ComplyAdvantage, a data technology company transforming financial crime detection announced a new early-stage anti-money laundering (AML) program aimed at growth-focused startups called ComplyLaunch™. The program provides qualified startups with free access to the company’s award-winning AML and Know Your Customer (KYC) tools and resources needed to uncover and reduce the threat of money-laundering activities so they can onboard new customers with lower risk and greater trust. AML training and education In addition, ComplyAdvantage has partnered with the global financial crime compliance consultancy FINTRAIL to provide AML education and ongoing training for program participants. FINTRAIL is a recognised authority on financial crime prevention in financial technology (FinTech) and the application of regulatory technology (RegTech), working with industry-leading clients across the globe to transform, build, scale, and assure AFC compliance frameworks that are relevant for digital products. Why ComplyLaunch, why now? The impetus for ComplyLaunch was to prepare startups to take on money laundering The impetus for the program was to prepare startups to take on one of the biggest challenges their businesses will face, which is money laundering. If transacting startups want to maximise their competitive advantage with new or expanded services, then they need intelligent AML and risk management data solutions to prevent the unintended consequences of unknowingly onboarding criminal entities. Free access to AML As a serial entrepreneur, ComplyAdvantage founder and CEO Charles Delingpole has experienced first-hand the many challenges that startup teams face and that the early-stage prevention of money-laundering shouldn’t be one of them. As such, Delingpole believes that providing free access to ComplyAdvantage’s AML tools will allow more fintech startups to reach success faster by reducing the business exposure due to unforeseen financial crimes. “At ComplyAdvantage, 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,” said Charles Delingpole, founder, and CEO of ComplyAdvantage. Maintaining fintech integrity “By democratising 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. ComplyLaunch is a very important program designed to maintain the integrity of Fintech insurgents by reducing the growing threat of financial crimes.” Startup collaborations The first startups to join ComplyLaunch include trustshare, a company that’s revolutionising escrow payments, and Juno a company that delivers comprehensive solutions to integrate multi-channel payment services with ERPs and e-Commerce platforms. “Because we’re focused on simplifying bank payments between friends, family, customers, and businesses it made complete sense for our team to join the ComplyLaunch program,” said Pete Bailey, founder, and CPO of Juno. “Partnering with ComplyAdvantage to implement their gold-standard AML detection solution means that we can onboard customers with greater confidence.” Criteria for applications Those early-stage fintech startups with no institutional funding are invited to apply for the program. To apply, applicants must meet the following criteria: Less than $1M in annual revenue Pre-seed - Seed stage A company website or web profile Less than 10 years old “We’re excited to join as a launch partner for ComplyLaunch and to provide program members with access to our world-class AML training”, said James Nurse, Managing Director of FINTRAIL EMEA. “There are future fintech unicorns waiting to grow and early money-laundering and risk prevention resources will only help them to reach their success, faster.” Helping emerging start-ups As a sign of growing community interest, the ComplyLaunch program will be promoted with the support of world-class organisations including the leading talent investor Entrepreneur First and Seccl an innovative technology platform providing outsourced custody for financial services firms looking to safeguard their clients' assets. "There has never been a greater time to start a fintech company and we've seen more and more of the world's most ambitious people wanting to startup in this space,” said Jonny Clifford, of Entrepreneur First. “With the growing complexity of financial service interdependencies, ComplyLaunch is a great idea at the perfect time to help these emerging, disruptive fintech startups to scale more easily and more confidently.” Early access to AML And finally, Max Rimple a Principal at Index Ventures and a lead investor in ComplyAdvantage also shared his thoughts on the program launch, "with the staggering amount of investment capital going into fintech and related financial services, it's important that startups have early access to intelligent AML and risk management tools so they can grow with integrity and confidence." ComplyLaunch is a starting point for fintech founders to safeguard their businesses from the risks of financial crimes "The ComplyLaunch program is a great starting point for fintech founders to safeguard their businesses from the risks of financial crimes. It's also good for their investors who appreciate that early compliance practices help to set the stage for future success." Risk Management ComplyAdvantage offers a true hyperscale financial risk insight and AML data solution that leverages machine learning and natural language processing to help regulated organisations manage their risk obligations and prevent financial crime. The company’s proprietary database is derived from millions of data points that provide dynamic, real-time insights across sanctions, watchlists, politically exposed persons, and negative news. This reduces dependence on manual review processes and legacy databases by up to 80% and improves how companies screen and monitor clients and transactions.
