March 13, 2023 (London) – ComplyAdvantage, the leading fraud and financial crime detection firm, today named Jim Anning as the company’s Chief Data Officer as part of its commitment to innovation in anti-money laundering / countering financial terrorism (AML/CFT) services. The newly created role on the Executive Leadership Team reflects the centrality of quality and comprehensive insights to the company’s mission and products.  

“The compliance landscape continues to become more complex as sanctions lists are updated and bad actors try to evade the authorities. Investing in data and data scientists is key to further advancing the financial crime risk detection technology that underpins the service we provide our clients,” said ComplyAdvantage CEO, Vatsa Narasimha. “With his decades of experience across payments and consumer tech, Jim’s appointment marks an important next step on our organization’s data science journey.”

Anning joins ComplyAdvantage from GoCardless where, as VP of Data, he led the creation of the firm’s data capabilities and organization that underpin its payment intelligence products. Prior to that, he was Head of Data and Analytics at Hive for more than four years during the company’s growth and expansion. 

“Up-to-the-minute information is at the core of the fight against money laundering and other forms of financial crime. We are using data science and smart technology to identify patterns of transactions and connections between people and criminal enterprises. Delivering this intelligence to our customers requires a rich seam of relevant raw data and deep data skills across the company.” said Anning. “ComplyAdvantage is doing amazing work in this field and I am excited to be a part of the team.”

As noted in ComplyAdvantage’s State of Financial Crime Report for 2023, data scientists play an essential role in fighting fraud, money laundering, and other forms of financial crime by making sense of the river of information that flows through the system every day.  “Efficient and accurate data analysis is vital for effective AML/CFT programs. As global financial crime trends continue to rise, compliance teams face growing datasets that outpace traditional tools even while budgetary and staffing pressures increase.”

About ComplyAdvantage

ComplyAdvantage is the financial industry’s leading source of AI-driven financial crime risk data and fraud detection technology. ComplyAdvantage’s mission is to neutralize the risk of money laundering, terrorist financing, corruption, and other financial crime. More than 1000 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 identifies thousands of risk events daily from millions of structured and unstructured data points. 

ComplyAdvantage has four global hubs 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 information:

ComplyAdvantage

Rica Squires

rica.squires@complyadvantage.com

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A new survey of financial institutions by ComplyAdvantage, a leading financial crime and fraud risk detection firm, showed that 100 percent of US financial compliance professionals are re-evaluating their approach to financial crime risk. For many, this will result in “de-risking” or restricting their client and business relationships to minimize the likelihood of onboarding criminals. While the approach appears effective, it may also make it harder for legitimate consumers and businesses to access financial products like loans. 

Proportionate risk management is an essential compliance strategy, but de-risking occurs when firms adopt blanket policies that, in practice, push criminals into less regulated territories. De-risking can also undermine the wider financial system, as it disproportionately impacts groups like humanitarian organizations and charities that rely on financial services to support vulnerable people worldwide. The Financial Action Task Force, the global standard-setter for anti-money laundering regulations, has said de-risking “should never be an excuse for a bank to avoid implementing a risk-based approach.”

In addition to the universal plans among financial compliance professionals to re-evaluate their approach to financial risk, the survey also showed that: 

• 68 percent of US compliance teams are preparing for a rise in financial crime. 
• 55 percent of US financial institutions plan to hire more compliance professionals. 

Commenting on the findings, Vatsa Narasimha, CEO at ComplyAdvantage, said: “During the 2007-9 Great Recession, financial institutions reported a significant increase in the level of financial crime. Our survey shows firms – driven by the expectation of an economic downturn – expect it to rise this year too. However, the digitalization of business and transactions since 2008 – accelerated by the coronavirus pandemic – means the financial crime landscape looks very different today. With new fraud and money laundering tactics emerging all the time, agility and investment in the latest risk detection technologies have never been more critical.”

