingly harmful activity across the world. The toolkit will be similar in structure to the highly successful Illegal Wildlife Trade Toolkit already developed by Themis with WWF and TRAFFIC (Wildlife Trade Monitoring Network) for the Government of the United Kingdom’s Serious and Organised Crime Strategy.

The digital Deforestation and Land Conversion Toolkit will help firms lessen their risk exposures to a substantial array of financial crimes beyond illegal deforestation and other environmental crimes, such as illegal logging, given the extensive convergence that exists. Understanding their exposures to deforestation and land-conversion activities can help firms map out the risks of related financial-crime activities at various touchpoints in commodity supply chains—for example, corruption, bribery, tax evasion and fraud.

Dickon Johnstone, founder and chief executive officer of Themis, explained, “Without financing or complicity from the banking industry—whether witting or unwitting—environmental criminals and those profiting from financial crimes related to land conversion will be denied vital sources of funding, reducing their ability to undertake such destructive activities at scale.”

To find out more or request a consultation, please visit www.wearethemis.com.

By Olivia Dakeyne, Associate Director of Insight, Themis

February 28, 2024

Themis Recognised as "Best Global AI-Powered Financial Crime Risk Management Platform" at Business Concept's CSR Excellence Awards 2023. 

Themis, a leading provider of anti-financial crime solutions, is thrilled to announce its recent accolade as the "Best Global AI-Powered Financial Crime Risk Management Platform" at Business Concept's CSR Excellence Awards 2023. This prestigious recognition underscores Themis' commitment to innovation, excellence, and corporate social responsibility in the fight against financial crime. 

The harm that financial crime inflicts on businesses, individuals, and society at large is hard to comprehend. Each year, more than a trillion dollars of dirty money passes through the global financial system. This is revenue generated by ‘classic’ financial crime types like cyberfraud and identity theft, but it also includes the massive proceeds of physical criminal industries, such as the drugs trade, human trafficking, illegal deforestation, and many more.

See related article published by The Business Concept here.

Behind all this criminal cash lie real, living victims: retirees whose entire life savings have been stolen by scammers, communities in the Amazon poisoned by pollution from illegal gold mines, children traded and trafficked to be sexually abused by paying customers. These crimes are not unusual – they are horrifically pervasive. Each year, around half of the world’s businesses are the victims of fraud, with the global economy incurring annual costs of over $5 trillion, according to some studies. Far more appalling is the fact that an estimated 10 million people entered slavery between 2016 and 2021. That equates to 5,476 people enslaved every day; 228 people enslaved every hour; almost four enslaved every minute.  

Although these crimes are monstrous, to criminals they are simply effective ways of making money. Yet for crime to be profitable, its perpetrators need to be able to launder the money extracted from their victims through legitimate businesses. This is why fighting financial crime is not merely a key part of businesses’ risk mitigation approach, but is also a major way in which they can have a positive impact on wider society, domestically and internationally. By raising the alert to even one illegal transaction, a business can profoundly change the world for the better.

This is one of the core principles of Themis, and is the reason why the company is so proud to receive a CSR Excellence Award from Business Concept. These awards honour organisations that demonstrate outstanding achievements in corporate social responsibility, sustainability, and ethical business practices.

The desire to deliver social impact by fighting financial crime has driven Themis to develop an award-winning platform, powered by cutting-edge artificial intelligence, which sets a new standard for financial crime risk management. Themis’s anti-financial crime software blends innovation with accessibility and ease-of-use, empowering businesses to mitigate risk, comply with regulations, and protect their customers effectively.

"We are honoured to receive the award for the Best Global AI-Powered Financial Crime Risk Management Platform," said Dickon Johnstone, Founder and CEO of Themis. "This recognition is a testament to our relentless dedication to innovation and our mission to combat financial crime on a global scale. We are grateful for the acknowledgment of our efforts in promoting corporate social responsibility and ethical business practices."

In addition to this esteemed recognition, Themis has been shortlisted for multiple categories at the upcoming UK Fintech Awards 2024, including "Innovator of the Year" and "Best ESG Campaign." The UK Fintech Awards celebrate excellence and innovation in the financial technology sector, highlighting companies that drive positive change and impact within the industry. 

"Being shortlisted for the UK Fintech Awards further validates our commitment to innovation and sustainability," added Nadia O'Shaughnessy, Head of Insight. "We are proud of our team's dedication to pushing the boundaries of technology and advancing ESG initiatives within the fintech space. These nominations reinforce our position as a leader in the fight against financial crime and our ongoing efforts to make a meaningful difference."

Being a B Corp and a leading provider of anti-financial crime solutions, Themis remains dedicated to helping businesses navigate the complex landscape of financial crime risk. Through innovation, insight, intelligence, and insourcing, the company continues to drive positive change and reduce the global impacts of financial crime.

About Themis

Themis aims to reduce the global impacts of financial crime through a powerful combination of Innovation, Insight and Intelligence. Its award-winning AML software helps organisations understand these strategic threats through an ESG and socio-economic lens and protects their customers, staff, suppliers and shareholders from criminal attacks or association.

Themis also conducts proprietary threat-based research and investigations to highlight the latest criminal threats, trends and techniques and uncover potential links to financial crime. Themis has worked with governments, regulators and law enforcement bodies around the world to understand the global flow of illicit finance. Notable examples include multi-year studies on the illegal trafficking of wildlife as well as the trafficking of people, gold and other commodities.

In recognition of Themis’s purpose-driven and ESG approach to addressing the global challenges of financial crime, the company was awarded full B-Corp status in 2022.

We are more than just a platform. We are Themis.

Contact

For more information, visit https://wearethemis.com.

For the press kit and further press articles please visit: https://wearethemis.com/uk/about/in-the-press/

For interviews with our CEO or Head of Insight please contact:

Lizzie Stewart

[email protected]

UK: +44 (0)20 8064 1724

MENA: +971 (0) 58 526 8765

February 28, 2024

Themis continues to lead in applying innovative technology to the fight against financial crime, with the launch of a cutting-edge, AI-powered chatbot integration for its AML/KYC Platform. 

Financial crime is one of the most serious threats to global economies. Around the world, more than a trillion dollars of dirty money are laundered each year to fund criminal organisations and terror networks. The danger of illicit finance, a toxic corrosive on the structure of global peace and security, cannot be overestimated. 

