26 September 2017
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Luup taps Contego for AML and KYC checks

20 September 2016  |  2929 views  |  0 Source: Contego

Contego, the multi-source fraud reduction platform, today announced that Luup, a leading provider of merchant services for internet and e-commerce businesses, specialising in cross-border payments, has selected Contego’s platform to carry out checks on companies and individuals based in the UK, Europe and North America to help ensure compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements.

 Growing FinTech companies like Luup need a flexible, effective and efficient approach to due diligence and compliance; enabling them to onboard customers quickly and scale. By putting the correct, automated processes in place, Luup will be able to develop its products and services, assure their banking and e-commerce customers that they are committed to providing a robust and secure service and avoid running the risk of encountering costly and resource-intensive limitations over time.

Luup carried out due diligence on a number of identity verification providers and found that Contego’s fraud reduction platform, is the only platform able to solve its complex checking requirements. To comply with AML regulation, Luup has to understand the firms it works with: verifying the entity exists, understanding the ownership structure and tracing the company hierarchy to identify beneficial owners. Furthermore as part of Luup’s KYC obligations it has to run checks on individuals: identity verification, identity documents, PEP and sanction lists and negative watchlists. Contego worked with Luup to create a bespoke risk scorecard to manage the complexity of onboarding and monitoring customers, checking both people and companies simultaneously, combining results from multiple sources accurately, all delivered in real-time via a single API.
By working with a wide range of commercial data suppliers and law enforcement agencies, Contego is able to provide a comprehensive, holistic view of people, companies and ID Documents, unlike any other individual provider.

Stewart Lochrie, CEO, Luup said: “We talked to a number of identity verification providers and found that Contego is the only platform that can support our regulatory requirements. It is the most cost effective solution and we have been impressed by the breadth and depth of the international verification data. Contego are able to combine individual identity verification with company checks and and negative media checks, which we couldn't find anywhere else. As we work towards achieving the FCA licence and developing new products, we have to be confident that we are fully compliant with Anti-Money Laundering regulation.”

Adrian Black, CEO, Contego added: “We are very happy to welcome Luup to our expanding client base. Our aim is to simplify and improve Luup’s customer onboarding process and take the pain out of the regulatory background checks, making onboarding as frictionless as possible as Luup works towards the FCA licence and building new services.”

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