ComplyAdvantage, a global data technology company transforming financial crime detection announced that Gemini, a crypto exchange and custodian selected ComplyAdvantage’s hyperscale platform for anti-money laundering risk management. Compliance teams around the world need access to intelligent technologies that can uncover risk in real-time and decrease operational costs so their companies can transact with trust and grow with confidence. With the accelerated adoption of cryptocurrency and digital assets, Gemini wanted a solution that could continue to scale with its rapid growth. Customisable solution “We selected ComplyAdvantage because of the company’s agile approach to financial crime risk management,” said Elena Hughes, Chief Compliance Officer at Gemini. “ComplyAdvantage’s hyper-scalable model, customisable screening solution, and collaborative approach to Gemini’s model were critical to meeting our compliance needs.” Risk monitoring and real-time analysis Leveraging its proprietary data asset and advanced machine learning, ComplyAdvantage helps to detect sanctions and adverse events while uncovering hidden risks during customer onboarding and throughout the client lifecycle, automating AML risk monitoring to help companies like Gemini maintain the highest level of compliance oversight and integrity. "Gemini is a great example of a market leader implementing the best in compliance practices to support the company’s customer on-boarding,” said Charles Delingpole, founder and CEO ComplyAdvantage. “Now, Gemini can scale with our real-time, high-quality sanctions, PEPs, and adverse media solutions, allowing them to make more informed decisions on their customers relative to their risk-based approach.” Prevents financial crimes Already the preferred choice of some of the world’s largest banks, enterprises, and high-growth fintech, ComplyAdvantage uses machine learning to help regulated organizations manage their risk obligations and prevent financial crime. The company’s proprietary database is derived from millions of data points that provide dynamic, real-time insights across sanctions, watchlists, politically exposed persons, and negative news. This reduces dependence on manual review processes and legacy databases by up to 80% and improves how companies screen and monitor clients and transactions.
sync., a UK money management app innovating the Open Banking space and aiming to make money management beautiful, simple and accessible to everyone, has officially announced their partnership with ComplyAdvantage. Growth across FinTech sector Growth across the FinTech (Financial Technology) sector has led to increased competition and innovation in financial services, resulting in a rise of disruptive companies, such as, sync. leading the way in Open Banking. sync. is an exciting new Open Banking service that combines a host of financial services into one beautifully designed app. The all-in-one hub allows customers to open a sync. account in minutes and link all their existing bank accounts and cards in a clear dashboard, giving consumers a much clearer picture of their finances. Next-gen financial security features sync.’s multi-currency functionality means cardholders can exchange currencies without incurring foreign exchange fees Next-generation security features, including generating new CVC numbers via the app, a hidden magnetic strip on the card, and advanced in-app controls make sync. one of the most secure debit cards on the market. sync.’s multi-currency functionality means cardholders can exchange currencies without incurring costly foreign exchange transaction fees, every time they make a purchase and use their sync. X card all around the world. Innovative AML solution provider To support their growth ambitions, sync. was on the lookout for a partner that was a trusted, innovative AML solution provider, offering rich technology to tackle financial crime with a real-time database. ComplyAdvantage’s solution is recognised by UK regulators, which has helped sync. through their journey to obtain regulatory licencing with robust programmes that protect their business and clients. Flawless monitoring system The partnership provides sync. with a flawless monitoring system that allows them to be fully compliant with anti-money laundering and anti-fraud obligations. The front-end configurability of the ComplyAdvantage tool allows sync.'s compliance and risk management to perform more effectively. “ComplyAdvantage’s vision is to take on and neutralise the risk of money laundering, terrorist financing, corruption and all other global financial crimes,” said Charles Delingpole, Founder & CEO of ComplyAdvantage, adding “We are always excited to partner with other innovative products and provide our scalable solutions to sync., as they expand.” Adding enhanced security options Ricky Lee, Founder of sync., said, “Security is incredibly important to us at sync., whether that is adding enhanced security options to our product, like our cards without printed CVC numbers or ensuring we are completely AML and CTF compliant.” “We’re proud to have a partner that is as fast-moving as ComplyAdvantage. Their real-time updates and new innovative features mean that our AML and CTF monitoring is always the best it can be.”
With the COVID-19 epidemic spurring an increase in cybercrime, compliance professionals are being given a chance to test their detection skills by playing the world’s first money laundering monitoring game. Real-time transaction monitoring ‘Catch Them If You Can’ is a real-time transaction monitoring game, offering players the chance to showcase their expertise and identify suspicious transactions and catch criminals, while also minimising false positives. ‘Catch Them If You Can’ highlights the difficulties that compliance officers face fighting financial crime" Working against the clock, financial crime fighters choose one of three financial crime scenarios – drug dealing, wildlife trafficking, and bribery and corruption. They then get the chance to use their skills to neutralise the threat of the specific crime and post their score on the game’s leaderboard. “We built ‘Catch Them If You Can’ to replicate and highlight the difficulties that compliance officers face fighting financial crime today,” said Charles Delingpole, Founder & CEO of ComplyAdvantage. Modifying AML/CFT approach in COVID-19 Charles adds, “At a time when criminals are focused on finding new opportunities to generate illegal funds, it’s becoming increasingly challenging to successfully identify money laundering behaviour while maintaining an effective and efficient compliance department.” With the coronavirus triggering a dramatic shift in both consumer and criminal behaviours, financial authorities around the world have to speedily adjust their AML/CFT approach to account for new patterns of conduct and better address emerging money laundering risks. Countering growing money laundering risks “Firms should be familiar with the ways in which money launderers and other criminals are exploiting the pandemic and how their AML/CFT compliance processes might need to change to manage the elevated threat,” said Charles Delingpole. He adds, “It’s no longer as easy to identify what normal behaviour looks like, making it more difficult for compliance teams to discern between legal and suspicious activities. Our hope is that ‘Catch Them If You Can’ will start a dialogue among players about the need for agility and the best way they can make changes to their systems in light of current events.”
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