The survey showed tax fraud, credit/debit card fraud, and investment scams are the top fraud offenses US firms are concerned about. While most financial crimes will be fueled by the economic downturn, investment fraud, in particular, often runs counter-cyclically to the economy. After the decline in asset valuations that occurred in 2022, the likelihood of individuals falling for bogus schemes promising “market-beating” returns has increased. Federal Trade Commission figures show that American consumers lost more than $5.8 billion to fraud in 2021, an increase of more than 70 percent compared to 2020. ComplyAdvantage expects that number to increase in 2023.

No end in sight for sanctions on Russia 

The survey revealed Russia remains the hotspot US firms are most concerned about heading into 2023. When asked to rank their top three hotspots, 51 percent of firms chose Russia, with China selected by 40 percent and North Korea third with 31 percent. As the results indicate, a stalemate in the war is the most likely scenario to emerge, with new sectoral categories of sanctions possible, especially as other countries might aid Russia’s efforts. Western powers are also expected to ramp up the enforcement of existing measures. 

When asked to identify any measures they had taken since the invasion, 52 percent of US financial institutions told ComplyAdvantage they changed their business model in response to Russia’s invasion of Ukraine, with 52 percent implementing asset freezes and 31 percent implementing an onboarding shutdown in the country. Just 3 percent said the invasion had no impact on their business.

Narasimha added, “It’s clear that compliance and sanctions teams realize how significantly the war in Ukraine can – and will – impact their businesses. This will continue in 2023 with further changes to the lists of Russian sanctions designations. But the sanctions landscape is larger than Russia, so firms must prepare for measures that may arise in response to geopolitical events occurring in other countries. As the Federal government focuses on improving private sector implementation and taking enforcement action, a laser focus on sanctions in the year ahead will be critical.”

Extremists being financed through crowdfunding platforms

Attention is also increasingly turning to crowdfunding platforms and how they are being used to finance extremist groups. When asked if they had seen a change in attempts to use decentralized finance platforms to finance extremist political groups over the last 12 months, 89 percent of US financial institutions reported an increase. 

Andrew Davies, Global Head of Regulatory Affairs at ComplyAdvantage, explains: “Many crowdfunding platforms are less focused than they should be regarding compliance, mostly due to surging demand for their services. We saw this most prominently last year in the use of various crowdfunding platforms to support the so-called “Freedom Convoy” in Canada, but they are increasingly being used by extreme groups worldwide. Crowdfunding, in conjunction with cryptocurrencies and social media, increases the risks of terrorist financing by allowing bad actors to utilize the reach of crowdfunding platforms and crypto asset technologies to gain support from followers and receive funds. Crowdfunding platforms should ensure they have appropriate anti-fraud and money laundering solutions. Banks and other providers working with crowdfunding organizations should perform enhanced due diligence before agreeing to a partnership to reduce exposure to financial crime risks and bad publicity by association.”

About the survey

In October 2022, ComplyAdvantage surveyed 800 C-suite and senior compliance decision-makers across the US, Canada, UK, France, Germany, Netherlands, Singapore, Hong Kong, and Australia. 150 respondents were located in the United States. 

All respondents currently work in financial services, with 50+ employees and total assets of over $5 billion. 

Those who responded to the in-depth survey are represented by the following sectors: financial institutions (e.g., banks), wealth and investment management, capital markets, money service businesses, crypto exchanges, and insurance.

About ComplyAdvantage

ComplyAdvantage is the financial industry’s leading source of AI-driven financial crime risk data and fraud detection technology. ComplyAdvantage’s mission is to neutralize the risk of money laundering, terrorist financing, corruption, and other financial crime. More than 1000 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 identifies thousands of risk events daily from millions of structured and unstructured data points. 

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

For Information:

ComplyAdvantage

Will Thompson

william.thompson@complyadvantage.com

ComplyAdvantage Americas

Duncan King

+1 917.570.7616

duncan@duncankingcommunications.com

The post US financial institutions brace for soaring financial crime, with 100 percent re-evaluating their approach to risk appeared first on ComplyAdvantage.

A new survey of financial institutions by ComplyAdvantage, a leading financial crime and fraud risk detection firm, showed that 100 percent of UK financial compliance professionals are re-evaluating their approach to financial crime risk. For many, this will result in “de-risking” or restricting their client and business relationships to minimise the likelihood of onboarding criminals. While the approach appears effective, it may also make it harder for legitimate consumers and businesses to access financial products like loans. 

