Now more than ever, compliance professionals need to make the right risk decisions for their business. And we know through our own experience that access to real-time, quality and relevant AML risk data is essential.
But faced with outdated technology, multiple systems, unreliable data and rising false positives – companies need new ways to control AML risk exposure, protect reputations and meet regulatory requirements.
That’s why in 2014, frustrated with the products available, our founder and CEO, Charlie Delingpole decided to build a team who would move AML data collection and compliance technology into the next generation.
When we formed our business, the primary driver was to collate all the right AML data in order to bring deep insights into individuals and organizations and create sophisticated, efficient technology solutions throughout the customer lifecycle, from on-boarding to ongoing monitoring.
Today, we have rapidly evolved into a global technology company, with clients using our proprietary data and monitoring and analytics platform in countries all over the world, across multiple sectors.
Balderton Capital is one of the largest venture capital firms in Europe, focused on investing in the best European technology companies at Series A. Based in London, the firm manages $2.3bn. Since 2000, Balderton has invested in over 100 companies, principally across Europe. Notable investments include Talend (open-source data integration provider, went public on Nasdaq in 2016); Magic Pony Technologies (acquired by Twitter in 2016); NaturalMotion (the mobile gaming developer, sold to Zynga in 2014); Betfair (the online betting exchange, 2010 IPO; LOVEFiLM (the home entertainment subscription service, sold to Amazon in 2011); MySQL, (the open-source database software, sold to Sun Microsystems in 2008); and YOOX Group (the online retailer of leading fashion brands, IPO in 2009). The current portfolio includes companies such as 3D Hubs, Citymapper, Kobalt Music, Prodigy Finance, Qubit, Scytl, ROLI, Talend, and The Hut Group.
Suranga has a MA in Computer Science from the University of Cambridge. He holds patents in the area of video discovery and online video advertising, was elected a Fellow of the Royal Academy of Engineering in 2012 and was chosen as one of the World Economic Forum’s Young Global Leaders in 2009.
Stan holds a Degree in Finance degree from HEC, Paris and a MA in Economics from the College of Europe, Bruges. He is an alumni from the Singularity University Executive Program.
“With ComplyAdvantage, we have succeeded in optimising our internal processes, resulting in faster processing time for cases and minimising risk of errors. We were pleased to see that we could start working with the system without extensive training – allowing us to reduce operational workload from the beginning. “Sascha Bross - Compliance Officer - Holvi
At ComplyAdvantage, we know that data security isn’t any one person’s responsibility – it’s everyone’s. As a young company, we have made it our priority to ensure that all staff are educated about how to keep data secure. We approach compliance from a data- and technology-driven perspective, so providing world-class encryption and security is second nature to the way we do business.
We provide a variety of hosting options. Where data is hosted on our servers, we host all of our European customer data on cloud servers in the European Economic Area (EEA), and all US customer data on servers located within the US. Currently all our cloud servers are hosted by AWS. AWS is an ISO27001-certified hosting facility – the best-in-class for data security.
Internally and externally we use high-grade encryption for all data in transit. Access to our servers is controlled through user access controls and a VPN. Only a select number of internal staff have access to each server.
We run multiple security scans and penetration tests on our servers. Only limited client information is stored on servers accessible through the internet. Client data is distributed across a number of servers without federated access.
We are continuously evaluating and improving our security controls. We are currently rolling out encryption for ‘data at rest’ throughout the company – from laptops to cloud hosted servers and everything in-between. Almost everyone now encrypts data in transit (that is, the data is encrypted whilst it is sent between your computer and our server). But organizations that really take data security seriously will encrypt ‘data at rest’ – meaning that data stored on our computers, laptops and servers is also encrypted. So if, for example, a laptop gets stolen the data is still protected, and if a server is hacked it’s significantly harder to access the data.
In order to comply with regulatory requirements, regulated businesses often need to conduct risks assessments of their business counterparties, whether individuals and organizations. Many regulated businesses use ComplyAdvantage to perform these checks, aiming to establish the level of risk of potential money-laundering, terrorist financing or bribery and corruption. Most of us undergo this due diligence automatically each time we purchase new financial products, e.g. opening a bank account, or when we employ an accountant/lawyer, etc.
Rather than employing teams of analysts with global language capabilities to spend several hours researching each individual or organization, ComplyAdvantage uses technology to conduct broader and deeper searches of global data sources in multiple languages. The search results display this information in an easily accessible format with clear line of sight to the underlying information sources, allowing businesses to make informed decisions about the counterparty’s risk level. These decisions are taken by the business itself (and not ComplyAdvantage), using the ComplyAdvantage Data as one of several decision factors. These decisions will be unique to each business’s risk profile, risk appetite and the nature of the business relationship with that counterparty.
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