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The fight against financial crime is as complex as it is critical. Money laundering, human trafficking, and terrorist financing are not just global challenges; they are rapidly evolving threats that demand constant vigilance and innovation. For Salv, a European RegTech with HQ in Estonia, the answer lies in collaboration, compliance, and cutting-edge technology.
Co-founded by Taavi Tamkivi, a seasoned expert in anti-money laundering and financial compliance, Salv embodies years of experience gained at some of Estonia’s most iconic tech companies, including Skype and Wise (formerly TransferWise).
Taavi’s early career focused on using data to fight financial fraud at Skype, an environment that introduced him to the intricacies of data science at scale. Later, he tackled global money laundering issues at Wise, setting up compliance systems that bridged operations and technology.
“At Wise, I got into this much bigger world of fraud and money laundering and saw the scale of the global issues, like human trafficking or drug trafficking happening around the world, and then how data could be harnessed to fight crime,” he recalls. “I also saw the regulatory challenges institutions face and the need for better collaboration.” This dual perspective of technical expertise and regulatory insight became the foundation for Salv.
Collaborative intelligence at its core
At the heart of Salv’s mission is a simple yet powerful idea: collaboration is key to combating financial crime. Criminals work in sophisticated networks and individual institutions, no matter how advanced, often struggle to keep pace. Salv, which works with over 100 financial institutions across Europe, aims to change this by enabling financial institutions and regulatory authorities to work together more effectively.
One of Salv’s groundbreaking innovations is its Bridge platform, which securely allows banks and fintech to share data on suspicious transactions in real time. The impact of this innovation has been transformative. In Estonia, for instance, companies using Bridge have seen their recovery rate for stolen funds surge from 10% to 80%. By fostering cooperation, the Bridge has enabled institutions to act faster, stop crimes earlier, and recover stolen assets more effectively, proving that collective action is key in the fight against financial crime.
Taavi emphasises the importance of this approach: “Criminal setups are highly coordinated, with controllers, technology people, data analysts, and even lawyers working together. So, it only makes sense for financial institutions to do the same.” According to him, “It’s impossible to beat criminal networks with something that works in silos.”
Breaking new ground with the Collaborative Scenario Library
While Bridge addresses the need for real-time investigations, Salv has taken its vision further with the recent launch of the Collaborative Scenario Library. This innovative tool enables institutions to share patterns and scenarios for detecting financial crime, moving beyond reactive case-by-case investigations to proactive intelligence sharing.
“Our solution is rooted in a unique collaborative model where users can trust that they are learning from the best practices of their peers. Companies can take scenarios known for generating high true positive rates, tweak them as needed, and then implement them. As a result, they can quickly catch more financial crime,” says Ester Eggert, Head of Product at Salv.
“For years, institutions focused on solving cases as they happened,” Taavi explains. “With the Scenario Library, we’re creating a platform where institutions can learn from each other, refine their detection models, and collectively raise the bar for compliance.” This proactive approach is a game-changer. By pooling resources and insights, financial institutions can detect emerging threats more effectively, reduce redundancy in compliance efforts, and build a united front against criminals.
Building trust through data privacy and compliance
Operating in one of the most heavily regulated industries in the world, Salv’s commitment to data privacy and regulatory compliance is unwavering. The company’s solutions are built with these principles, adhering to GDPR and other data protection laws to ensure sensitive information is handled responsibly.
“GDPR isn’t just a rulebook; It’s a foundation for building trust,” Taavi points out. “The seven principles of GDPR are embedded into our technology and operational processes. Among other things, we’ve designed our systems to minimise data usage and ensure clear justifications for data processing… Why are you exchanging or processing this data? Is it truly necessary?”
This approach has been validated through close cooperation with regulators and data protection authorities, ensuring that Salv’s solutions meet compliance standards and set new benchmarks for ethical data use. Taavi emphasises that, in the end, these frameworks are not bureaucratic hurdles but logical systems designed to protect both public and individual interests.
Staying ahead in the fight against financial crime
Taavi acknowledges that the landscape of financial crime is constantly evolving, with new challenges arising as technology advances. He reflects. “We see new trends like decentralised finance (DeFi) and real-time payments, which criminals use to launder money quickly and covertly.” These advancements in financial technologies have created new opportunities for criminals and new challenges for law enforcement and financial institutions.
He also points to global events, such as the war in Ukraine, as contributing factors to the rise of financial crime. “There are always new threats. Right now, we’re seeing a surge in money laundering activities tied to financial sanctions from the war in Ukraine. Criminals are getting more sophisticated at moving money across borders,” Taavi says, highlighting the increasing complexity.
In response to these evolving threats, Salv stays ahead by combining continuous innovation with strategic expansion. The company invests heavily in adapting its solutions to meet the needs of the changing regulatory and technological landscape while continuing to scale its network across Europe to support a unified approach to combating financial crime.
