A Guide to Anti-Money Laundering for Crypto Firms

Bofin Partners with ComplyAdvantage to lower risk of exposure to financial crime

  • Bofin chooses ‘gold standard’ technology to counter AML threat

LONDON – March 31, 2021 – The technology marketplace, for financial services firms, Bofin has partnered ComplyAdvantage to lower its risk of inadvertently being involved in a range of financial crimes such as money laundering.

The deal will see Bofin integrate ComplyAdvantage’s industry-leading screening and monitoring technology for AML data, adverse information and published media.  London-based Bofin’s mobile app allows users to access financial products or services directly provided by financial institutions in accordance with their regulatory obligations.

As the global economy slowly emerges from the pandemic, a key characteristic of 2021 will be the accelerated digital transformation brought on by COVID-19. 

However with recent events highlighting how criminal organisations will try to leverage this transition, businesses need to use the best processes for global fraud defence along with keeping up to the on-going shifts positioned in local and global regulatory regulations.  

“We selected ComplyAdvantage because of the company’s gold standard approach for using data and advanced machine learning techniques to provide highly accurate money laundering signals in real-time,” said Mohamed Dafea, Founder and CEO for Bofin.

“When battling money laundering or related financial crimes, the key is to unearth insights with speed and accuracy. ComplyAdvantage’s technology supplies us with the necessary intelligence gathering to mitigate our risks.”

ComplyAdvantage detects sanctions and adverse events while uncovering hidden risks during customer onboarding and throughout the client lifecycle. Automating AML risk monitoring will help Bofin maintain the highest level of compliance oversight and integrity.

“Having access to real-time global ‘Know Your Customer’ data services with comprehensive AML data and monitoring technology is vital for any online entity to ensure they are retrieving the most accurate insights of risk,” said Charles Delingpole, Founder and CEO at ComplyAdvantage.  

“This partnership will provide Bofin with a real-time, high quality KYC, adverse media and transaction monitoring solution, allowing them to make more informed decisions on their customers relative to their risk-based approach.”

“2021 will be a high-growth year for ComplyAdvantage, with several other high profile fintech companies set to join Bofin and invest in our technology – watch this space.”

Using machine learning and natural language processing to help regulated organisations manage their risk obligations and prevent financial crime, ComplyAdvantage has become the preferred choice of some of the world’s largest banks, enterprises and high-growth fintech businesses. 

The company’s proprietary database is derived from millions of data points that provide dynamic, real-time insights across sanctions, watchlists, politically exposed persons, and negative news. This reduces dependence on manual review processes and legacy databases by up to 80% and improves how companies screen and monitor clients and transactions.


About Bofin

Bofin is the world’s first marketplace for financial products and services, allowing users to set up bank accounts in locations around the world, gain access to instant transfers and manage all of their financial accounts, in different countries, through an easy-to-use mobile app.  What sets Bofin apart is its vision of a single globalised marketplace, a concept that across many industries has driven positive change in quality and cost of consumers but is conspicuous in its absence within the banking industry.

By getting banks and financial service providers to compete for business through its platform, Bofin gives the consumer a voice and drives innovation within the banking sector, resulting in increased transparency, lower costs and better services for its customers.  For consumers, using the Bofin app means the ability to purchase financial products and services directly from financial institutions located around the world. For financial institutions, integrating with the Bofin platform means the ability to market their offerings directly to an expanded customer base.

Bofin’s vision of creating a platform where customers could purchase products and services directly from financial institutions around the world rested on the ability to provide a single sign-on process that was quick and simple, yet still comprehensive enough to satisfy both regulatory and legacy banking requirements. 

Learn more at Bofin https://bofin.com/ 


About ComplyAdvantage

ComplyAdvantage is the financial industry’s leading source of AI-driven financial crime risk data and detection technology. ComplyAdvantage’s mission is to neutralize the risk of money laundering, terrorist financing, corruption, and other financial crime. More than 500 enterprises in 75 countries rely on ComplyAdvantage to understand the risk of who they’re doing business with through the world’s only global, real-time database of people and companies. The company actively identifies tens of thousands of risk events from millions of structured and unstructured data points every single day. 

ComplyAdvantage has four global hubs located in New York, London, Singapore and Cluj-Napoca and is backed by Ontario Teachers’, Index Ventures and Balderton Capital. Learn more at complyadvantage.com