ComplyAdvantage launches a free Anti Money Laundering tool
By Joy Dumasia
ComplyAdvantage, a global data technology company transforming financial crime detection, announced the release of a new tool called ComplyTry, enabling anyone to verify prospective customers using live sanctions, politically exposed people (PEPs) and adverse media data for free.
The cornerstone of a successful anti-money laundering (AML) program is thorough and accurate identity verification, the context surrounding identity, and whether this context signals any form of illegal behaviour, intent, history or association.
Compliance teams throughout the financial services industry are challenged daily to analyse, extract and validate identities with elevated risk signals to prevent financial crimes before they happen. Given the growing volume, velocity and complexity of financial crimes, the task of identity verification and contextual analysis has become increasingly complex and time-consuming.
However, with advances in data and machine learning, ComplyAdvantage has optimised this laborious and lengthy process making it fast, accurate and free. With ComplyTry, anyone can search, verify and assess the context that surrounds identities using the company’s real-time database of sanctions, watchlists, PEPs and adverse media.
Simply input the details of the customer, select the data sources you want to screen against and search; a card will represent each result. Once clicked, the card reveals the full body of the profile with all relevant information included.
“We decided to offer ComplyTry after having an incredible response to our ComplyLaunch program, which offers free access to AML and KYC tools for startups,” said Kanisha Patel, Head of ComplyLaunch at ComplyAdvantage. “And like ComplyLaunch, our goal is to continue to democratise access to vital AML tools and information to better prepare startups and to help fortify our ecosystem against the threat of financial crimes. By making these sorts of programs and tools accessible, everyone benefits.”
IBS Intelligence reported that ComplyAdvantage, a global data technology company transforming financial crime detection, announced that Anyday, a Danish FinTech that offers fair and transparent instalment payments, has selected the company’s award-winning Customer Screening and Monitoring solution.