OSLO, Norway – Formue, the largest independent wealth manager in the Nordics, today announced a new partnership with Strise, an AI company focused on helping financial institutions automate the fight against money laundering. This collaboration allows Formue to overhaul its client verification and financial crime risk assessment processes by replacing time-consuming manual KYC workflows with Strise’s automation platform.
Wealth managers face a unique challenge: their clients’ financial situations are often highly complex. High-net-worth individuals typically own wealth through multiple holding companies and complex family structures, creating a maze of paperwork for compliance teams.
Historically, ensuring compliance in this environment requires meticulous work. Analysts need to piece together complex ownership structures, verify beneficial owners, and keep information up to date across multiple entities. These processes are thorough, but they demand significant time and resources, time that could have been spent focusing on the real risks.
Formue will use Strise’s technology to solve this problem. Strise’s platform uses smart risk mapping to instantly connect all parts of a client’s world. It automatically gathers and checks information against global lists of sanctioned individuals and politically exposed people (PEPs), as well as other risk signals, providing Formue with a complete and immediate risk score.
This allows the firm to promptly approve straightforward, low-risk cases while automatically flagging complex cases that warrant a deeper review. This move will significantly speed up the entire process, from the initial client meeting to the completion of all necessary checks.
"Our clients often have complex financial lives, and providing exceptional service means having a due diligence process that is both robust and efficient,”
said Asia Holt, Head of Financial Crime Prevention at Formue.
"The manual work involved in mapping corporate structures and aggregating risk across an entire network was a major bottleneck. By integrating Strise, we are empowering our team to focus their expertise on true financial crime risks, rather than manual data collection. This partnership allows us to future-proof our compliance, ensuring that we meet regulatory requirements while delivering a great experience for our clients.”
"Wealth management firms are at the forefront of the fight against sophisticated financial crime, and their operations demand a level of intelligence that old, legacy systems simply cannot provide,”
commented Marit Rødevand, CEO of Strise.
"Formue is demonstrating a forward-thinking approach by adopting Strise. We are providing them with the intelligence to instantly map complex relationships and keep an always-on watch over their entire client portfolio. This not only drives significant efficiency, cutting the time for simple checks, but fundamentally strengthens their defense against financial crime across the Nordic market.”
About Formue
Formue is a pioneer in independent wealth management in the Nordics. The company enjoys high client satisfaction, offers award-winning technology, and provides a breadth and depth of advisory services that are unique in the markets where it operates. Formue manages NOK 180 billion in assets under advisory and management and invests across most public and private markets and asset classes.
About Strise
Strise provides regulated businesses with automated anti-money laundering processes and makes compliance teams more efficient. We combine automation, AI and a user-friendly design that strengthens KYC processes, ongoing due diligence and automated onboarding. Strise stands out by solving both the data foundation and the workflow in one solution. Customers report up to a 90 percent reduction in time spent on previously heavy and manual AML work.