Proportionate risk management is an essential compliance strategy, but de-risking occurs when firms adopt blanket policies that, in practice, push criminals into less regulated territories. De-risking can also undermine the wider financial system, as it disproportionately affects groups like humanitarian organisations and charities that rely on financial services to support vulnerable people worldwide. The Financial Action Task Force, the global standard-setter for anti-money laundering regulations, has said de-risking “should never be an excuse for a bank to avoid implementing a risk-based approach.”

In addition to the universal plans among financial compliance professionals to re-evaluate their approach to financial risk, the survey also showed that: 

• 62 percent of UK compliance teams surveyed said they are preparing for a rise in financial crime. 
• 69 percent of UK financial institutions plan to hire more compliance professionals, significantly higher than the global average of 58 percent. 

Commenting on the findings, Vatsa Narasimha, CEO at ComplyAdvantage, said: “During the 2007-9 Great Recession, financial institutions reported a significant increase in the level of financial crime. Our survey shows firms – driven by the expectation of an economic downturn – expect it to rise this year too. However, the digitalization of business and transactions since 2008 – accelerated by the coronavirus pandemic – means the financial crime landscape looks very different today. With new fraud and money laundering tactics emerging all the time, agility and investment in the latest risk detection technologies have never been more critical.”

The survey also showed cybercrime, investment scams, and identity theft are the top offences UK firms are screening for, indicating they are priorities for financial institutions. While most financial crimes will be fueled by the economic downturn, investment fraud, in particular, often runs counter-cyclically to the economy. As easier methods of accessing finance dry up, the temptation to resort to bogus schemes offering apparently “market-beating” returns increases.  In the UK, fraud represents 40 percent of reported crime, but just two percent of police funding is dedicated to combating it. 

No end in sight for sanctions on Russia 

The survey also showed Russia remains the hotspot UK firms are most concerned about heading into 2023. 54 percent of firms chose the country, with China selected by 42 percent and Afghanistan third with 35 percent. 

As the results imply, a stalemate in the Ukraine war is the most likely scenario to emerge, with new sectoral categories of sanctions possible. Western powers are also expected to ramp up the enforcement of existing measures. Overturning sanctions is likely a critical Russian condition in end-state negotiations. 

45 percent of UK financial institutions told ComplyAdvantage they changed their business model in response to Russia’s invasion of Ukraine, with 57 percent implementing asset freezes and 54 percent implementing an onboarding shutdown in the country. Just three percent said the invasion had no impact on their business.

Narasimha added, “It’s clear that compliance and sanctions teams realise how significantly the war in Ukraine can – and will – impact their businesses. This will continue in 2023 with further changes to the lists of Russian sanctions designations. But the sanctions landscape is larger than Russia, so firms must prepare for measures that may arise in response to geopolitical events occurring in other countries. As western governments focus on improving private sector implementation and taking enforcement action, a laser focus on sanctions in the year ahead will be critical.”

Extremists being financed through crowdfunding platforms

Attention is also turning to crowdfunding platforms and how they are being used to finance extremist groups. When asked if they had seen a change in attempts to use decentralised finance platforms to finance extremist political groups over the last 12 months, a whopping 91 percent of UK financial institutions reported an increase. For 45 percent of firms, this increase was rated as “significant.”

Andrew Davies, Global Head of Regulatory Affairs at ComplyAdvantage, explains: “It’s clear that many crowdfunding platforms have been caught short by the surging demand for their services. Crowdfunding, in conjunction with cryptocurrencies and social media, increases the risks of terrorist financing by allowing bad actors to utilise the reach of crowdfunding platforms and crypto asset technologies to gain support from followers and receive funds. Crowdfunding platforms should ensure they have appropriate anti-fraud and money laundering solutions. Banks and other providers working with crowdfunding organisations should perform enhanced due diligence before agreeing to a partnership, or they risk being exposed to financial crime risks and the bad publicity that comes with these.”

