Partnerships February 10, 2022

Fighting Financial Crime with ComplyAdvantage

By: Zack Guiliano

ComplyAdvantage helps companies across the financial services industry detect financial crime with really smart software. How? By identifying suspicious behavior that could indicate money laundering.

 

Our solutions zero in on two specific points in the customer lifecycle:

1) Onboarding

You wouldn’t board a train without a ticket, right? Our software supports the equivalent of a ticket checking process, but for accessing financial services. And as with boarding a train, the checks need to be both accurate and efficient. We help our customers ensure they’re not letting anyone onboard who, for example, is subject to international sanctions, or who has featured in news coverage in connection with a related crime like tax fraud anywhere in the world.

If a potential customer presents as high-risk – for example, if they’re a high-ranking government official, our software helps companies determine if extra due diligence measures are needed before onboarding is completed.

2) Ongoing monitoring

Once you’re on the train if you see something that might be suspicious, what do you do? Our software helps customers understand what suspicious behavior looks like, so they can determine what further action to take.

For example, if a customer normally sends five transactions in a month but then sends ten in a day, our customers generally want to know. But just as boarding a train in the summer in shorts and a vest makes a lot more sense than doing so in the winter, what ‘suspicious’ looks like depends on context. That’s why our system is data agnostic – meaning it doesn’t jump to conclusions. Our customers can set rules that make the most sense for their sector and customer base.

Meeting the Challenges of AML

ComplyAdvantage’s AML solutions are helping fast-growing Fintechs to meet these challenges. The company combines integration via a modern API with the latest regulatory technology innovations. We use the latest technologies in AI and machine learning to acquire AML/CFT data in minutes, not months.

By: Zack Guiliano

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