It is clear that tried-and-tested approaches to fighting financial crime are not working. This is all the more true now, as the world steps into the brave new world of artificial intelligence. It should surprise no-one that the sleepless, ceaseless minds of criminals have already embraced AI, twisting its promise to invent new frauds (e.g. deepfake scams) and scale up their existing schemes.  

But AI is also an essential ally in the fight against financial crime, as the latest blog from the Themis Insight team explains. Themis has long recognised the revolutionary potential of AI, using new possibilities offered by the technology to build, and continuously develop, its AML/KYC platform. By combining deep financial crime expertise with ambitious investment in AI technology, Themis has been able to develop a comprehensive, ever-improving anti-financial crime software.  

Yet technology on its own is not enough to solve the problem of financial crime. An essential question is how new technology is applied to meet the needs of those engaged in the fight against illicit finance, whether they be law enforcement bodies or businesses under anti-money laundering obligations. Too often, technological solutions are needlessly hard to use, and the companies that offer them seem to pay little attention to what their customers actually require.  

It is in response to this that Themis is today introducing a state-of-the-art AI chatbot for its financial crime platform, providing instant assistance and personalised support to users - whenever they need it. This marks the latest advance in Themis’s mission to provide top-quality anti-financial crime software and services, accessibly and affordably. 

Key features of the Themis chatbot integration include: 

• 24/7 Availability: The chatbot is accessible round the clock, ensuring that customers can receive assistance at any moment they require, regardless of time zones or business hours. 
• Instant Responses: Equipped with advanced natural language processing capabilities, the chatbot delivers quick and accurate responses to enquiries, significantly reducing response times and enhancing customer satisfaction. 
• Personalised Support: Through machine learning algorithms, the chatbot learns from each interaction, allowing it to provide increasingly personalised assistance tailored to individual customer needs and preferences. 
• Connections to real experts: The chatbot, trained and monitored by financial crime experts, seamlessly links users with ICA-qualified support agents, who can answer any additional queries with expertise gained from years of experience in the compliance industry.  
• Integrated Themis Insight:  Themis’s Insight team provides world-leading research on emerging financial crime threats, as well as AML training and best practice guides. Many of these resources are accessible within the chatbot, putting a wealth of high-quality information at users’ fingertips. 

Commenting on the launch, Themis CEO Dickon Johnstone stated, "In the complex world of financial crime, we are deliberately, disruptively, different.  We are excited to introduce conversational AI into our award-winning digital financial crime platform as part of our ongoing commitment to innovation and customer satisfaction.  By harnessing the power of artificial intelligence, we aim to elevate the customer experience to new heights and set a new standard for excellence in our industry."

“Our chatbot integration underscores Themis's dedication to being a customer-centric, expert-led organisation. We recognise that the market needs not just a technological solution for compliance, but an anti-financial crime partner.” says Lizzie Stewart, Themis Head of Customer Success. 

About Themis 

Themis helps clients identify and manage their specific financial crime risks, through a combination of innovation, insight and intelligence.   

Our cutting edge platform helps organisations understand these strategic threats through an ESG and socio-economic lens and protects their customers, staff, suppliers and shareholders from criminal attacks or association.   

We are more than just a platform.  We are Themis.  

For interviews with our CEO or CTO please contact:  

Lizzie Stewart 

Head of Customer Success, [email protected] 

UK: +44 (0)20 8064 1724 

MENA: +971 (0) 58 526 8765 

January 31, 2024

By Francis Bignell

January 30, 2024

UK-based financial crime platform Themis has announced the expansion of its financial crime risk management cloud service hosted in Saudi Arabia.

As per the information detailed in the press release, the strategic move solidifies Themis’ commitment to providing financial crime prevention solutions to support Saudi Arabia’s evolving financial and regulatory landscape. The service is tailored to meet the demands of the region and focuses on ensuring that customers’ data remains held and processed within Saudi Arabia. By incorporating technology, security measures, and compliance features, Themis’ service aims to improve how organisations manage their financial crime prevention infrastructure.

Themis’ service capabilities and development strategy

According to Themis’ officials, the initiative to expand the company’s financial crime platform to Saudi Arabia supports its commitment to offering the region tools and infrastructure to combat financial crime effectively in line with the Kingdom’s Vision 2030. The introduction of the data centre in Saudi Arabia reflects Themis’ objective to enable businesses globally with solutions that can enhance their ability to detect, prevent, and reduce the global impacts of financial crime.

Some of the Themis’ service features include:
AI-based financial crime prevention technology that provides clients with tools to safeguard their operations;

Security protocols for all industries, with the service employing enhanced security measures, including surveillance and systems that ensure the integrity of data;

Infrastructure that adheres to industry standards and regulations, protecting institutions from the risk of compliance breaches;

Low-latency connectivity through the service’s strategic location that allows firms to access critical data and applications with increased efficiency.

Recently, there has been an expanded drive to mitigate financial crime within Saudi Arabia, with the country making anti-financial crime efforts and launching additional solutions and services as part of the progression towards its Vision 2030 to diversify the economy. Furthermore, the digital transformation currently taking place provides new opportunities for coordination across the public and private sectors to eliminate financial crime. The expansion of Themis into Saudi Arabia solidifies the company’s position and allows its to offer the tools required to minimise financial crime.

Themis’ recent announcements

To support its development strategy, Themis raised GBP 3.1 million in a Pre-Series A funding round and reached a valuation of GBP 15.4 million in January 2023. At that time, the company intended to leverage the funds to enhance and further develop its automated due diligence platform, Themis Search and Monitoring, which was introduced in 2020. Themis’ product enabled users to screen their clients, suppliers, and investors against sanctions watchlists, PEPs, litigation, adverse media, criminal convictions, and corporate registries.

January 30, 2024

January 29, 2024

January 29, 2024

LinkedIn Mention

January 29, 2024

December 14, 2023

Financial crime globally costs around $2.1 trillion, surpassing the annual GDP of major economies like G20 nations.

How important is it to manage your financial crime risk for your business?

Meet Themis, standing out as a trailblazer in democratizing Governance, Risk, and Compliance by fostering seamless collaboration, thus setting a new benchmark for industry collaboration!


