A Guide to Anti-Money Laundering for Crypto Firms
4Stop is a global leader in real-time KYC and KYB, compliance and anti-fraud technology. 4Stop was founded in 2016 to respond to the challenges many compliance professionals experience with compliance and risk: siloed data, poor customer experience, manual processes and complex integrations and workflow management.
Therefore, 4Stop’s mission was to create an all-in-one solution for enterprise-level KYB, KYC, compliance and anti-fraud to empower businesses to grow with confidence. To achieve this mission, 4Stop needed an AML data partner who could provide rich and accurate financial crime insights in near real time.
Industry: Regtech – Know Your Customer (KYC), Know Your Business (KYB)
Product: Adverse media data
Enriching data required constant manual upkeep, and the automated data available only provided very basic information. In addition, 4Stop’s method of continuously monitoring and tracking individuals was costly as their provider required scheduled re-checks at full cost.
Therefore, 4Stop was looking to partner with a higher-quality data provider that was easy to integrate, cost-effective and would allow 4Stop clients to easily manage fuzzy logic and correctly mark potential matches. The aim was to reduce false positives, thereby also improving results and usability.
Partnering with ComplyAdvantage has allowed 4Stop clients to confidently meet compliance watchlist requirements. ComplyAdvantage’s two-way RESTful API has allowed 4Stop clients to receive higher-quality financial crime insights and to easily configure the risk level and match status of their entities and associated UBOs, directors and shareholders, as well as their customers. It has also allowed them to adjust the fuzziness level for the searches, all relative to their risk-based approach.
Client feedback has shown that these richer insights and customizable parameters have helped reduce false positives significantly. 4Stop ensures a constant feedback loop with clients to improve match rates and ensure their compliance solutions serve their community with the best performance possible.
Disclaimer: This is for general information only. The information presented does not constitute legal advice. ComplyAdvantage accepts no responsibility for any information contained herein and disclaims and excludes any liability in respect of the contents or for action taken based on this information.
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