About the survey

In October 2022, ComplyAdvantage surveyed 800 C-suite and senior compliance decision-makers across the US, Canada, UK, France, Germany, Netherlands, Singapore, Hong Kong, and Australia. 100 respondents were located in the UK. 

All respondents currently work in financial services, with 50+ employees and total assets of over $5 billion. 

Those who responded to the in-depth survey are represented by the following sectors: financial institutions (e.g., banks), wealth and investment management, capital markets, money service businesses, crypto exchanges, and insurance.

About ComplyAdvantage

ComplyAdvantage is the financial industry’s leading source of AI-driven financial crime risk data and fraud detection technology. ComplyAdvantage’s mission is to neutralise the risk of money laundering, terrorist financing, corruption, and other financial crime. More than 1000 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 identifies thousands of risk events daily from millions of structured and unstructured data points. 

ComplyAdvantage has four global hubs 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 Information:

ComplyAdvantage

Will Thompson

william.thompson@complyadvantage.com

ComplyAdvantage EMEA

Ben Goldsmith

+447788295321

ben@goldsmithcomms.com

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LONDON, Tuesday, December 13 – ComplyAdvantage, a global leader in AI-driven fraud and anti-money laundering (AML) risk detection, today announced its inclusion in the Chartis RiskTech100®. The RegTech saw an increase in its overall score compared with 2022, driven by an almost 8 percentage point increase in its market presence rating. 

RiskTech100® is regarded as the most comprehensive study of the major global players in risk and compliance technology. Using a robust, repeatable methodology, it ranks the top 100 risk technology providers and identifies key players in specific risk and compliance categories.

Each firm’s risk management software products and solutions are assessed for their functionality, core technology, strategy, customer satisfaction, market presence, and innovation. 

“In the rapidly developing KYC data space, ComplyAdvantage has secured a firm position,’ said Phil Mackenzie, Research Principal at Chartis. ‘An innovative combination of data and software and a clear-sighted strategy will be key in strengthening this.”

ComplyAdvantage CEO, Vatsa Narasimha, further commented: “Our inclusion in the RiskTech100® for the third consecutive year is a validation of the results our team is delivering for customers across fraud and money laundering risk detection. Increased adoption of our solutions worldwide will keep illicit transitions and bad actors out of the financial system in 2023 and beyond.”

The news comes as ComplyAdvantage was also listed as a winner in the Financial Times’ 2022 Tech Champions list, recognizing companies using technology to meet pressing business challenges. ComplyAdvantage won the ‘Markets and Financial Services’ category for its sanctions screening solution, which has helped firms worldwide to capture the latest sanctions on Russian persons and entities through the war in Ukraine. 

Already the preferred choice of some of the world’s largest banks, enterprises, and high-growth FinTechs, ComplyAdvantage uses machine learning to help regulated organizations manage their risk obligations and prevent financial crime. ComplyAdvantage is also a leading provider of anti-money laundering insights and best practices, including the company’s recently launched customer onboarding training program.

About ComplyAdvantage 

ComplyAdvantage is the financial industry’s leading source of AI-driven financial crime risk data and fraud 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 identifies thousands of risk events daily from millions of structured and unstructured data points. 

ComplyAdvantage has four global hubs 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 Information:

ComplyAdvantage
Will Thompson
william.thompson@complyadvantage.com 

ComplyAdvantage EMEA
Ben Goldsmith
+447788295321
ben@goldsmithcomms.com

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London, November 8, 2022 – ComplyAdvantage, a global data technology company transforming financial crime risk detection, today announces a training program designed to help compliance teams navigate potential threats when onboarding customers. 

Financial institutions must legally vet new clients for money laundering, terrorist financing, sanctions evasion, and corruption before providing access to their services. As a result, firms invest billions of dollars in developing and implementing anti-money laundering (AML) and counter-terrorist financing (CFT) processes at onboarding.

However, with a speedy onboarding process often marketed as a competitive differentiator by many FinTechs, compliance teams are under more pressure than ever to provide a seamless process without granting criminals access to financial services. 

