AI RegTech Deal Boosts Compliance Speeds for Airwallex
20 September 2017
Melbourne headquartered fintechstartup Airwallex today announced a partnership with AI-driven RegTech ComplyAdvantage. The partnership will allow Airwallex to conduct real-time screening and monitoring of transactions for sanctions, anti-money laundering (AML) and counter-terrorism financing (CTF), following a US$13 million Series A funding round from Tencent, Sequoia and Mastercard that has spurred rapid growth into new regions.
FinTech serial entrepreneurship with Charlie Delingpole
18 July 2017
[PODCAST] Charlie Delingpole is the founder and CEO of ComplyAdvantage, a company using artificial intelligence and machine learning to help prevent financial crime. Prior to founding ComplyAdvantage, Charlie co-founded and ran MarketInvoice, a leading alternative lending platform focused on invoice finance. Charlie founded his first startup in 1999, and somehow managed to run it for seven years while at Cambridge and then the London School of Economics.
10 Popular KYC and CDD Startups
08 July 2017
Financial institutions are required to carry out due diligence to identify their customers and satisfy themselves of all relevant information before doing business with them. This is intended to ensure that no financial institution is used by criminals in furtherance of money laundering. Here are 10 startups operating in the KYC/CDD space.
ComplyAdvantage was launched in 2014. Currently, it serves 100 clients providing them with customer monitoring and screening platforms and transactional monitoring services enabling them to detect suspicious behaviour in real-time.
London is the gateway to the world for EU business
03 July 2017
A City business delegation joined me and showcased the best of the UK’s offer to the world, with companies such as the LSE, Smart Pension, Accenture and ComplyAdvantage.
The focus of this trip was to speak to senior business and government representatives in these key growth markets about the UK’s financial and professional services offer, and how we can help drive this growth in the years to come. I was also able to listen to their concerns and thoughts on the City and how we service their economies, and hear their thoughts and desires on Brexit.
10 RegTech Companies Every European Banker Must Know About
27 June 2017
It is predicted that regulations in the financial services sector will increase with more demand to oversee data, reporting and operation processes. Global financial institutions with locations in different jurisdictions are already faced with the nightmare of having to comply with varying regulatory requirements. Banks, fund managers, and other financial institutions are keen on partnering with RegTech startups to help them deal with the growing regulatory and compliance demand. The fact that RegTech is cloud-based helps to spread its application across the world with low barriers to entry. As such, there are numerous opportunities for growth in the sector. Already, there are numerous RegTech startups worth following but this article brings you some 10 top such startups in Europe.
ComplyAdvantage was launched in 2014. Currently, it serves 100 clients providing them with customer monitoring and screening platforms and transactional monitoring services enabling them to detect suspicious behaviour in real-time.
The rise of ‘RegTech’ and why it’s the next big thing in banking
20 June 2017
Two-and-a-half billion people around the world are un- or underbanked. For reasons as mundane as the lack of a credit history, or being a new migrant without the right papers, almost half of the world’s adult population is excluded from our economic system. That not only leaves them without financial security, but without access to the job market or the ability to rent a home. Recently, that tide has started to turn. And with the rise of RegTech, it’s about to turn further still.
Companies like ComplyAdvantage deliver sanctions and watchlist searches at scale, while Featurespace offers behavioural monitoring to identify fraudulent activity.
The 2017 Remittances Technology Innovation RemTECH Awards were announced today at the Global Forum GFRID2017 taking place at the United Nations in New York
15 June 2017
The 2017 Remittance Innovation Awards (RemTECH Awards), whose aim is to showcase the most innovative and outstanding ideas, models and projects designed to improve remittance services worldwide were announced at the Global Forum on Remittances, Investment and Development GFRID2017 organize
Form3 and ComplyAdvantage partner on payments screening services
07 June 2017
Form3, the cloud-based end-to-end secure standard for global payments processing, has partnered with ComplyAdvantage, a provider of AI-driven risk data and compliance technology. The deal is set to enhance the Form3 payments-as-a-service platform with powerful sanction screening services for cross-border payments. This will allow clients to access sanction screening services, PEPs (Politically Exposed Persons) and adverse media information on beneficiaries for payments processed through the Form3 platform.