ما هي أهمية إدارة مخاطر الجرائم المالية لنجاح عملك؟

تعرّف على ثيميس، الشركة الرائدة في تمكين الحوكمة، وإدارة المخاطر، والامتثال، من خلال تعزيز التعاون السلس، ووضع معايير جديدة للتعاون في هذا المجال

December 13, 2023

On October 17, 2023, Themis, a technology platform that helps its clients manage their financial crime risk exposure, and World Wildlife Fund (WWF) UK, announced that they are working together to produce a Deforestation and Land Conversion-Linked Financial Crimes Toolkit to be launched next year.

As the statement announcing the toolkit explains, deforestation, in particular of tropical forests and ecosystems in the Amazon, the Congo Basin and Southeast Asia, and land conversion, when land is converted from its primary use, such as a forest, savannah or grassland, for agriculture or infrastructure uses, have significant environmental impact globally. Earlier this year, the Grantham Research Institute on Climate Change and the Environment at the London School of Economics estimated that land use change and, in particular, deforestation, may contribute up to 20% of global greenhouse emissions. Forest degradation—in which total forest area remains unchanged but its structure or overall function has been altered—is also problematic. Both deforestation and land conversion can also adversely impact disenfranchised indigenous and local communities more acutely, causing health issues, loss of income, displacement and human rights violations.

As the statement notes, while deforestation and land conversion are often driven by demand for legal, high-value cash crops, including everyday consumables like cocoa, coffee and cattle, as well as resources such as timber, rubber and minerals, the production of these commodities are also susceptible to infiltration by criminal groups. Government corruption, inadequate land protection regulations, or limited regulatory oversight can lead to illegal land conversion, exposing financial institutions in certain regions to the risk of financial crimes related to these commodities. The Toolkit on Deforestation and Land Conversion-Linked Financial Crimes aims to help financial institutions understand and identify these risks, and address and report any transactions that may involve illegal deforestation and land conversion to the authorities.

The Deforestation and Land Conversion Toolkit will be modeled on the Illegal Wildlife Trade (IWT) Toolkit, also produced by Themis and WWF, and will include guidance on a strategic framework and best practices, risk assessment and reporting, as well as general subject matter background. Both toolkits aim to offer a broad view of direct and indirect risks across supply chains.

The first stage of the project is led by UK Finance, a trade association that represents over 300 firms across the UK banking and financial services sector, which is finalizing a research report on deforestation and financial crimes to be shared at COP28 in Dubai. The report will be based on a survey from professionals at financial institutions, in particular, risk and compliance professionals in banks and insurance firms. The finalized deforestation toolkit will be launched at COP29, set to take place in Q3 2024.

Taking the Temperature: While deforestation and land conversion have long been the topic of environmental and social activism, the legal and financial risks associated with directly or indirectly financing or otherwise causing deforestation, whether legal or illegal, are rapidly growing in significance. As we have reported recently, deforestation is increasingly the focus of regulatory, litigation and environmental advocacy attention globally. In June, Brazil announced a package of environmental measures aimed at controlling and eventually halting deforestation by 2030. Outside of this high-risk region and others, regulators are focused on the impact that the industry has on deforestation and environmental degradation. In April, the U.S. Department of Justice formed the Timber Interdiction Membership Board and Enforcement Resource (TIMBER) Working Group to investigate and prosecute the illegal trade of timber around the world and the deforestation that results. And as we covered in June, the European Parliament has adopted amendments to the Corporate Sustainability Due Diligence Regulation requiring large companies operating in the EU to conduct due diligence to identify, prevent, mitigate or end negative impacts on human rights and the environment, including biodiversity loss and environmental degradation. Industry’s role in deforestation has also resulted in litigation. In May, environmental group ClientEarth filed a complaint against Cargill, one of the world’s largest soy and grain traders with the Organization for Economic Cooperation and Development (OECD) over alleged deforestation and related human rights issues in Brazil in violation of the OECD Guidelines for Multinational Enterprises. We also reported earlier this year on a novel arbitration strategy on the part of Azerbaijan, which commenced an action against Armenia under the Bern Convention on the Conservation of European Wildlife and Natural Habitats, the first such interstate arbitration alleging that actions including deforestation have jeopardized more than 500 wildlife species.

Celebrate Themis' Dynamic Participation at ADFinanceWeek (ADFW) in Abu Dhabi!

This week, Themis had the honour of collaborating with the Executive Office of Anti-Money Laundering and Counter Terrorism Financing at ADFW, creating unforgettable moments captured in these pictures.

Anatomy of a Scandal - Inside the Wirecard Investigation with Dan McCrum, brought to you by Themis at ADFW Arena.

Decoding a "Skandal" - Themis CEO Dickon Johnstone in a fireside chat with Dan McCrum and Rachel Pether, CFA, exploring key takeaways from the fraud scandal at ADFW Auditorium.

Risk 4.0: Managing Financial Crime Risks of the Fourth Industrial Revolution - Dickon, alongside Ismaeel Mohammad Beegun, presents a special report in collaboration with ADFW and Abu Dhabi Global Market at ADFW Auditorium.

Download the report here

Themis is honoured to be nominated for BEST KYC SOLUTION at the MENA Fintech Awards, hosted by MENA FINTECH ASSOCIATION.

Acknowledged by Ismaeel Mohammad Beegun, Executive Office of Anti-Money Laundering and Counter Terrorism Financing!

Themis is humbled to receive a special mention from Ismaeel Mohammad Beegun on LinkedIn. 

Acknowledged by Dan McCrum, Financial Times Reporter!

A heartfelt thank you to Dan McCrum for acknowledging our commitment to excellence.

We express our heartfelt gratitude to Chris Hughes, Mohamed Shalo, EMBA, Ismaeel Mohammad Beegun, Patrick Forbes, Zille Rehman, Tim Land, Hub71, and Nameer Khan for your unwavering support throughout this week.

November 30, 2023

Prominent AI institutions in Abu Dhabi came together to explore the city's early commitment to AI

Expanding on the achievements of the largest Fintech Festival in the Middle East and North Africa (MENA) region, hosted by Abu Dhabi Global Market (ADGM), the 7th edition of Fintech Abu Dhabi attracted a remarkable gathering of global financial technology leaders and visionaries. The event brought together individuals at the forefront of innovation from prominent financial institutions, startups, innovators, entrepreneurs, venture capitalists, scientists, and academics, further establishing Abu Dhabi as a progressive hub for innovation and technology.

