US Treasury Department Taps Kharon for Global Risk Management Analytics

The Department of the Treasury has signed a contract to access the global risk analytics platform of Los Angeles-based risk management company Kharon.

The company’s data-driven inputs will support the Treasury Department’s mission to disrupt the financial transactions of foreign actors posing global security threats, such as terrorism, nuclear weapons proliferation, human rights violations, transnational crime and sanctions avoidance. The Treasury Department contract follows a recent similar agreement with the U.S. Customs and Border Protection, Kharon said.

In February, the company entered into a distributorship agreement with Carahsoft, tapping the latter’s contract vehicles and reseller partners to deliver risk management solutions to the public sector. Kharon is also one of the partners of the nonprofit cybersecurity group CRDF Global in a program to help deter North Korean cyberattacks against financial institutions.

Established in October 2018 by former Treasury Department intelligence officials, Kharon offers data and technology based on open-source information and analytics using advanced artificial intelligence and natural language processing systems. The company holds several patents for analytic and workflow solutions designed to help banks and corporations reduce risks and achieve compliance and investigative efficiency in such functions as transaction screening and Know Your Customer checks. 

Howard Mendelsohn, Kharon’s chief client officer, said the Treasury Department award adds a new step to align “critical insights across the public and private sectors,” which are needed to effectively implement sanctions and trade controls.