The Company

UKDE is a global financial services provider focusing on digital finance and blockchain technology services. Their main products include blockchain technology-powered digital assets exchange platform UKEX and cryptocurrency wallet UKEX Pay. Their goal is to expand their global reach and become a leader in blockchain integration, technology implementation, digital asset trading, digital financial settlement, and venture investment services.

Industry: Blockchain & Cryptocurrencies
Product: AML Screening and Ongoing Monitoring

The Challenge

UKDE was looking to partner with an AML provider that could ensure full compliance with global AML regulations and support them in their growth ambitions. However, the legacy provider they had initially chosen only provided one-off customer rescreening, rather than ongoing monitoring of entities, and this did not allow sufficient risk mitigation.

In addition, UKDE has a large number of Chinese clients using their services. Their previous provider’s matching parameters were not powerful enough to differentiate between different Chinese names, which led to a high number of false positives and incorrect hits. Therefore, the UKDE team was spending a lot of time and effort manually remediating alerts in order to mitigate risk. To ensure continuous monitoring of entities and reduce manual efforts and time spent treating alerts, UKDE decided to move away from their previous legacy provider and partner with ComplyAdvantage.

Thanks to ComplyAdvantage’s industry-leading database and matching algorithm, we are capable of meeting regulatory requirements and delivering service results with high efficiency.Guoyu Du,
Co-Founder and Risk Director, UKDE Ltd

The Solution

ComplyAdvantage’s two-way RESTful API, which was integrated with their existing tech stack in under 2 weeks, improves operational efficiency by sending real-time automated alerts directly to UKDE’s systems. ComplyAdvantage’s advanced matching algorithm can recognize and comprehend Chinese character sets, which other providers have difficulty doing due to transliteration errors. This allows UKDE’s compliance team to fully understand why a match occurs and confidently discard hits.

The Outcome

ComplyAdvantage’s advanced matching parameters have led to a noticeable decrease in UKDE’s false positives rate. This has enabled UKDE to reduce the time spent remediating alerts by 40%, thereby reducing operational costs by 5%. Moreover, their compliance team can now focus on the entities that pose a real risk to their business.

ComplyAdvantage’s service has always been stable and reliable. We see ComplyAdvantage as a powerful service provider, a knowledgeable professional consultant, and a great business partner.Guoyu Du,
Co-Founder and Risk Director, UKDE Ltd