BankThink Fintech’s future is in the back end
10 May 2017
Compliance is today’s biggest fintech infrastructure opportunity. With large fines and massive headcounts (roughly 6,000 compliance analysts work at some of the largest banks), compliance costs financial institutions$70 billion annually. Even so, ancient anti-money-laundering systems produce a 99% false positive rate. The good news: new machine-learning technologies are equipped to improve the status quo. Large pools of data are available for the AML application, and the transactional nature of banking yields near-immediate feedback loops. Banks will be able to improve the customer experience through faster account approvals and payments, and reduced fraud. Some startups are in the early stages of tackling this opportunity, including ComplyAdvantage, CCOBOX and IdentityMind.
UK government takes regtech delegation to New York
24 April 2017
Innovate Finance members will be joining a RegTech delegation to New York City this week, organised by the Department for International Trade (DIT).
This is DIT’s first RegTech mission to America and will be part of New York’s inaugural FinTech week.
Leading RegTech firms where selected to take part in the mission. They include Innovate Finance members ClauseMatch, ComplyAdvantage, Encompass Corporation, Percentile, Enforcd, Novastone, FundApps and Sybenetix.
The Data Differentiator In Compliance
18 April 2017
Banks and financial institutions spend billions of dollars to ensure they are meeting compliance requirements and properly managing risks. But is all the money being invested really getting the job done? Despite a compliance market packed with providers and the investment from companies to ensure they stay on the right side of regulations, instances of money laundering and fraud are still prevalent and not going anywhere any time soon.
The compliance market is becoming increasingly crowded and competitive as both traditional powerhouses and new entrants race to deliver on solutions that will help keep businesses in line with AML and KYC requirements. But is enough being done? Brett Smiley, general manager of Americas for ComplyAdvantage, joined PYMNTS to discuss where industry players are falling short and why strong data is such a crucial piece in completing the compliance puzzle.
Innovation never stops: What’s next for the tech startups in Bird & Bird’s Digital Innovators showcase pushing boundaries?
14 March 2017
When Bird & Bird and City A.M. sought to unearth, and then celebrate, the most innovative digital companies shaking up the worlds of finance, health, education, media and security, we knew the collective 20 companies we found were an outstanding demonstration of the UK’s leadership in cutting edge technology.
ComplyAdvantage, on our Digital Innovators list provides a global database on AML risk exposures and transaction monitoring covering sanctions, watchlists, Political Exposed Persons and adverse media, which relies upon big data analytics to take risk monitoring to a whole new level.
10 UK RegTech startups to watch: meet the UK startups making regulation and compliance smarter
10 March 2017
RegTech startups tend to focus on helping financial institutions contend with growing regulatory requirements after the 2008 financial crash, including automation of compliance tasks, mitigating operational risks and improving risk assessment through smarter use of data and more intuitive software.
Here are some of the most innovative RegTech startups in the UK today, whether they are helping big banks stay ahead of their complex compliance requirements, or businesses remain compliant through smarter anti-money laundering (AML) and know your customer (KYC) checks.
Banking; RegTech promises better and cheaper AML compliance
20 February 2017
Rather than moaning about the time and money spent chasing false-positive alerts of criminal or terrorist financing, banks ought to be sharpening up their own anti-money laundering (AML) and know-your-customer (KYC) systems or renting in better ones. Charlie Delingpole, chief executive of ComplyAdvantage – a provider of AML data and technology solutions – tells Euromoney: “There are not many issues further up the agenda of the large banks than managing their AML exposure.”
