The firm uses mathematics and fingerprint technology to help tackle the chore of AML checks, a task costing firms hundreds of millions a year.

Israel-based fintech FinCom.Co has launched services in the UK to improve how financial businesses and other firms comply with laws to fight money laundering.

The firm's proprietary AML platform uses mathematics and fingerprint technology to help check that clients are who they say they are and comply with laws in real time - saving businesses millions of pounds in delays and mistakes.

“Small- [and] medium- banks spend over $100 million annually to fight AML, which in turn costs the consumer. Our solution is fast, accurate and efficiently minimises the risk businesses face,” Gideon Drori, chief executive and co-founder of FinCom.Co, said.

“The need for such solutions is key for businesses to remain compliant with current and future AML directives which can see individuals within organisations prosecuted for any wrongdoings," Drori said.

The firm said that its fingerprinting technnology can cut false-positive results by over 90 per cent. It can also search records in more than 25 languages. By converting names and other records such as country of origin and date of birth into mathematical sequences, the platform compares results with records across a host of sanction and blacklist databases, including OFAC (US) and HMT (UK).

FinCom.Co cited figures from the Financial Action Task Force, a global club of major nations fighting dirty money, that show that money laundering activities can cost the global economy between $590 billion and $1.5 trillion.

The issue of "false positives" when wealth managers check backgrounds on clients is a major headache and tech firms seek to ease the pain by how data is handled. To see an analysis several years ago about this, click here.