Estonia-based greentech company Single.Earth has partnered with regtech Salv to combat financial fraud.
With the nature-supported MERIT symbol, Single.Earth tackles the destruction of life-sustaining ecosystems. Until now, nature has been mainly monetized as a commodity – the value of nature for the health of nature has been ignored by the economic economy, leading to the depletion of natural resources, as reported by the media.
Providing eco-friendly actions
Using a three-pronged approach Single.Earth aims to make decisions that are economically sound for all parties involved. Landowners receive a regular income, awarded a MERIT token for every 100kg of CO₂ sequestered by their extensive forests. Businesses can achieve ESG and sustainability goals through environmentally-friendly donations. Consumers of the token contribute to the preservation of nature and, in the future, will be able to sell and spend money in daily transactions.
The Regtech Salv is an expert in compliance and financial crime fighting space. With its origins in Transferwise (Smart), Salv has evolved to help financial institutions improve their ability to detect, track, investigate, and close financial fraud. Under the partnership, Salv will screen people against various sanctions, Politically Exposed People, and negative media reports to limit the risk of landowners and token buyers becoming risky buyers. Salv’s risk scoring solution provides Single.Earth with a holistic view of customers and better understanding of their risk level. These services add additional security to Single.Earth’s solutions and ensure that criminals cannot exploit the greentech business.
To prevent criminals taking advantage of Sigle.Earth’s rewards
Single.Earth officials said they are building the foundation for a future-proof financial system, but unfortunately, dealing with fraud and financial fraud is part of everyday life. Using their technology and satellite data, they can identify people trying to register countries without large forests or wetlands capable of removing CO₂ from the environment. However, they rely on Salv and their industry knowledge to prove the legitimacy of the funds and the background of users and site owners who board our platform.
Also talking about collaboration, Salv representatives said that in recent years, the financial technology industry has seen significant growth. However, innovation is always subject to criminals trying to use it to their advantage. Financial crimes, especially fraud, are growing rapidly, and the economic downturn gives criminals even more opportunities to operate and experiment. They can help Single.Earth ensure that there is no shady business behind the landowners and token-buyers, so the company can focus on what they do best – protecting nature.
There is a clear link between climate change and financial crime: illegal logging leads to deforestation, illegal wildlife trade is driven by financial gain and disrupts the ecological balance of fragile ecosystems, and illegal mining requires illegal logging and dumping of harmful toxins into their habitats.
These environmental crimes have impacts far beyond monetary costs, including the earth, public health and safety, human security, and social and economic development. The money is often associated with other serious crimes, such as corruption, human trafficking, drug trafficking, child exploitation, and finding a way to enter the financial system. According to the Financial Action Task Force, a government agency that aims to develop laws against money laundering, environmental crimes bring in up to USD 281 billion a year.