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Banxa improves PEP and adverse media screening efficiency with ComplyAdvantage

Crypto Customer Stories

Founded in 2014, Banxa is a leading infrastructure provider enabling businesses to embed cryptocurrency infrastructure into their platforms. Having processed billions of dollars in transactions, Banxa plays a vital role in onboarding companies and users to crypto through an extensive and growing network of global and local payment solutions and regulatory licenses.

Protecting its customers while remaining compliant with regulatory requirements has always been a priority for Banxa. Its compliance team was looking to solve two problems in searching for a new compliance solution: scaling ongoing monitoring for existing customers as the business grew and improving efficiency when onboarding new customers.

Focusing on true positives 

As a scale-up during the cryptocurrency boom in 2020, Banxa’s compliance team experienced challenges in scaling to keep pace with the rate at which the business grew, coupled with a high percentage of false positives when screening new and existing customers. They were searching for a way to improve the operational efficiency and effectiveness of their AML screening. 

As the company expanded into new markets, its sanctions obligations also became more complex, amplified by global events, including the Russian invasion of Ukraine. Banxa selected ComplyAdvantage due to the breadth of its data and the flexibility of its configurations. This enabled the firm to access up-to-date global sanctions and politically exposed person (PEP) data while tailoring its monitoring and screening to its risk profile. 

Banxa also deployed tailored adverse media searches to refine its approach further. The compliance team deployed ComplyAdvantage’s adverse media taxonomy alongside tailored search levers and configured match settings. By refining the scope of its screening, Banxa had a 43.5 percent reduction in adverse media matches, enabling the team to focus on those that present the highest risk to the business. 

A growing partnership

ComplyAdvantage is committed to supporting Banxa’s goal of safeguarding its customers, business, and the crypto ecosystem from money laundering and terrorist financing risks, regardless of economic conditions. The partnership began in 2019 and has endured as the crypto market grows and evolves.

Consistent engagement between Banxa and ComplyAdvantage has helped the compliance team manage the unpredictability of the shifting cryptocurrency industry. With the help of ComplyAdvantage’s customer success and technical support teams, Banxa has achieved a range of efficiencies. These include revised search profiles and optimized monitoring volumes. Today, Banxa is well-positioned to flex with the demands of its customers and the cryptocurrency market.

“Despite challenges in recent years, Banxa has been committed to protecting its customers and the cryptocurrency ecosystem. ComplyAdvantage has been an invaluable and reliable compliance partner, allowing us to focus on growing our business.” 

– Teresa Lau, Head of Compliance, Banxa

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Originally published 28 November 2023, updated 08 February 2024

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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