Representatives from across the island’s business community gathered at The Claremont Hotel for the launch of Verify by Tiller, a next-generation anti-money laundering solution designed to help local firms keep pace with competitor offshore jurisdictions.
The Tiller Technologies platform, already adopted by over 200 companies worldwide including in Jersey, arrives as the island faces heightened money-laundering threats from increasingly sophisticated AI-powered cybercrime.
A new National Risk Assessment published this month maintained the island’s vulnerability at medium-high, with Justice and Home Affairs Minister Jane Poole-Wilson warning that threats have increased through “continued digital advancements, including virtual assets and artificial intelligence”.
Jonathan Wauton, CEO of Tiller Technologies, said: “We’re delighted with the level of interest we received at the launch event, but not surprised because we know that Isle of Man businesses are keen to embrace the power of new technology to meet the AI-powered cyber threats that all offshore jurisdictions are facing.”
He added: “Industry demand for effective Regulatory Technology continues to accelerate as global studies suggest that about 35% of HNWIs use trusts or offshore structures to manage their wealth. Recognising the growing need amongst their client base, we set out to build the most comprehensive all-in-one AML solution on the market.”