Read more: ADFW 2023: Navigating Abu Dhabi’s evolving investment landscape at Asset Abu Dhabi

In partnership with Huawei, ADGM’s flagship event, Fintech Abu Dhabi, once again took center stage during Abu Dhabi Finance Week (ADFW) this year. With its core theme of ‘The Convergence of Finance and Technology’, the event commenced with a dynamic discussion on the financial crime economy, bringing together prominent AI institutions in Abu Dhabi to explore the city’s early commitment to AI. The participants also delved into the evolution of the crypto industry. Dr. Alexander Lipton, global head of Research & Development at ADIA, shared valuable insights on how social media is reshaping the global banking landscape, while the CEO of Circle outlined strategies for leveraging digital assets to enhance global financial stability.

Among the other captivating sessions, Financial Times Investigative Reporter Dan McCrum and Themis Founder and CEO Dickon Johnston shed light on the investigation into Wirecard in a session titled ‘Decoding a “Skandal” – Inside Wirecard’s Investigation’, and VaynerX Chairman and CEO Gary Vaynerchuk explored the entrepreneurial mindset in a session titled ‘Finding an Entrepreneurial Mindset’.

November 29, 2023

ABU DHABI, United Arab Emirates, Nov. 29, 2023 /PRNewswire/ — Building upon the successes of MENA’s biggest Fintech Festival presented by Abu Dhabi Global Market (ADGM), the 7^th edition of Fintech Abu Dhabi welcomed an impressive turnout of financial tech leaders and visionaries converging from across the globe today. This included those leading innovation in major financial institutions, startups, innovators, entrepreneurs, venture capitalists, scientists and academics, solidifying Abu Dhabi’s position as a forward-thinking innovation and tech hub.

ADGM’s flagship event, Fintech Abu Dhabi, conducted in partnership with Huawei continued to be a highlight of Abu Dhabi Finance Week (ADFW) this year, focusing on the central theme of the event – ‘The Convergence of Finance and Technology’. The event kicked off with a lively debate on the financial crime economy and brought together prominent AI institutions in Abu Dhabi to discuss the city’s early commitment to AI. Participants also delved into the maturity of the crypto industry. Dr. Alexander Lipton, Global Head of Research & Development at ADIA provided insights on how social media is reshaping the global banking landscape, while the CEO of Circle outlined strategies for harnessing digital assets to enhance global financial stability. Other interesting sessions today included ‘Decoding a “Skandal” – Inside Wirecard’s Investigation discussed by Financial Times Investigative Reporter – Dan McCrum and Themis Founder and CEO – Dickon Johnston and ‘Finding an Entrepreneurial Mindset with VaynerX Chairman and CEO – Gary Vaynerchuk.

One-of-a-kind forums featured during Fintech Abu Dhabi included Blockchain, AI and Risk & Security. Blockchain Abu Dhabi presented in partnership with Circle discussed topics such as the quest to design stability for digital money, digital currencies of Central Banks improving digital asset infrastructure and the overall impact of blockchain and Web3 on the financial industry. AI Abu Dhabi was conducted in collaboration with Mastercard while Risk 4.0 was conducted in association with the Executive Council for Anti-Money Laundering and Counter Terrorism Financing.

During the event, ADGM – in collaboration with its partners, unveiled initiatives to redefine regulatory practices. The Financial Services Regulatory Authority (FSRA) outlined its “Regulation as a Service” strategy through its Digital Lab, aimed at co-creating innovative solutions for the licensing and supervision of firms. Noteworthy collaborations of the FSRA with the National University of Singapore announced aims to develop an AI-powered assessment tool for virtual asset service providers seeking licensing in ADGM.

In its efforts for continuous improvement, the FSRA announced soliciting feedback on a discussion paper related to information technology (IT) risk management to enhance firms’ operational resilience. Furthermore, fostering innovation in Decentralised Finance (DeFi), the FSRA unveiled a collaboration with Coinbase Asset Management and Neoply and also nudged towards a DeFi consultation paper slated for publication in 2024, alongside enhancements to the existing regulatory framework.

Linda Fitz-Alan Registrar and Chief Executive at ADGM Courtssaid, “In its staggering 7th edition, Fintech Abu Dhabi started as a pioneer, awakening our imagination, guiding the disruption of our norms and making innovation our constant. This is no longer an annual event; this is a pivotal marker to test the temperature and tap into the thoughts of global leaders in financial technology. The insightful discussions at Fintech Abu Dhabi do not just shape the future of the fintech landscape, but also create its landscape while opening our minds to the endless possibilities for the future of the financial sector.”

Furthermore, major announcements by global companies such as GQG Partners (GQG) an independent asset management firm with more than USD 100 billion in AUM and Offset8, a proprietary asset management firm specialising in the global verified carbon credits (VCC) market announced receiving an In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of the ADGM. IOTA, the open public goods infrastructure ushering in digital asset innovation, announced its registration as the first company to be registered under the DLT Foundations Regulations of ADGM.

MEVCA and New York and Singapore headquartered-GPCA announced a partnership that will see GPCA establish a permanent presence in the Middle East, with the support of MEVCA.

The Global Financial Regulators Summit, a closed-door gathering of key global financial regulatory leaders was conducted parallel to Fintech Abu Dhabi and discussed the role regulators play in shaping the sustainable finance landscape of the future. The outcomes of the summit will be announced tomorrow during the R.A.C.E (Regulation, Awareness, Collaboration & Ecosystem) Sustainability Summit.

ABU DHABI, 24th November, 2023 (WAM) -- In partnership with the UAE’s Executive Office of Anti-Money Laundering and Counter Terrorism Financing (EO AML/CTF) and Abu Dhabi Global Market (ADGM), Themis, an ADGM-, DIFC- and UK-registered business utilises innovation and intelligence to reduce the global impacts of financial crime, announced the publication of a seminal new research report to coincide with this year’s Abu Dhabi Finance Week (ADFW).

This report, entitled ‘Risk 4.0: Managing the Financial Crime Risks of the Fourth Industrial Revolution’, provides a deep-dive analysis of the emerging impacts of next-generation technology on financial crime risk. It explores how criminals are exploiting generative AI chatbots, synthetic identities, decentralised finance services and other evolving tech trends, whilst also shedding light on how innovation can be used to outsmart criminals at their own game.

The report will be presented during the Risk 4.0 session of ADFW on 29th November by representatives from Themis and the EO AML/CTF. A collaboration between Themis, the EO AML/CTF and ADFW, it provides a range of recommendations to help both public and private sector stakeholders deploy next-generation technologies for good, whilst mitigating associated risks. In this way, the research feeds into strategic anti-financial crime work being undertaken across the MENA region and beyond.

