Insights from Chartis’ first “Financial Crime and Compliance50” 2024 report

Chartis Research, the risk, compliance and financial technology analyst company, has just published its inaugural Financial Crime and Compliance50 (FCC50) ranking. This is the first time their experts have ranked and recognised the top 50 vendors in the FinCrime and compliance space. In doing so, Eastnets is among the top third of businesses in 14th place, being praised for advancing compliance solutions in the financial industry.  

“Eastnets is embedded into the anti-FinCrime and payments areas with a range of top-grade solutions that span the ecosystem. In addition, with a highly flexible and scalable solution, the company is also rapidly making its presence felt in trade-based FinCrime compliance,” said Nick Vitchev, Research Director at Chartis. 

Deya Innab, Deputy CEO of Eastnets, reflected on this achievement: “Our recognition as one of the top financial crime and compliance solutions worldwide highlights our commitment to a future where financial transactions are safer and compliance is seamlessly integrated into the fabric of financial services.” 

The Chartis FCC50 examines the breadth and innovation within the compliance-led financial crime management sector. It encompasses key areas such as Anti-money Laundering (AML), sanctions and Politically Exposed Person (PEP) screening, Know Your Customer (KYC) systems, and the management of financial crime-related data. Compiled with an eye on diversity and innovation, the ranking aims to spotlight vendors that excel across these disciplines, reflecting the global and varied nature of the market. 

To accompany the rankings, Chartis has also published an in-depth report highlighting some of the major trends in a sector grappling with challenges not just of complexity but of scale. Technological advancements, increasing regulatory demands and sophisticated financial crimes, which cost the global economy over $1.4 trillion annually, are placing immense pressure on financial institutions to adapt and respond effectively. 

We’ve created a quick digest of the report’s main findings, as seen below. If you’d like to read the full document and see how Eastnets fits into the ranking, click here.  

Integration of advanced technologies 

Technological advancements, particularly in artificial intelligence (AI) and machine learning (ML), are at the heart of how financial institutions combat financial crime. Eastnets leads this trend with solutions that are designed to meet today’s regulatory challenges and adapt to future needs. The expected growth of the financial crime and compliance market to $25.6 billion by 2024 highlights the vital role of such technologies in the industry’s future. 

Collaboration towards financial security 

The fight against financial crime is increasingly collaborative, involving partnerships across financial institutions, technology providers and regulatory bodies. This approach is essential in creating a secure financial ecosystem. Eastnets is at the heart of this movement. Our position in the industry enables us to encourage cooperation, offering customers a network of support and innovation that extends beyond our direct services. 

Shift towards proactive compliance 

The industry is moving from reactive to proactive compliance, focusing on anticipation and prevention rather than response. This approach is especially needed because of the increasingly complex regulatory landscape that now includes managing third-party risks, cross-border regulatory challenges and data privacy. Our solutions are developed with this mind shift, equipped with predictive capabilities that help financial institutions foresee and mitigate risks before they materialise. 

The path forward 

The fight against financial crime is ongoing, but with continued innovation, collaboration and commitment, we are making strides towards a more secure and compliant financial ecosystem. At Eastnets, we are deeply involved in this ongoing transformation. We aim to provide a solid foundation for financial institutions to build a secure and compliant future.  

Explore Eastnets’ Financial Crime Hub 

Discover how Eastnets can fortify your financial defences by visiting our product pages and seeing these tools in action: 

• Eastnets SafeWatch Screening: Experience the world’s most sophisticated AntiMoney Laundering and AntiTerrorist Financing solution. Real-time screening capabilities centralised through a single detection point streamline your operations and enhance responsiveness. Robust reporting and archiving functionalities meet all regulatory and audit demands efficiently. 
• Eastnets SafeWatch AML: Detect and block money laundering and suspicious activities swiftly with next-level behavioural monitoring. Enjoy real-time and offline protection with Eastnets SafeWatch Monitoring’s always-on systems. Gain insights with intuitive data analytics and a user-friendly interface that consolidates multiple information streams into a single, coherent resource. 
• Eastnets SafeWatch KYC: Transform your customer due diligence processes. Eastnets SafeWatch KYC provides dynamic scoring methodologies that evaluate risk continuously, ensuring a seamless customer onboarding and due diligence experience. This solution helps you know your customers like never before, organising and storing critical data efficiently to ensure comprehensive oversight and regulatory compliance. 
• Eastnets PaymentGuard: A robust, real-time and multi-channel fraud prevention solution. AI-driven fraud prevention dynamically detects and stops fraudulent payments by analysing a wealth of past data, including transactions, device information and geolocations. This modelling of existing and emerging patterns predicts trends as they occur and generates instant alerts, processed through a sophisticated-yet-simple case manager. 
• Eastnets SafeTrade: An integrated Trade-Based Financial Crime monitoring solution. SafeTrade mitigates risks in international trade through continuous compliance screening, effortlessly aligning with international and national regulatory standards. It regularly updates with the latest, most relevant compliance data, tracks complex trading patterns and includes vessel monitoring to enhance trade finance transaction security.