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News and resources on financial crime, including fraud, scams, Anti Money Laundering and Know Your Customer.

ComplyAdvantage expands AML service to North America

Source: ComplyAdvantage

ComplyAdvantage, a global data technology company transforming financial crime detection, today announced the North American expansion of ComplyLaunch™ a free program for fintech startups. The program provides qualified startups with free access to the company’s award-winning AML and Know Your Customer (KYC) tools plus resources needed to uncover and reduce the threat of money-laundering activities so they can onboard new customers with lower risk and greater trust.

North American Fintech Acceleration

There’s no doubt that fintechs around the world have disrupted financial services in ways that many couldn’t have imagined while pleasing consumers, business customers and investors along the way.

According to KPMG’s Pulse of Fintech report on fintech investment trends, the overall global fintech funding soared to a new high with funding increasing from $87.1 billion in H2’20 to $98 billion in H1’21 with the U.S. accounting for almost half of the total global investment in fintech - a whopping $42.1 billion . And, as of February 2021, the U.S. had 10,605 fintech startups making it the region with the most fintech startups globally.

However, regardless of funding availability, accelerated service adoption or regional startup concentrations, fintech founders in any location must be mindful that as their businesses grow so will their risks related to financial crimes.

ComplyLaunch For U.S. Fintechs

This is why ComplyAdvantage is expanding the ComplyLaunch program into North America in order to help prepare U.S. and Canadian fintech startups to take on one of the biggest challenges their businesses will face as a business which is money-laundering.

If transacting startups want to maximize their competitive advantage with new or expanded services, then they need intelligent AML and risk management data solutions to prevent the unintended consequences from unknowingly onboarding criminal entities.

Recent ComplyLaunch cohort members that have participated in the program include the global payments company Routefusion and mortgage innovator Safe Rate.

“Our business is growing rapidly and we knew that early risk management would help to prevent unexpected issues related to money-laundering. When we found ComplyLaunch, it was a no brainer to join the program - and we’re glad we did,” said Michael Cramer, Vice President of Operations, Routefusion

“ComplyLaunch gives early-stage companies like Safe Rate access to world-class AML tools that would otherwise be out of reach due to costs. As a startup founder, it’s great to have this resource so we can on-board customers with greater integrity,“ said Dylan Hall, Co-Founder, Safe Rate

Those early-stage fintech startups with no institutional funding are invited to apply for the program.

“It’s amazing to see all the incredible fintechs that have signed up to our program,” said Charles Delingpole, founder and CEO of ComplyAdvantage. “Not only is ComplyLaunch good for all the great companies that are participating but, it’s also great for our ecosystem. How a company addresses risk management is becoming a growing factor for everything from investment to partnerships. We want our fellow startups to be successful and that’s why we continue to make our AML tools and training free.”

ComplyAdvantage offers a true hyperscale financial risk insight and AML data solution that leverages machine learning and natural language processing 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.

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