“As the pace and complexity of the financial system continues to increase, the effectiveness of global financial crime efforts will be contingent on the readiness of governments and the private sector to innovate in a strategic and coordinated manner. The UAE has embraced a technologically advanced future across all parts of the national AML/CFT system in order to mitigate financial crime risks associated with new technologies. The publication of this important White Paper at Abu Dhabi Finance Week 2023 is an exemplary example of information sharing that will bring ADFW participants and industry professionals more widely up to date with the latest developments,” said Mohamed Shalo, Director of Communications and Strategic Partnerships at the EO AML/CTF.

“2024 is set to be a major inflection point for technology and its impact on the fight against financial crime globally. Criminals are constantly leveraging innovation to conduct their illicit activities in new ways that are harder to spot. At the same time though, we’ve seen first-hand at Themis the tremendously positive role that technology can play in anti-financial crime efforts. It allows us to connect dots in new ways, helping expose hidden connections and links to illicit activity, and providing us with the tools to stop criminals in their tracks. There is no better opportunity to foster innovation in this area than at ADFW, which brings together industry leaders from across the world on this very topic," said Dickon Johnstone, CEO of Themis.

Themis is an ADGM-, DIFC- and UK-registered business that aims to reduce the global impacts of financial crime through a powerful combination of innovation, insight and intelligence. Its award-winning anti-money laundering software, Themis Search Monitoring, helps organisations understand financial crime threats through an ESG and socio-economic lens, so that they can better protect their customers, staff, suppliers and shareholders from criminal attacks or association.

Themis also conducts proprietary threat-based research and investigations to highlight the latest financial crime threats, trends, and techniques. Themis has worked with governments, regulators and law enforcement bodies around the world to understand the global flow of illicit finance. Notable examples include multi-year studies on the illegal trafficking of wildlife as well as people, gold and other commodities. In recognition of Themis’ purpose-driven and ESG approach to addressing the global challenges of financial crime, the company was awarded full B-Corp status in 2022.

توفر مجموعة الأدوات مورداً قيماً للمؤسسات المالية وتساعدها في مواجهة المعاملات المشبوهة المتعلقة بالاتجار غير المشروع بالأحياء البرية والإبلاغ عنها

The Toolkit provides a valuable resource for financial institutions to help them address and report suspicious transactions relating to IWT.

ABU DHABI, 24th November, 2023 (WAM) -- The Executive Office of Anti-Money Laundering and Counter Terrorism Financing (EO AML/CTF) has announced its theme sponsorship for the Abu Dhabi Finance Week (ADFW) ‘Risk 4.0’ programme. The event takes place on 29th November at Abu Dhabi Global Market (ADGM).

Abu Dhabi Finance Week is held this year under the patronage of H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, and Chairman of the Executive Council. It is widely acknowledged to be the most influential finance, investment, and economic event in the MENA region.

This year’s edition builds on the success of its inaugural event in 2022, which saw participation from over 8,000 individuals representing more than 100 countries.

The Risk 4.0 programme has been introduced to the 2023 ADFW agenda to focus on the increased financial integrity risks such as money laundering, fraud, corruption, technological vulnerabilities, and regulatory scrutiny. It will be held mostly in the ADGM Auditorium, with several sessions featured on the main stage.

The agenda will cover some of the most debated issues in anti-money laundering and counter-terrorism financing today.

Panel sessions will feature leading figures from international organisations on the frontline in the fight against financial crime alongside leaders from across the private and governmental sectors.
Hamid AlZaabi, Director-General of the EO AML/CTF, welcomed the sponsorship of the Risk 4.0 programme, and said the platform makes an important contribution to the global debate of the biggest financial integrity risks facing corporates and governments today.

He explained, “It gives me great pleasure to announce the EO AML/CTF sponsorship of ADFW Risk 4.0. This year’s theme of ‘Investing in the transition era’ shines a light on the emerging risks posed not only to governments and corporates, but also to the integrity of the global financial system.

ADFW participants will hear from some of the leading figures in industries on the front line in the effort to combat money laundering, fraud, corruption and other crimes that cause damage to our economies and societies. I am particularly pleased that the agenda features experts who have been involved in the UAE’s fight against financial crime, and who will share our experience with partners and stakeholders from around the world.”

Commenting on EO AML/CTF’s sponsorship at Risk 4.0, Emmanuel Givanakis, CEO of the Financial Services Regulatory Authority (FSRA) of ADGM) said, “We welcome the Executive Office of Anti-Money Laundering and Counter Terrorism Financing as theme partners of Risk 4.0. Financial integrity is important to promote sound practices in any financial centre.

The measures to prevent financial crime, money laundering and fraud are key to economic growth and stability. ADGM's commitment to addressing AML and CTF risks aligns with our role as a responsible International Financial Centre and reinforces its dedication to align with international standards and the global financial community. Through ADFW’s strategic platform, we aim to highlight several topics that address and confer issues and solutions.”

Risk 4.0 will open with a keynote by Hamid AlZaabi on recent developments in the world of financial crimes and the initiatives undertaken by UAE to combat money laundering activities. The agenda includes four panel sessions with thought leaders in their respective fields, in addition to special presentations and fireside chats with Rachel Pether of Fintech TV at Emcee.

Celebrated investigative journalist Dan McCrum will share key takeaways from the Wirecard scandal and draw on his personal experiences to offer analysis on the world of financial fraud.

The EO AML/CTF, ADFW and financial crime consultancy Themis will publish a collaborative whitepaper online assessing the financial crime risk outlook for 2023, and the initiatives taken to mitigate the most concerning issues. The white paper will be presented as part of the agenda by Dickon Johnstone, Founder and CEO of Themis.

Rachel Pether and Dickon Johnstone, Founder and CEO of Themis discuss how the company is aiding in the fight against digital financial crime and environmental crime. They also have a chat on the links between environmental and financial crime and how businesses can build long-term sustainable ventures.

Behind much of the environmental destruction and climate change that the ESG agenda seeks to combat lies a highly profitable underground economy that the Financial Action Task Force (FATF) estimates is worth $110 bn – 281 bn every year. Yet financial crime related to environmental and social issues is under-reported and its significance underestimated.

Arab Banker asked Elizabeth Humphrey, a financial crime researcher at Themis, a specialist anti-financial crime platform, to explain the connection between environmental damage, climate change, and financial crime.

