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ComplyAdvantage releases anti-money laundering guide for digital banks

By Joy Dumasia

November 18, 2021

  • AML
  • Complyadvantage
  • Digital Banks
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ComplyAdvantage, a global data technology company transforming financial crime detection, announced the availability of the firm’s new Anti-Money Laundering (AML) Guide For Digital Banks.  The guide provides firms, including neo and challenger banks offering digital-first services, with a clear understanding of the regulatory challenges they may face, how best to structure a practical, customer-centric AML program and; real-world examples of success stories from digital-first banks.  

Criminal organisations have shown their willingness to exploit the compelling features and benefits that digital-first banks offer to line their own pockets, launder illicit money and fund terrorism worldwide. As a result, regulators have begun to step up their scrutiny of the industry.

As a leading reg tech innovator, ComplyAdvantage is dedicated to helping digital-first banks navigate through the growing complexities of the AML/CFT regulatory landscape so they can meet their regulatory requirements while delivering a seamless customer experience. ComplyAdvantage offers a true hyperscale financial risk insight and AML data solution that leverages machine learning and natural language processing to help organisations manage their risk obligations and prevent financial crime. 

Chisato Kamimura, Head of Compliance at sync., said: “As the provider of an innovative money app, we recognised the importance of implementing rigorous AML and risk management processes right from the start. By working with ComplyAdvantage, we not only have a better understanding of the regulatory landscape, but we also have the right tools and program strategies to ensure the highest level of customer vetting and transactional integrity.”

Charles Delingpole of ComplyAdvantage, said: “Our research is intended to help both customers and the financial services industry by providing insights with prescriptive measures so they can maintain the greatest level of risk management integrity. With areas from sanctions to cryptocurrencies evolving at such a rapid pace, what you don’t know can truly hurt your business.”

IBS Intelligence recently reported that ComplyAdvantage, a global data technology company transforming financial crime detection, and Elliptic, the global leader in cryptoasset risk management solutions, recently announced a new blockchain analysis and transaction monitoring tool that would help crypto firms detect and avoid financial crime.

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