ComplyAdvantage: AML Data and Technology to Empower Financial Crime Fighters
“We believe that free early access to AML tools and education on setting up a compliance program is a benefit to our entire fintech ecosystem. By democratizing access to best-in-class financial crime prevention tools, we are allowing fintech startups to not only match but exceed the compliance program standards of the largest, most regulated banks.”
Data was fast becoming outdated, leading to an increase in false positives and risk exposure. ComplyAdvantage made it feasible to empower compliance experts with robust financial crime-fighting tools. ComplyAdvantage automates the production of AML data. This complex undertaking necessitated a completely new technological architecture, cutting-edge artificial intelligence, and the collaboration of hundreds of engineers, data scientists, and financial crime experts. They were able to reduce data update durations from months to minutes due to this time and energy commitment. This new strategy has proven to be successful. ComplyAdvantage has received several honors, including the XCelent Advanced Technology Award, the LIBF Best Innovation for Corporate Onboarding with their customer Santander, and the Sunday Times Tech Track Digital Innovation Award with their client Santander. Comply Advantage has also had significant growth, with over 500 clients in 75 countries and a consistent appearance on lists of the fastest-growing fintech/AI firms.
ComplyAdvantage is creating the world’s first AI-driven database of persons and corporations to aid in identifying money laundering and other financial crimes. ComplyAdvantage’s services are in high demand across the globe, with about $2 trillion laundered yearly. ComplyAdvantage today has over 500 clients. ComplyAdvantage uses data science and machine learning to assess risk computationally. It actively discovers tens of thousands of risk events per day from millions of structured and unstructured data points. Compliance with sanctions, anti-money laundering (AML), and counter-financing of terrorism (CFT) standards may be automated and reduced using the company’s customizable cloud services. Charles Delingpole, Founder and CEO of ComplyAdvantage, says that “We believe that free early access to AML tools and education on setting up a compliance program is a benefit to our entire fintech ecosystem. By democratizing access to best-in-class financial crime prevention tools, we are allowing fintech startups to not only match but exceed the compliance program standards of the largest, most regulated banks.”
A single database of known money launderers, human traffickers, terrorists, and those who use financial rails to operate criminal operations is at the heart of the system. ComplyAdvantage also addresses a problem closely connected to many people’s hearts: illicit wildlife trafficking (the pangolin, the most trafficked animal globally, is an unofficial mascot for the company). The team claims that most people involved in illicit wildlife trading are also engaged in other forms of organized crime and utilize it as a status symbol. ComplyAdvantage detects hazards before they become threats, allowing to secure the company. It’s simple to check for consolidated, structured profiles using the world’s only dynamic global database to check for sanctions and watchlists, PEPs, and adverse media. ComplyAdvantage’s clients are the first to hear about crucial changes in risk status owing to the AML solutions, which have moved away from delayed flat file uploads to customized automatic monitoring and screening against real-time data. Profile-based unfavorable information and media with FATF-aligned classification are also included in AML compliance solutions. Expanded PEP profiles are classified for flexible searching of families, close connections, and extensive worldwide sanction list coverage is updated in real-time.
IPT Africa is a licensed payment provider that allows clients to manage and deliver payments throughout the African continent via a single interface. IPT offers a unique option for corporate organizations with African payment requirements, covering all African currencies in real-time, with complete transparency on price and different delivery methods. The ComplyAdvantage platform allows IPT Africa to quickly screen and monitor potential and current clients for risk of sanctions and watchlists, PEPs, and harmful media data. IPT Africa moved away from delayed flat file uploads by working with ComplyAdvantage and instead set up automatic monitoring. Their team can screen and monitor real-time data to be the first to notice crucial changes in risk status. IPT Africa may also use ComplyAdvantage’s solution to achieve comprehensive regulatory compliance across all jurisdictions. IPT Africa’s compliance team can now make educated choices on client risk, elevate possible high-risk issues, and take action in real-time, cutting down onboarding time for new clients. False positives have also been reduced by 60%, significantly lowering manual labor and allowing their staff to focus on other elements of the business to expand the firm.
ComplyAdvantage works with authorities worldwide to constantly expand its workforce and prepare for a brighter future by implementing safer practices and adhering to regulatory requirements. CompleAdvantage is guided along this route by some of the world’s most well-known investors and industry professionals.