This interactive, certified training series takes compliance professionals step-by-step through customer onboarding best practices. The challenges explored include:

• How to determine what level of due diligence is appropriate for different customers
• The importance of understanding ultimate beneficial ownership structures
• How to report potentially suspicious behavior
• What training is required to equip new onboarding team members properly 

This series was produced with Dr. Martin Navias, Senior Visiting Research Fellow, Centre for Defence Studies at King’s College London. Dr. Navias is a leading lawyer specializing in anti-money laundering, counter-terrorist financing, and sanctions compliance. 

Commenting on the publication of the training program, Dr. Navias said:

“Customer onboarding is any organization’s first line of defense when tackling money laundering and financial crime. Having trained government departments and armed forces around the world on anti-money laundering and counter-terrorism financing best practices, I’ve seen first-hand how important this issue is.”

Andrew Davies, Global Head of Regulatory Affairs at ComplyAdvantage, added:

“Keeping your team’s knowledge fresh is a critical part of any effective compliance program. So I’d encourage any compliance officer involved in – or overseeing – the customer onboarding process to sign-up for the series and receive their certificate of completion.” 

Already the preferred choice of some of the world’s largest banks, enterprises, and high-growth FinTechs, ComplyAdvantage uses machine learning to help regulated organizations manage their risk obligations and prevent financial crime. ComplyAdvantage is also a leader in providing anti-money laundering insights that include the company’s much-lauded State of Financial Crime 2022 Report, Evolving Use and, Sanctions, and most recently, the Anti-Money Laundering Guide for Growing Crypto Firms. 

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 identifies thousands of risk events daily from millions of structured and unstructured data points. 

ComplyAdvantage has four global hubs 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 Information

ComplyAdvantage: Will Thompson, william.thompson@complyadvantage.com

ComplyAdvantage EMEA: Ben Goldsmith, +44.0.7788.295321, ben@goldsmithcomms.com

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New York, NY – October 13, 2022 — ComplyAdvantage, a global data technology company transforming financial crime detection, today announced that Vatsa Narasimha has been named as the company’s new Chief Executive Officer (CEO), and Charles Delingpole, the company’s founder, and former CEO, will transition to become Executive Chairman. Both will assume their new positions effective immediately. 

Charles Delingpole has led ComplyAdvantage since its formation in 2014, taking the company from its inception to operating with 450+ employees and more than 1,000 clients worldwide. Charles will remain a key part of the team in his new position.

An inspiring leader and formidable operating executive, Vatsa Narasimha joined ComplyAdvantage more than two years ago from Oanda Corporation, a global leader in online multi-asset trading services and currency data and analytics, where he was CEO. Prior to Oanda, Narasimha spent eight years at The Boston Consulting Group, working with leading financial institutions on a variety of growth strategy, corporate development, and operational issues.

Since arriving at ComplyAdvantage, Narasimha has held the position of Chief Operating Officer (COO), where his leadership has helped the company experience record growth with ARR (annual recurring revenue) growing by nearly 80% last year. This has been fueled by an expanded portfolio of traditional banking and insurance customers, FinTechs, and crypto customers as well as strategic partnerships with world-class BaaS, IDV, and blockchain data providers. 

Narasimha has also helped to expand the company’s funding to over $100 million, adding Ontario Teachers Pension Plan and Goldman Sachs to ComplyAdvantage’s top-tier suite of investors that include Index Ventures and Balderton Capital.

In addition to this progress, usage across the company’s AML (anti-money laundering) solution sets has hit record levels with search volumes doubling quarter over quarter for the company’s Customer Screening and Monitoring solution. The company’s platform has facilitated more than 1 billion searches across 150 million entities that are monitored daily while Transaction Risk Monitoring volumes have increased by 4 times.

Narasimha’s appointment as CEO comes at an exciting time as the company continues to scale globally, becoming a dominant force in fighting money laundering and related financial crimes using massive amounts of data and advanced machine learning to provide customers with financial risk insights.