Small-scale gold producers in East Africa are dependent on informal or criminal pre-financing structures, with illicit gold likely ending up in international trading markets, researchers warn.

Treasury Investigates Banks Over Closure of Accounts Based on Political Views: A recent investigation by the Treasury reveals that several banks are being probed for closing accounts due to their customers' political beliefs.

Banks are legally obligated to screen high-risk clients against sanctions lists and Politically Exposed Persons (PEP) databases to prevent corruption and financial crime. However, concerns arise when banks apply these strict measures to low-risk customers or use them to scan for unfavourable political opinions.

The process, known as 'adverse media' screening, involves searching for adverse terms associated with the customer's name, leading to automated alerts. The issue gains attention as prominent figures like Nigel Farage claim that banks refused their custom based on subjective interpretations of adverse media.

While adverse media searches are crucial for detecting financial crime, using them to assess customers' political alignment poses challenges and potential consequences for the banking industry.

We are delighted to announce that Themis has been named a 2022 Best for the World™ B Corp™ in recognition of exceptional positive impact on its Governance.

Best for the World is a distinction granted by B Lab to Certified B Corporations (B Corps) whose verified B Impact Scores in the five impact areas evaluated in the B Impact Assessment — community, customers, environment, governance, and workers — rank in the top 5% of all B Corps in their corresponding size group.

Dr Roger Koranteng, adviser and Head, Public Sector Governance, at the Commonwealth Secretariat received the International Anti-Corruption Excellence Award at the Themis Awards.

The Themis Anti Financial Crime Awards recognise those who are going above and beyond on their work combatting financial crime across the world.

Dr Koranteng was recognised for his work spanning over 27 years where he has promoted and championed anti-corruption and financial crime work in the Commonwealth member countries as well as non-Commonwealth member states.

Themis offers an innovative approach that helps clients identify and protect against financial crime risks. The company’s award-winning technology platform Themis Search & Monitoring enables seamless due diligence, allowing clients to search for any individual or company anywhere in the world to see if they have potential links to criminality.

Dr Roger Koranteng, adviser and Head, Public Sector Governance, at the Commonwealth Secretariat received the International Anti-Corruption Excellence Award at the Themis Awards.

The Themis Anti Financial Crime Awards recognise those who are going above and beyond on their work combatting financial crime across the world.

Dr Koranteng was recognised for his work spanning over 27 years where he has promoted and championed anti-corruption and financial crime work in the Commonwealth member countries as well as non-Commonwealth member states.

• Financial It
• Insurance Business UK
• Mondo Visione
• Mortgage Introducer
• Fintech Futures
• Fintech Intel

UK-based financial crime platform Themis has raised £3.1 million in a Pre-Series A funding round and has reached a valuation of GBP 15.4 million.

The company plans to use the funds to improve and further develop its automated due diligence platform, Themis Search and Monitoring, which was launched in 2020. This product allows users to screen their clients, suppliers, and investors against sanctions watchlists, PEPs, litigation, adverse media, criminal convictions and corporate registries. It also offers 24-hour ongoing monitoring of legal entities and individuals.

• The Paypers
• Finextra
• A-team Insight
• Uk Tech Investment News
• Fintech Intel

Themis uses artificial intelligence and machine learning to detect potential links to financial crime.

Founded in 2018, Themis reported a 57% growth in revenues in 2022 compared to the previous year.

After the latest round of funding, the UK-based company is now valued at £15.4m. It comes on the back of a £1.67m seed round in 2021.

Digital financial crime platform Themis has successfully overfunded in its latest Pre-Series A funding round, raising a total of £3.1m.

This comes on the back of a successful seed round of £1.67m in 2021. The company is currently valued at £15.4m and is forecasting a robust growth “as governments and regulators around the world crack down on AML failings and more and more companies recognise the importance of conducting comprehensive due diligence on their clients, suppliers and third parties.”

BREAKING MARKET & INDUSTRY NEWS

Themis announced a $3.8M pre-Series A round.

Congratulations to Dickon Johnstone and team.

Themis, provider of a digital financial crime platform, has secured £3.1 million in its latest Pre-Series A funding. The London-based company raised £1.7 million in a seed round in 2021, and will use the funds to continue development of its automated due diligence platform, Themis Search and Monitoring, that was released in 2020.

Digital financial crime platform Themis has successfully overfunded in its latest pre-Series A funding round, raising a total of £3.1million. The company is currently valued at £15.4million and is forecasting a robust growth.

Digital financial crime platform Themis has successfully overfunded in its latest Pre-Series A funding round, raising a total of £3.1m.

This comes on the back of a successful seed round of £1.67m in 2021. The company is currently valued at £15.4m and is forecasting a robust growth “as governments and regulators around the world crack down on AML failings and more and more companies recognise the importance of conducting comprehensive due diligence on their clients, suppliers and third parties.”

Themis reported a 57% growth in revenues in 2022 from the previous year.

Themis, a digital financial crime platform, has scored £3.1m in its latest pre-Series A funding round.

Themis is currently valued at £15.4m and reported a 57% growth in revenues in 2022 from the previous year.

Themis uses advanced AI and ML technology, powered by threat-based data, research and intelligence to detect potential links to financial crime.

Award-winning digital financial crime platform Themis announces today that it has successfully overfunded in its latest Pre-Series A funding round, raising a total of £3.1m.

This comes on the back of a successful seed round of £1.67m in 2021. The company is currently valued at £15.4m and is forecasting a robust growth as governments and regulators around the world crack down on AML failings and more and more companies recognise the importance of conducting comprehensive due diligence on their clients, suppliers and third parties. Themis reported a 57% growth in revenues in 2022 from the previous year.

ABA Corporate Member, Themis, has produced a useful briefing note on Trust and Company Service Providers (TCSPs) in the MENA region and how TCSPs can be used for illicit purposes.

Themis says that the MENA region faces significant financial crime risks related to the absue of TCSPs. This is partly due to many countries in the region having under-regulated TCSPs, but also to many countries having gaps in regulations related to beneficial ownership transparency.

A brief overview of increasing serious organised criminal involvement with modern slavery and human trafficking.

Our CFO, James Wightman, participates in a discussion with Brandy Scott & Richard Dean at Dubai Eye 103.8 radio show relating to the recent FTX scandal as well as how our AI due diligence technology platform is changing the way companies perform due diligence.

