Dotfile aims to revolutionize compliance processes for financial institutions, reducing costs and complexity associated with customer onboarding and Anti-Money Laundering regulations.
Vasco Alexandre highlights that, despite over $200B spent on compliance annually, only 2% of the world GDP avoids money laundering, indicating a systemic failure in existing methods.
The compliance burden can reach up to 10% of bank revenues, with many institutions relying on outdated systems, while 25% of employees work in compliance-related roles.
With the latest €6M funding, Dotfile seeks to enhance its R&D and expand its presence in key financial hubs, following its recent office opening in London.
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