Executive Commentary 

“Vatsa is an exceptional operating executive who has worked hard and delivered incredible results, earning him the right to become our next CEO,” said Charles Delingpole, founder, and Executive Chairman. “ComplyAdvantage continues to lead the industry in using advanced AI and data to combat financial crime. Vatsa has the right strategic skill sets and experience needed for this next chapter of growth. I want to whole-heartedly congratulate Vatsa, and I look forward to this next chapter in the company’s exciting trajectory.”

“ComplyAdvantage is entering a new phase of growth so the time is right for Vatsa to step into the CEO role,” said Jan Hammer, partner at Index Ventures. “Scaling a company offers unique challenges and huge rewards. Vatsa has deep executive experience and a clear vision for the next phase of CompyAdvantage’s growth. As a board member, I am excited that the company is continuing to evolve, and I am delighted to welcome Charles to the role of Executive Chairman. I look forward to seeing continued growth under Vatsa’s leadership.”

“Since my first conversation with Charlie, it has been obvious to me that ComplyAdvantage was built to solve the large and pressing problem that is financial crime detection,” said Vatsa Narasimha, CEO of ComplyAdvantage. ”The company’s track record reflects the significant progress we are making against our mission of bringing next-gen tools to help our clients get a holistic understanding of counter-party risk. I am excited to step into this role while continuing to work closely with Charlie as we make a significant impact for the customers we serve around the world.

Already the preferred choice of some of the world’s largest banks, enterprises, and high-growth FinTechs, ComplyAdvantage uses machine learning to help regulated organizations manage their risk obligations and prevent financial crime. ComplyAdvantage is also a leader in providing anti-money laundering insights that include the company’s much-lauded State of Financial Crime 2022 Report, Evolving Use and, Sanctions, and most recently, the Anti-Money Laundering Guide for Growing Crypto Firms. 

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 1000 companies 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 identifies thousands of risk events daily from millions of structured and unstructured data points. 

ComplyAdvantage has four global hubs 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 Information:

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Holvi, the digital banking service for small businesses, is among the initial group of customers to implement the AI-driven solution to manage their financial crime risk 

London — October 11, 2022 

Resistant AI, the AI and machine learning financial crime prevention specialists, and ComplyAdvantage, the financial industry’s leading source of AI-driven financial crime risk data and detection technology, today announced the general availability of their solution for fighting financial crime across the U.S. and Europe. 

Financial crime is a multi-trillion-dollar problem. According to the United Nations, the estimated amount of money laundered globally in one year is 2 – 5% of global GDP, or 800 billion – 2 trillion US dollars. While the cost of fraud and money laundering to financial organizations and other businesses is significant, the cost and damage to economies and society as a whole is immeasurable.

Adding Resistant AI’s capabilities to ComplyAdvantage’s transaction risk monitoring platform extends anti-money laundering (AML) and anti-fraud protections offered to financial institutions and other businesses by:

• Enabling them to detect previously unknown patterns of behavior and identify new risks faster.
• Delivering alert prioritization so organizations can focus on the highest-risk areas and make the best use of their investigative resources. 

With these capabilities, organizations can transition to a more dynamic approach to financial crime that uncovers novel behavior as it happens.

“Effectiveness and efficacy are key to scaling,” comments Valentina Butera, Head of AML and AFC Operations at Holvi. “Integrating an AI-driven transaction monitoring solution means we can grow our customer base without growing our headcount at the same rate. With Resistant AI and ComplyAdvantage, we can manage our known risks more efficiently while also identifying and adapting to previously unknown risks.”

Martin Rehak, founder, and CEO at Resistant AI, commented, “We are delighted that our joint solution is now available to drive game-changing efficiency gains. Alert prioritization, the ability to make systems more effective and identify previously unknown risks enables the most effective use of investigative resources and ensures a true risk-based approach.”

“In a complex, rapidly shifting world, criminals continue to find new ways to exploit financial services to launder the proceeds of their crimes. At ComplyAdvantage, we are passionate about giving our clients the best tools to protect themselves – and their customers – from these bad actors and fight back. The addition of Resistant AI’s capabilities will allow our clients to do just that.” said Charlie Delingpole, founder, and CEO at ComplyAdvantage.

