(London) 22 August 2023 – ComplyAdvantage, the leading financial crime intelligence company, has joined the Amazon Web Services (AWS) Independent Software Vendor (ISV) Accelerate Program, a co-sell program for AWS partners that provides software solutions that run on or integrate with AWS. The program helps AWS partners drive new business by directly connecting participating ISVs with the AWS Sales organization. 

The AWS ISV Accelerate Program provides ComplyAdvantage with co-sell support and benefits to meet customer needs by working with AWS sellers globally, who service millions of active AWS customers. Co-selling provides better customer outcomes and assures mutual commitment from AWS and ComplyAdvantage. 

“We’re excited to be strengthening our relationship with AWS,” said Oliver Furniss, Chief Product Officer of ComplyAdvantage. “Joining the ISV Accelerate Program allows ComplyAdvantage to streamline the delivery of our financial crime solutions to businesses much in need. We’re excited to go to market with AWS and look forward to building relationships with new customers as a result of this program.”

Further, ComplyAdvantage is offering its Sanctions, PEPs, Adverse Media, Customer Screening and Monitoring solution via the AWS Marketplace with other solutions including Transaction Screening to follow. AWS Marketplace is a managed software catalogue that allows businesses to easily purchase and invoice software from trusted vendors.

“Listing via AWS Marketplace is an exciting development for ComplyAdvantage,” continued Furniss. “AWS gives potential customers fast access to the solutions we offer that they and their customers will benefit from as well as empowering them to leverage their committed cloud spend easily. It’s a great fit for customers that have gone down the EDP model road for procuring solutions.  More and more customers are interested in buying through marketplaces these days anyways, so it just makes sense for ComplyAdvantage to be there.”

As well as offering limited self-service subscription packages, ComplyAdvantage will also be offering private offer subscriptions for those who want to work with ComplyAdvantage to develop a bespoke commercial solution package and to enable them to invoice centrally through AWS.

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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July 18, 2023 (New York) – One of the biggest challenges faced by regulated and non-regulated companies is assessing whether or not another business is safe to work with. Existing approaches rely on manual research across multiple siloed sources. This is time-consuming and fails to give the holistic risk overview necessary to make an informed decision. To address this long-standing problem, ComplyAdvantage, the leader in financial crime intelligence, today announces the launch of a new Know Your Business (KYB) solution that automates the process, making it faster and easier to manage risk exposure while growing the customer base.

“Business accounts present a tremendous growth opportunity for most companies, but onboarding and monitoring them is hugely time-intensive and inefficient for their analysts.  Our new KYB solution provides the data and insights our customers need to make informed decisions much faster and manage their risks more effectively,” said ComplyAdvantage Chief Product Officer Oliver Furniss.

Automated Process

Currently, companies like banks typically spend as much as 14 days conducting the necessary background checks when opening a business account. By automating most of the process, KYB by ComplyAdvantage dramatically reduces the time needed for manual research. Once the company creates a new customer profile, KYB automatically checks the name against business registries and fills in all the key information about the business executives. Adverse media tools are available to further research high-risk individuals.

“As a digital trade finance platform, automated onboarding and efficient KYB is critical for 40Seas. ComplyAdvantage’s KYB solution was really easy to get up and running. With the system we’re able to verify our customers in seconds, improving the customer experience and ensuring we can mitigate risk effectively,” said Igor Zaks, Co-Founder and Chief Risk Officer, 40Seas

Flexible Risk Weightings

Accurately assessing business risk requires companies to research numerous variables ranging from the age and location of the business to its industry vertical and governance. ComplyAdvantage has made it easy for administrators to create a variety of risk profiles and tailor them to their risk policy. By providing flexible configuration that can populate and update automatically, ComplyAdvantage relieves analysts of numerous micro-assessments so they can focus their time and effort on overall rating, prioritizing their time and efforts on higher-risk businesses and quickly processing those that are lower-risk, creating efficiencies.

Dynamic Risk Scoring

KYB by ComplyAdvantage features a dynamic risk scoring feature that automates the risk management process whenever changes occur in a business customer’s ownership, credit rating, trading amounts, or directorship/governance. Traditionally a manual task, this process often burdens banks and financial institutions with valuable resources and exposes them to potential risks due to missed critical changes in management.

