Artificial intelligence to combat money laundering
Combining Artificial Intelligence and traditional data sources will be key to combatting money laundering says Encompass Corporation and ComplyAdvantage who have today announced their partnership during Innovate Finance’s Global Summit 2017 being held at Livery Hall in London.
Encompass Corporation is the creator of unique KYC policy automation software, purpose built for onboarding corporate clients, at scale. They provide pre-built access to more KYC data sources than any other AML/CTF compliance solution, including BvD, Equifax, Creditsafe, Trulioo, GBG, Dun & Bradstreet, and Companies House among others.
ComplyAdvantage is the world’s only provider of AI-driven risk data on individuals, organisations and associated entities that pose a financial crime risk. They monitor tens of thousands of structured and unstructured data sources to provide dynamic real-time insight into risk indicators including sanctions, Politically Exposed Persons (PEPs), watch lists and adverse media.
The partnership between ComplyAdvantage and Encompass enables traditional data sources to be combined with AI-driven risk data, providing a more accurate picture of the activities of these entities.
This allows businesses to better assess financial crime risks and protect their reputation whilst complying with regulations relating to sanctions, anti-money laundering (AML) and counter-terrorist financing (CTF).
Wayne Johnson CEO from Encompass said: “We are thrilled to integrate with fellow RegTech leaders ComplyAdvantage. People and organisations that set out to launder money are normally keen to hide their identity. By using multiple data sources you can find relevant information on an individual or business that indicates financial risks. But, if you enrich this process with information provided by ComplyAdvantage – such as how the person or business is discussed in the media or online – a more comprehensive picture about who they are and what they are doing emerges, providing more accurate risk assessment.”
Charles Delingpole, Founder & CEO of ComplyAdvantage said: “Criminals are very good at hiding their tracks financially, but often have public face elsewhere. By using the latest technologies, we can provide more accurate, real-time and relevant insight into financial crime risk of an entity you are checking. Combining ComplyAdvantage’s machine learning and AI-driven data with Encompass’ aggregation and automation makes for an ideal match.”
Encompass Corporation and ComplyAdvantage are both members of Innovate Finance and have both been selected to take part in the UK Department of International Trade’s first RegTech Mission to New York from April 24th 2017.
About Encompass Corporation: A leading RegTech company, Encompass Corporation develops technology to automate Know Your Customer (KYC) policies and ensure adherence to Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF) regulations in financial, legal and accounting businesses.
With Encompass’ market leading technology, KYC checks and onboarding processes can be completed more than 10 times faster and with far lower costs and error rates than manual processes through the use of web based technology, providing a full audit trail and removing the risk of human oversight.
For more information, please visit www.encompasscorporation.com
About ComplyAdvantage: ComplyAdvantage helps firms make intelligent choices when complying with regulations relating to sanctions, money laundering (AML), terrorist financing (CFT), bribery and corruption.
Its unique proprietary database of individuals, organisations and associated entities provides dynamic real-time insight into financial crime risks. Their screening platform helps to safely automate the risk assessment of customers and transactions, and their real-time analytics enable firms to monitor customer activity and spot suspicious behaviors.
ComplyAdvantage uses artificial intelligence, machine learning and big data analytics to help firms not only to manage their compliance and risk obligations but to prevent the occurrence of financial crime.
Founded in 2014 and headquartered in New York and with offices in London, UK and Cluj, Romania ComplyAdvantage works with some 200 firms in the financial markets and other regulated and high-risk sectors.
ComplyAdvantage is a trading name of IVXS UK Ltd. – Website: https://complyadvantage.com/
About: Innovate Finance is an independent not-for-profit membership association representing the UK’s global FinTech community. Founded in 2014 with the support of the City of London and Canary Wharf Group, Innovate Finance aims to accelerate the UK’s leading position in the global financial services sector by directly supporting the next era of technology-led financial services innovators, from start-ups to institutions.
Source: Encompass Corporation
