A Guide to Anti-Money Laundering for Crypto Firms

ComplyAdvantage Publishes New Anti-Money Laundering Guide For Cross-Border Payments and Remittance

The New Guide Provides A Practical, Much Needed Resource For Financial Compliance Professionals Working In The Cross-Border Payments and Remittance Industry In A Time Of Increased Regulation

New York, NY July 28, 2022  ComplyAdvantage, a global data technology company transforming financial crime detection, today announced the release of the company’s new Anti-Money Laundering (AML) Guide for Cross-Border Payments & Remittance.

According to a 2021 Ernst & Young report, cross-border payments are expected to reach $156 trillion this year while Insider Intelligence has forecasted that the remittance market is also said to reach $774 billion by the end of 2022.  The sheer size of both markets means that the AML compliance picture for cross-border payments and remittance is growing increasingly complex as financial crime typologies, payments use cases, and regulatory technologies continue to evolve rapidly around the globe.

In order to keep pace with these challenges, ComplyAdvantage created this new guide, based on interviews with firms operating in this space, and related in-depth industry analysis. It has been purposely designed to help remittance and crossborder payment compliance teams design, implement and scale their anti-money laundering programs through proven best practices.  

The Anti-Money Laundering (AML) Guide for Cross-Border Payments & Remittance. breaks down four important areas of consideration for best-in-class compliance program creation including:

  • The evolving RegTech landscape, international challenges, and how to move from manual to automated solutions
  • The power of AI, and how data can be a crucial source of opportunity
  • Shifting financial crime risks and typologies, including cryptocurrencies
  • What a successful AML remittance program looks like

“Given the enormous size of both markets and their direct impact on our global economy, we felt it was important to develop this guide to help cross-border payments and remittance compliance teams implement the best compliance programming possible”,  said Charles Delingpole, Founder, and CEO of ComplyAdvantage.  “As a company, we are committed to the ongoing development of strategic resources such as this guide and others including our State of Financial Crimes 2022 Report or Evolving Use of Sanctions 2022 Guide to help growing financial firms navigate through the global complexities of anti-money laundering regulations.”

Already the preferred choice of some of the world’s largest banks, enterprises, and high-growth FinTechs, ComplyAdvantage uses machine learning and natural language processing to help regulated organizations manage their risk obligations and prevent financial crime. 

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 Goldman Sachs, Ontario Teachers’, Index Ventures, and Balderton Capital. Learn more at complyadvantage.com.

For ComplyAdvantage:

North America

Tim Donovan

+1.510.593.0064

Tim.Donovan@ComplyAdvantage.com

 

EMEA

Ben Goldsmith

+44.0.7788.295321

ben@goldsmithcomms.com