Today’s announcement coincides with the launch of a new thesis paper on AI in transaction monitoring. Co-authored by ComplyAdvantage and Resistant AI, it explores how customers like Holvi can increase the speed and accuracy with which they monitor transactions for fraud and other financial crime risks.

###

About Resistant AI

Founded in 2019, Resistant AI uses AI and machine learning to provide identity forensic solutions that protect automated financial services from fraud and manipulation, including customer onboarding, AML and existing fraud detection systems. The Resistant AI founding team has a deep background in machine learning, artificial intelligence and computer security with more than 15 years of experience applying AI in the computer security domain. Backed by GV (formerly Google Ventures), Index Ventures, Credo Ventures, Seedcamp and several angel investors specializing in financial technology and security, Resistant AI is headquartered in Prague with offices in London and New York. Visit resistant.ai to learn more.

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 identifies thousands of risk events daily from millions of structured and unstructured data points. 

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

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New York, NY – August 9, 2022 — ComplyAdvantage, a global data technology company transforming financial crime detection, today announced financial crime risk management veteran Andrew Davies as the company’s first Head of Regulatory Affairs.  

Andrew will support ComplyAdvantage’s customers and prospects as they implement innovative financial crime risk management solutions. Andrew will also act as a lead advisor to the company’s product management teams and train employees. Lastly, he will provide trending and critical risk management insights to the company’s global network of financial services customers.  Andrew will report directly to Vatsa Narasimha, the company’s Chief Operating Officer.

“ComplyAdvantage continues to exceed all growth expectations reflecting the real-world value we’re creating for our customers around the globe. But as we continue to grow, so too are the complexities of the regulatory landscape,” said Charlie Delingpole, Founder, and CEO of ComplyAdvantage. “This is why we’re thrilled to have Andrew join our team.  He has an exceptional understanding of the financial crime landscape and clearly understands key risk management challenges facing financial services. We look forward to Andrew’s strategic contributions as we continue to lead the fight against financial crime..”

Before joining ComplyAdvantage, Andrew served as vice president of global market strategy for financial crime risk management at Fiserv. In that role, Andrew worked with Fiserv customers worldwide to design and deploy effective risk management solutions to mitigate financial crime risks. He was also responsible for seeking new markets and applications for Fiserv’s financial crime detection and prevention solutions.

Andrew has worked in the financial services industry for twenty-five years, supporting many of the world’s largest public and private financial institutions. His experience covers the mitigation of financial crime risks, including those related to real-time payments, front-office trading, and settlements. 

Andrew is an expert in financial crime risk management solutions and has worked with customers in the Americas, Europe, the Middle East, Africa, and Asia. He is a respected industry speaker, having presented at SIBOS, ABA events, CBA events, and numerous webinars, alongside his frequent writing on industry issues. He has contributed to articles in the American Banker, Credit Union Journal, finextra.com, PYMNTS.com, among other publications and websites.

“I am thrilled to be joining the ComplyAdvantage team at such an incredible time in the company’s evolution, “ said Andrew Davies.  “With the transformation of financial services comes the increased volume, velocity, and sophistication of financial crimes.  ComplyAdvantage’s innovative combination of expertise, technology, and data means that the company is uniquely positioned to help financial institutions find and eliminate the threat of financial crime before it impacts their services.  I look forward to working with Charlie, Vatsa, and the rest of the outstanding ComplyAdvantage team as we redefine intelligent financial crime risk management.”

Already the preferred choice of some of the world’s largest banks, enterprises, and high-growth FinTechs, ComplyAdvantage uses machine learning to help regulated organizations manage their risk obligations and prevent financial crime. ComplyAdvantage is also a leader in providing anti-money laundering insights that include the company’s much-lauded State of Financial Crime 2022 Report, Evolving Use of Sanctions, and most recently, the Anti-Money Laundering Guide for Growing Crypto Firms. 

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 thousands of risk events daily from millions of structured and unstructured data points. 

ComplyAdvantage has four global hubs 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 Information:

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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 

The post ComplyAdvantage Publishes New Anti-Money Laundering Guide For Cross-Border Payments and Remittance appeared first on ComplyAdvantage.