Full video available through the link below (Fast forward to 53 minutes on the show)

Check out Dubai Eye On One.

Day Two at ADFinanceWeek (ADFW) is officially in the books!

Today we had the chance to hear from numerous leading experts in the tech field while some of our startups discussed the latest updates in the Crypto World and the digital currency markets. They also explored why startups thrive in the MENA region, how to empower talented and skilled women in tech and what solutions are enabled by the revolutionary innovation of HealthTech.

Start-up Campus at Capital Square is an ambitious, entrepreneurial platform coming to you from 15 to 17 November.

ADFW's Start-up Campus will gather and exhibit 100+ start-ups, serving as the optimal platform for new solutions, enterprising investors, broader horizons and budding talents. In partnership with Hub71, the Start-up Campus is one of the many social networking events at Capital Square, open to all ADFW attendees.

مقتطفات من اليوم الثاني لمشاركة #سوق_أبوظبي_للأوراق_المالية كشريك رسمي في #اسبوع_أبوظبي_المالي

Highlights from Day 2 of ADX's participation as an official partner during #AbuDhabiFinanceWeek.

The event took place on Tuesday 27th September in London to a crowd of over 400 delegates and included a keynote speech from Lord Chris Patten, two panel sessions featuring UK-based private wealth specialists, and an endnote fireside chat with retail expert Mary Portas.

Be honest. Do you consider ESG (environmental, social and corporate governance) indicators and AML (anti-money laundering) compliance slightly tiresome but necessary processes to avoid regulatory fines or the reputational risk of being labelled non-compliant? Of course, these are important considerations for the health of a business, and it is crucial to satisfy regulatory requirements. But it’s also so, so important to remember the underlying reason why such regulations have been put in place. They are there to tackle the enduring, devastating impacts that illicit activity can have on the planet and its people—on the macro-ecosystem rather than just the micro-ecosystem of your company.

GTInterviews is a series of conversations with our community of industry experts - from our network partners and clients through to our own team. We discuss what brings people to the world of due diligence and investigations and how they see the industry changing in the coming years. This month we chatted with Henry Williams, Head of Investigations at Themis.

Banks in South Africa are likely to face difficulties, as well as higher costs, doing cross-border business and attracting foreign investment should the country fail to meet international anti-money laundering benchmarks.

Banks caught up in money laundering scandals suffer an average 21% slump in their share price, researchers say, as warnings grow over regulatory scrutiny of the trade finance sector.

Themis has been certified by B Lab, the not-for-profit behind the B Corp movement, as having met rigorous social and environmental standards which represent its commitment to goals outside of shareholder profit.

The ongoing Russian invasion of Ukraine has led to an unprecedented international response, including the sanctioning of Russian entities and individuals in a bid to weaken the Putin regime. The speed, scope, and complexity of these sanctions pose a significant challenge to businesses and organisations as they attempt to successfully navigate compliance obligations.

ESG Investor’s weekly round-up of news on technology and tools in the sustainable investing sector, including Impact Cubed, NatureAlpha, Sylvera, Carbon Trust, Themis, Manifest Climate and AirCarbon Exchange.

The UK Independent Anti-Slavery Commissioner, Dame Sara Thornton, the UK National Modern Slavery Training Delivery Group, and Themis, with further support from other companies, have launched an anti-slavery digital learning service for financial actors across 10 of the industry’s sub sectors including retail banking, corporate banking, investment, insurance, accountancy, and crypto. It is accredited by the London Institute of Banking and Finance.

A ground-breaking new anti-slavery digital learning for the financial services industry has been launched this week. This free to use training is available to all and provides interactive, engaging guidance for financial actors across ten industry sub sectors including retail banking, corporate banking, investment, insurance, accountancy, and crypto.

This training has been developed in partnership with the IASC, the UK National Modern Slavery Training Delivery Group, and Themis, with support from Unseen, RedCompass Labs and AllianceBernstein. It is accredited by the London Institute of Banking and Finance.

The free to use training provides guidance for financial actors across ten industry sub sectors including retail and corporate banking, investment, insurance, and accountancy.

This training has been developed in partnership with the UK Independent Anti-Slavery Commissioner, Dame Sara Thornton, the UK National Modern Slavery Training Delivery Group, and Themis, with support from Unseen, RedCompass Labs and AllianceBernstein. It is accredited by the London Institute of Banking and Finance.

Modern slavery is estimated to generate over $150 billion in profits annually and is one of the top three international crimes alongside drug trafficking and trade in counterfeit goods.

There are well over 40 million people in slavery around the world, while an estimated 130,000 people are exploited in the UK through forced labour, criminal exploitation and other forms of slavery. The recent economic hardship resulting from Covid-19 restrictions is likely to increase vulnerability to exploitation, and conflict - including the war in Ukraine - is generating hundreds of thousands of potential victims of trafficking and exploitation. It is more important than ever that businesses consider the ways in which they might unwittingly be linked to modern slavery.

The toolkit will help law enforcement and financial institutions such as banks and mobile money service providers to detect and share information with other countries in an effort to address suspicious transactions relating to trafficking in wildlife.

The hybrid work environment looks like it’s here to stay, and it continues to be a breeding ground for a dramatic increase in insider fraud. That’s one of the key takeaways from the joint Themis-Bottomline survey report, “Insider Fraud in Banks: The Post-COVID Threat Landscape,” which found that 75 percent of banks perceived an increase in insider fraud risks since the start of the pandemic. The issue is compounded by the finding that 50 percent of survey respondents identified insufficient technology tools as a major obstacle to detecting fraud and collusion.

The government of the UAE has worked with the UK government to launch a toolkit to support financial institutions in tackling illicit financial flows in Illegal Wildlife Trade (IWT).

Tourism and Wildlife CS Najib Balala hosted United Kingdom's minister for the Pacific Int'l Environment, Climate and Animal welfare, Lord Zac Goldsmith at Nairobi National Park to celebrate World Wildlife Day.

Financial institutions worldwide are urged to adopt the toolkit; share it with colleagues, peers and industry partners; and take action to stamp out IWT. The UK and UAE governments have jointly launched a new, freely accessible toolkit to support financial institutions in tackling illicit money flows associated with IWT (illegal wildlife trade).

UK and UAE governments launch new toolkit to support financial institutions in tackling illicit money flows associated with illegal wildlife trade at Expo Dubai on 3rd March to coincide with UN World Wildlife Day.

