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Why BerFin

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BerFin was created from the motivation to address one of the largest threats to today’s society, Financial Crime. We intend to address this threat with innovative and effective solutions and offer these services to you.

We have worked within the Financial sector in various Anti-Financial Crime roles and seen programs in various stages. Our practical and innovative approach to this topic will allow you to not only solve your problems with Financial Crime but at the same time build a foundation that is equipped to handle the ever changing landscape of crime.

We at BerFin believe that Financial Crime is one of the largest threats to today’s society, unknowingly and knowingly. According to the UNODC about 2-5% of the total world’s GDP is laundered each year through various means. In Germany alone the amount of suspicious activity reports filed to the local FIU have increased tenfold over the last years and we assume here a further increase in the coming years.

We believe that fighting Financial Crime of all sorts needs to be targeted by using innovative solutions which focus on effectiveness and not compliance. Being compliant more than often does not uncover and detect your criminal networks. For this you will need to go beyond regulation and use advanced analytics to identify unknown criminal networks. FinTechs are especially targeted by organized crime groups and extremist organizations to be abused. 

We believe that fighting Financial Crime is about identity, where it is not bound to an identification document but the utilization of the digital and analog footprint of a natural or juridical person. A so-called Digital Identity combined with an effective KYC Due Diligence process can shut the door for criminals before they can commit a crime on your platform. Utilizing data and understanding your risk will at the same time allow the good customers to be onboarded smoothly and frictionless. 

We believe that fighting Financial Crime requires a strong Anti-Financial Program, which includes a sound target operating model, combined with efficient operational and regulatory processes and having the right people with the right tools and training. More than often Financial Institutions face regulatory fines for a poor control framework, alone in 2021 it was at almost 2 Billion USD in fines globally.

We at BerFin are committed to do our part to deliver a solution to the threat of Financial Crime. Doing so we hope to reduce the amount of Financial Crime present at Financial Institutions and to assist the law enforcement in bringing these criminals to justice. We strongly see the need in growing institutions to have a partner that understands what and why controls against Financial Crime are required.

Our identity is in the DNA of the Berlin FinTech market, most of us have worked within this sector and we embody its core principles, to do things better than they were done before.