Regtech Market Map: The Startups Helping Businesses Mitigate Risk And Monitor Compliance Across Industries
06 February 2017
Regtech companies operate across financial services, vendor risk management, cybersecurity, environmental protection, cannabis, and other categories. To maintain compliance with existing regulations and keep up with new ones, companies are increasingly looking to tech solutions that can help streamline and manage data, processes, filings, and more. A host of tech startups in the regulatory space has emerged that offer a range of software, services, and tools aimed at bringing more data and efficiency to regulatory compliance.
London is global leader for regulatory technology start-ups
23 January 2017
London is the leading global location for new regulatory technology start-ups, according to FinTech Global, a specialist data and intelligence finance firm. Among 2016’s largest deals was the raising of $25m (£20m) in finance for Onfido, a global identity verification service, while adaptive behavioural analytics firm Featurespace raised $9m (£7.2m) and ComplyAdvantage raised $8.2m (£6.5m).
Application of AI in RegTech
11 November 2016
Among modern examples of companies applying AI to deliver regulatory technology solutions is ComplyAdvantage, which uses machine learning and artificial intelligence technology to help financial institutions perform legal checks on potential clients to make sure they’re not breaking any rules by dealing with them. The applies ML and NLP to understand the context and identify risk signals, to identify people and entities with AML risk, identify who they are and what they are doing, to perform sophisticated ‘elastic search’ by sorting through the vast array of data and more.
5 Top RegTechs in Monitoring
25 October 2016
Monitoring is one of the natural fits for RegTech innovation. Transaction and client data is continuously increasing and automation is the only way to deal with risks efficiently. Initially considering only the raw data of trades and customer information, though the limitations of such an approach are obvious. With a large offering comes the problem to understand of who does what, so we’ve reviewed scores of companies operating in the field and came up with the following 5 Top RegTechs for Monitoring.
Cyber security innovators are taking on the criminals on their own turf
21 October 2016
In an increasingly digital world where we entrust our most valuable data to the information superhighway, it was almost inevitable that criminals and other bad actors would eventually catch up and move their business online too. Their methods are becoming ever more sophisticated as they take advantage of the labyrinth that is the “dark web”, which enables them to operate in a manner which subverts both geographical borders and moral boundaries.
ComplyAdvantage has evolved from data provider to technology firm, enabling users to efficiently search for, analyse and make use of information for risk management and compliance decisions
A startup that uses artificial intelligence to stop banks dealing with terrorists raised $8.2 million
15 October 2016
A “RegTech” startup that helps banks and insurance companies vet potential clients has raised $8.2 million (£6.7 million) to expand to the US. London-based ComplyAdvantage has raised the sum from top European venture capital fund Balderton. The money will be put towards opening a New York office and expanding into the US.
ComplyAdvantage uses machine learning and artificial intelligence technology to help finance firms do legal checks on clients to make sure they’re not breaking any rules by dealing with them.
Venture Capital Deals
13 October 2016
ComplyAdvantage, a London-based startup that uses AI and machine learning to help financial firms manage compliance obligations and reduce costs, has raised $8.2 million in Series A funding led by Balderton Capital.
Startup Uses A.I. to Speed Up Financial Compliance
13 October 2016
A U.K. startup that uses artificial intelligence to help banks and other financial firms with anti-money laundering compliance received $8.2 million to fund its expansion in Europe and North America. The financing for London-based ComplyAdvantage is being lead by British venture capital firm Balderton Capital. The company, which said in a statement it has 200 clients globally, said it would use the money to expand its operations, adding to its current team of about 50 employees. It will also open a sales office in New York this week.
ComplyAdvantage raises $8.2M Series A to help firms manage compliance
13 October 2016
Back in the days when I did a startup I almost de-railed our VC funding after discovering my passport had expired. Without it I couldn’t pass the anti-money laundering checks imposed on the fancy and overpriced London law firm we’d hired. Then we almost failed to open a bank account so we could actually receive the money because we were unable to fly over all of our investors from Eastern and Central Europe to pass ID checks in person. The takeaway: compliance is a pain in the ass.