Oliver Furniss emphasized the impact of dynamic risk scoring: “Banks and other companies leveraging Dynamic Risk Scoring significantly enhance the speed, accuracy, and efficiency of their business onboarding operations, bolstering their overall operations and reinforcing the robustness of the financial system.”

KYB by ComplyAdvantage is currently available in the United States. Additional regions will be added in 2024.

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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Criminals have never had more avenues through which to defraud people. This has been fuelled by the proliferation of technology ranging from instant messaging to new forms of remittance, like P2P and real-time payments.

That’s why ComplyAdvantage, the leader in financial crime intelligence, today announces the launch of Fraud Detection, its new solution that uses machine learning algorithms to detect and prevent the menace of transaction-related fraud.

“Fraudsters are fast and creative, always looking for new vulnerabilities they can exploit. That’s why fraud is one of the most commonly experienced crimes affecting people every day, causing billions in losses to consumers and businesses,” says Oliver Furniss, chief product officer for ComplyAdvantage.

“Banks and other financial institutions are constantly playing catch-up. Fraud Detection gives them an effective new way to monitor the millions of transactions they process every day and stop criminal activity in its tracks.”

Catching All Major Payment Fraud Scenarios

Fraud Detection identifies over 50 of the most prevalent payment fraud scenarios faced by banks and other financial institutions through the millions of transactions they process every day. The product detects and flags fraud typologies including Account Take Over (ATO), Authorised Push Payment Fraud (APP), Synthetic Identity, and Relationship Fraud.

Fraud Detection’s advanced capabilities can also identify “unknown unknowns,” such as fraud typologies that do not match current rule-based scenarios.

When businesses receive an alert to suspicious activity, it comes with a full explanation, streamlining the transaction’s resolution. For example, a transaction could have been flagged because it followed a failed password attempt or because it was at a time of day that wasn’t in keeping with the customer’s location.

This feature sets Fraud Detection by ComplyAdvantage apart in the marketplace.

Holvi, the digital banking service for small businesses, uses Fraud Detection as part of a holistic approach to financial crime risk detection with ComplyAdvantage.

Valentina Butera, head of AML and AFC Operations at Holvi, said: “The convenience of digital banking benefits customers and criminals alike. Technology is developing fast, but so are fraudsters. That’s why selecting Fraud Detection by ComplyAdvantage was a very easy decision for us. We immediately saw that it had the latest machine learning technology and knew that the implementation would be extremely smooth.”

Fighting Crime Using AI & Machine Learning

Fraud Detection uses AI and machine learning algorithms to monitor monetary and non-monetary events and look for patterns that indicate possible risks. This includes identity clustering, using behavioural and personal characteristics to identify accounts that are, for example, controlled by a single individual.

It also combines financial and non-financial events with natural language processing and machine learning, meaning factors such as location and time can be used to identify suspicious transactions in real time.

“Integrity is key to a functioning, successful financial system. Institutions need to know that the transactions they facilitate are legal,” continued Furniss. “Our Fraud Detection solution helps payment providers, banks, and other institutions provide a strong first line of defence, protecting their customers and alleviating the stress and loss criminals cause.”

The post Unrivalled anti-fraud solution launched to take on UK’s £4bn payment fraud problem appeared first on ComplyAdvantage.

Financial crime intelligence company ComplyAdvantage has launched a Fraud Detection solution that uses machine learning algorithms to detect and prevent transaction fraud.

The launch comes at a time when criminals leverage numerous avenues to defraud people, fueled by the proliferation of tech ranging from instant messaging to new forms of remittance of the likes of peer-to-peer (P2P) and real-time payments. Having this knowledge as its basis, ComplyAdvantage looks to take on payment fraud with the new AI-powered solution.

ComplyAdvantage and Fraud Detection

Oliver Furniss, Chief Product Officer for ComplyAdvantage said that fraudsters are both fast and creative and on the constant lookout for vulnerabilities they can exploit, this being why fraud is among the most experienced crimes affecting people daily and resulting in losses worth billions for consumers and businesses alike. Per their statement, as banks and other FIs are ‘playing catch-up’, Fraud Detection looks to provide them with a method for monitoring transactions and stopping criminal activity ‘in its tracks’.

