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Description
This first project by Process Lab SRL, focuses on providing digital transformation, security, and process optimization services to companies. Its main activities include implementing RPA solutions, identifying processes for digitalization, offering whistleblowing and KYC solutions, and creating a sanctions list module. This module responds to market demand, helping businesses avoid transactions with sanctioned entities. The project is innovative, profitable, and aims to enhance corporate governance while contributing to a more compliant business environment.
The company''s current launched product, dMonitor, provides assistance to reporting entities in meeting the requirements of Law 129/2019, which aims to prevent and combat money laundering and terrorist financing, by providing access to a database of publicly exposed persons in Romania.
Recognizing the market''s need for a module on sanctions lists, the company has created a module for politically exposed individuals in Romania and plans to create a new module that focuses solely on tracking international sanctions lists. The module''s draft has already been prepared using sources that will be combined to form the sanctions lists. The company plans to deploy this new module on the dMonitor platform. Sanctions are punishments imposed on individuals or organizations for violating laws or regulations.
The company''s second project (2023/380594) is focused on enhancing dMonitor’s capabilities by harnessing artificial intelligence and machine learning. The additional aspect is driven by the need to use an advanced AI due to the complexity and volume of data from 65 international sanctions sources, surpassing traditional methods'' capabilities. It enhances detection accuracy using AI, streamlines customer onboarding for faster and more accurate processes, automates AML (Anti-Money Laundering).
Summary of project results
In almost a year, the start-up managed to attract seven paying clients from the local market, with sales cycles being quite lengthy. Additionally, in the sales processes, the dMonitor team often encountered the fact that company managers claimed to already use an international solution but mentioned that it doesn''t work as well on a local level.
,The project by Process Lab SRL is strategically aligned with the company''s focus on providing digital transformation, security, and process optimization services to businesses. Its core activities involve implementing RPA solutions, identifying processes for digitalization, offering whistleblowing and KYC solutions, and creating a sanctions list module to meet market demand.
The innovative and profitable project aims to enhance corporate governance while contributing to a more compliant business environment. The current product, dMonitor, specifically assists reporting entities in complying with Law 129/2019, addressing money laundering and terrorist financing concerns in Romania.
In response to market needs, the company has developed a module for politically exposed individuals in Romania and is planning a new module focused on tracking international sanctions lists. The draft for this module has been prepared using various sources, and the company intends to deploy it on the dMonitor platform.
To execute these initiatives, the project involves key activities such as Project Management, Project Publicity, Development of a new innovative product, and Grant Investment. These activities collectively contribute to the company''s mission of providing comprehensive solutions for digital transformation, security, and compliance in the business landscape.
,dMonitor Product Launch: The project successfully launched the dMonitor product, providing reporting entities with valuable assistance in meeting the requirements of Law 129/2019. This helps prevent and combat money laundering and terrorist financing, benefiting businesses by ensuring compliance with regulations.
The creation of a sanctions list module addresses market demand, allowing businesses to avoid transactions with sanctioned entities. This has a direct impact on risk mitigation and compliance for reporting entities, enhancing their ability to conduct secure and lawful transactions.
Political Exposed Individuals (PEP) Module: The module focusing on politically exposed individuals in Romania provides an additional layer of scrutiny and due diligence for businesses dealing with individuals in sensitive positions. This enhances the risk management capabilities of reporting entities.
The project has contributed to the innovation and profitability of Process Lab SRL. The development and deployment of new modules, such as the one for politically exposed individuals and the planned international sanctions list module, position the company as a leader in providing comprehensive solutions for digital transformation, security, and compliance.
Corporate Governance Enhancement: The project aligns with the company''s goal of enhancing corporate governance. By offering services and products that facilitate compliance with regulations, Process Lab SRL strengthens its position as a responsible and compliant business in the market.