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RedCompass Labs welcomes partnership with The Knoble

RedCompass Labs welcomes partnership with The Knoble

16 Mar 2021

London, 16th March 2021 – RedCompass Labs welcomes partnership with The Knoble

RedCompass Labs welcomes a strategic partnership with The Knoble, a global non-profit network of experts committed to preventing financial crime from harming vulnerable people around the world.

The Knoble delivers a systemic reduction in financial crime in its work with public and private entities as well as NGOs, by enabling network collaboration, integrated data and technology, proven practices and repeatable execution. The partnership with RedCompass Labs marks a step further in this direction.

“We are delighted to start collaborating with The Knoble. Since our first meeting, it was clear we shared a deep commitment to utilising our common expertise to support financial institutions in disrupting modern slavery and human trafficking”, said Jonathan Bell, Senior Partner at RedCompass Labs.

Convinced that creating a level playing field through knowledge sharing is key to disrupt financial crime, RedCompass Labs has invested significantly in the ‘RedFlag Accelerator’, a comprehensive database of 184 unique red flags and 20 modern slavery and human trafficking scenarios specific to the financial sector. This continuously updated and enriched database has been endorsed by Tier 1 banks, leading human trafficking organisations and law enforcement. It was also very recently featured in the industry-wide research project promoted by the UK’s Independent Anti-Slavery Commissioner.

“We are excited to be working with RedCompass Labs as we leverage their outstanding expertise in payments, financial crime, and data science”, said Shawn Holtzclaw, Executive Director at The Knoble.

The partnership lays the foundation for international collaboration, a crucial element in addressing the constantly evolving complexities of human trafficking. RedCompass Labs’ experience in the UK, across Europe, Japan, and Southeast Asia combined with The Knoble’s presence in the United States and around the globe will expand the reach and impact of this initiative.

“We are thrilled to embark on this journey with The Knoble while RedCompass Labs continues to grow our data science capabilities to bring the ‘RedFlag Accelerator’ into automated detection tools. Together we will support financial institutions across the globe even further. Because only by sharing, challenging, and learning together can the financial sector rise to the task of driving change” concluded Bell.

Note to Editors

About RedCompass Labs

RedCompass Labs helps financial services organisations to accelerate their payments, financial crime, strategic transformation and core-banking programmes. With presence in London, Warsaw, Tokyo and Singapore, RedCompass Labs provides world-class technology, consulting and services that have earned the team a reputation for their relentless pursuit of excellence and their commitment to listen to and deliver on their clients’ needs.

A fitting testament to their mission, RedCompass Labs has developed a ground-breaking Quality-as-a-Service (QaaS) solution, which combines their Quality Assurance expertise in specialist payments with big-data analytics to transform payment testing.

In 2019, the company leveraged their payments knowledge and their background in secure government data analytics to develop the RedFlag Accelerator, an award-winning tool that equips financial institutions to detect modern slavery and human trafficking signs in their data.

Read more about RedCompass Labs at: https://labs.redcompass.com/

Read more about RedCompass RedFlag Accelerator at: www.redflagaccelerator.com

About The Knoble

Founded in 2019, we are a non-profit network of experts with a passion for preventing financial crime that harms vulnerable people around the world. This includes working to prevent victims of modern slavery, human trafficking, elder abuse and child exploitation. Led by volunteers that are experts in fraud, financial crime, financial services, data, and technology, The Knoble’s cross-industry initiatives in the public, private and charitable sectors create an ongoing, system-wide effort to detect and prevent criminal abuse and bring about systemic change. For more information, visit www.theknoble.com.

Contact

Jonathan Bell, Senior Partner, RedCompass Labs: jonathan.bell@redcompass.com