Per the press release, Fraud Detection helps identify over 50 of the most common payment fraud scenarios banks and FIs are faced with through the millions of transactions they process daily. The solution can detect and flag fraud typologies including account takeover (ATO), authorised push payment fraud (APP), synthetic identity, and relationship fraud. What is more, its advanced capabilities can identify ‘unknown unknowns’, meaning fraud typologies that do not match existing rule-based scenarios.

When businesses are provided with an alert to suspicious activity, it comes with a complete explanation, simplifying the transaction’s resolution. To exemplify, a transaction could have been flagged due to it following a failed password attempt or because it was at a time of day that wasn’t in accordance with the customer’s location. The feature is believed to help set apart Fraud Detection by ComplyAdvantage in the marketplace.

Furthermore, Fraud Detection leverages AI machine-learning algorithms to monitor both monetary and non-monetary events and search for patterns that indicate possible risks. This consists of identity clustering, using behavioural and personal characteristics to identify accounts, and it also combines financial and non-financial events with natural language processing and machine learning, making it possible to use factors like location and time to identify suspicious activity in real-time.

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May 16, 2023 (London) –  Criminals have never had more avenues through which to defraud people. This has been fueled by the proliferation of technology ranging from instant messaging to new forms of remittance, like P2P and real-time payments. That’s why ComplyAdvantage, the leader in financial crime intelligence, today announces the launch of  Fraud Detection, its new solution that uses machine learning algorithms to detect and prevent the menace of transaction-related fraud. 

“Fraudsters are fast and creative, always looking for new vulnerabilities they can exploit. That’s why fraud is one of the most commonly experienced crimes affecting people every day, causing billions in losses to consumers and businesses,” says Oliver Furniss, Chief Product Officer for ComplyAdvantage. “Banks and other financial institutions are constantly playing catch-up. Fraud Detection gives them an effective new way to monitor the millions of transactions they process every day and stop criminal activity in its tracks.”

Catching All Major Payment Fraud Scenarios

Fraud Detection identifies over 50 of the most prevalent payment fraud scenarios faced by banks and other financial institutions through the millions of transactions they process every day. The product detects and flags fraud typologies including Account Take Over (ATO), Authorized Push Payment Fraud (APP), Synthetic Identity, and Relationship Fraud. Fraud Detection’s advanced capabilities can also identify “unknown unknowns,” such as fraud typologies that do not match current rule-based scenarios.

When businesses receive an alert to suspicious activity, it comes with a full explanation, streamlining the transaction’s resolution. For example, a transaction could have been flagged because it followed a failed password attempt or because it was at a time of day that wasn’t in keeping with the customer’s location. This feature sets Fraud Detection by ComplyAdvantage apart in the marketplace.

Holvi, the digital banking service for small businesses, uses Fraud Detection as part of a holistic approach to financial crime risk detection with ComplyAdvantage. Valentina Butera, Head of AML and AFC Operations at Holvi, said:

“The convenience of digital banking benefits customers and criminals alike. Technology is developing fast, but so are fraudsters. That’s why selecting Fraud Detection by ComplyAdvantage was a very easy decision for us. We immediately saw that it had the latest machine learning technology and knew that the implementation would be extremely smooth.” 

Fighting Crime Using AI & Machine Learning

Fraud Detection uses AI and machine learning algorithms to monitor monetary and non-monetary events and look for patterns that indicate possible risks. This includes identity clustering, using behavioral and personal characteristics to identify accounts that are, for example, controlled by a single individual. It also combines financial and non-financial events with natural language processing and machine learning, meaning factors such as location and time can be used to identify suspicious transactions in real time. 

“Integrity is key to a functioning, successful financial system. Institutions need to know that the transactions they facilitate are legal,” continued Furniss. “Our Fraud Detection solution helps payment providers, banks, and other institutions provide a strong first line of defense, protecting their customers and alleviating the stress and loss criminals cause.”

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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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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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.

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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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