It has been two years since Covid-19 struck and today, certain aspects of the pandemic-defined world are emerging as a daily reality that will remain in place even after restrictions are lifted, presenting a new normality of sorts.

The coronavirus took over the world over two years ago, yet there are specific features of the world which have been implemented, as a consequence, these features are have been established as an everyday occurrence that is going to last even after the current limitations ease, thus, creating a revamped norm.

The UAE AML/CFT Public Private Partnership Committee (PPPC) concluded its fourth meeting, which included presentations from the Federal Customs Authority and SOCNet, a division within the UK’s Foreign, Commonwealth and Development Office and Home Office, which aims to develop international partnerships to tackle serious and organised crime.

This week’s Roundtable on Trafficking in Human Beings and the Financial Sector, jointly organized by the OSCE, IASC and the FAST, brought together financial institutions, financial intelligence units, and anti-trafficking coordinators from twelve countries to discuss the importance of detecting and disrupting illicit financial flows generated from trafficking in human beings within legitimate financial networks.

The MENA Financial Crime Compliance Group (MENA FCCG) has created a European Chapter to lead and coordinate the efforts of Middle East banks to fight financial crime in Europe.

Abu Dhabi: In partnership with the UAE’s Executive Office of Anti-Money Laundering and Counter Terrorism Financing (EO AMLCTF) and Abu Dhabi Global Market (ADGM), Themis is pleased to announce the publication of a seminal new research report to coincide with this year’s Abu Dhabi Finance Week (ADFW). 
 
This report, entitled ‘Risk 4.0: Managing the Financial Crime Risks of the Fourth Industrial Revolution’, provides a deep-dive analysis of the emerging impacts of next generation technology on financial crime risk. It explores how criminals are exploiting generative AI chatbots, synthetic identities, decentralised finance services and other evolving tech trends, whilst also shedding light on how innovation can be used to outsmart criminals at their own game.
 
The report will be presented during the Risk 4.0 session of ADFW on 29 November by representatives from Themis and the EO AMLCTF. A collaboration between Themis, the EO AMLCTF and ADFW, it provides a range of recommendations to help both public and private sector stakeholders deploy next generation technologies for good, whilst mitigating associated risks. In this way, the research feeds into strategic anti-financial crime work being undertaken across the MENA region and beyond.
 
“As the pace and complexity of the financial system continues to increase, the effectiveness of global financial crime efforts will be contingent on the readiness of governments and the private sector to innovate in a strategic and coordinated manner. The UAE has embraced a technologically-advanced future across all parts of the national AML/CFT system in order to mitigate financial crimes risks associated with new technologies. The publication of this important White Paper at Abu Dhabi Finance Week 2023 is an exemplary example of information sharing that will bring ADFW participants and industry professionals more widely up to date with the latest developments”, said Mohamed Shalo, Director of Communications and Strategic Partnerships at the EO AMLCTF.
 
“2024 is set to be a major inflection point for technology and its impact on the fight against financial crime globally. Criminals are constantly leveraging innovation to conduct their illicit activities in new ways that are harder to spot. At the same time though, we’ve seen first-hand at Themis the tremendously positive role that technology can play anti-financial crime efforts. It allows us to connect dots in new ways, helping expose hidden connections and links to illicit activity, and providing us with the tools to stop criminals in their tracks. There is no better opportunity to foster innovation in this area than at ADFW, which brings together industry leaders from across the world on this very topic”, said Dickon Johnstone, CEO of Themis.
 
About Themis
 
Themis is an ADGM, DIFC and UK registered business that aims to reduce the global impacts of financial crime through a powerful combination of Innovation, Insight and Intelligence. Its award-winning anti-money laundering software, Themis Search & Monitoring, helps organisations understand financial crime threats through an ESG and socio-economic lens, so that they can better protect their customers, staff, suppliers and shareholders from criminal attacks or association. Themis believes technology and innovation can fundamentally change the way society approaches financial crime and aims to normalise due diligence through tech so that screening for financial crime risks becomes a habitual part of everyday life.
 
Themis also conducts proprietary threat-based research and investigations to highlight the latest financial crime threats, trends, and techniques. Themis has worked with governments, regulators and law enforcement bodies around the world to understand the global flow of illicit finance. Notable examples include multi-year studies on the illegal trafficking of wildlife as well as people, gold and other commodities. In recognition of Themis’ purpose-driven and ESG approach to addressing the global challenges of financial crime, the company was awarded full B-Corp status in 2022.

For more information about the research or to set up a meeting with Themis during ADFW, please contact: Nadia O’Shaughnessy, Head of Insight, Themis ([email protected]) or Sandeep Sroa, Head of Business Development & MLRO, Themis MENA ([email protected]).

Financial crime has cost businesses over £1million in a year said nearly a third of respondents in a recent white paper published by Themis and Encompass Corporation. The Know Your Customer (KYC) and Anti-Money Laundering (AML) software provider’s white paper titled ‘Financial Crime Compliance: The Cost of Getting it Wrong’ delved into the price that was paid for not adhering to financial crime compliance and where the biggest losses were found.

The role of the financial sector in eradicating modern slavery: CEOs respond to the Independent Anti-Slavery Commissioner following the launch of a Themis report released earlier this year.

In an article written for the newly released Autumn 2021 edition of the Arab Banker Magazine, Themis describe how regulatory tolerance for bad compliance has been changing, and what bank managers should be doing to ensure that they – and the banks they manage – meet increasingly stringent expectations of regulators and society as a whole. See Page 58.

Financial crime and regulatory scrutiny to grow across the industry. Along with financial crime specialist Themis, Fiserv published the paper ‘Financial crime risks in investment management’ earlier this year. Co-author of the paper Andrew Davies, Vice President of Global Market Strategy, Fiserv, speaks to Wealth Adviser on the current risks threatening firms and the challenges and opportunities that investment managers face in terms of financial crime compliance.

Managers must count the true costs of financial crime, says Themis Insight. What’s the true cost of financial crime? That’s the question addressed by consulting firm Themis Insight in a new briefing note on how to tackle the problems of crime in the finance sector, and financial crimes in all types of business.

August Big Read: The Dark Side Of The Dark Web. Sometimes explainers are necessary to describe terms that crop up but which few may fully understand. One is "the dark web." Financial crimes consultancy Themis takes a deep dive into the covert marketplace, following the influence of cryptocurrencies and how crime is being tackled there.

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