ComplyAdvantage: AI-Driven Fraud and AML Risk Detection

Charles Delingpole

Founder and CEO

“We are the only global AI-driven RegTech source of high-risk entities and profiles. We help all our client companies detect and prevent money laundering, sanctions, evasion, and other associated risks”

Though sanctions are frequently criticized, they are still widely being used, especially under this critical war scenario and unrest going around the world. Moreover, economic sanctions are increasingly being used while they turn out to be little more than expressions. The role of the most relevant and right database can never be ignored, that facilitates smoother operations in sanctioning. This is where ComplyAdvantage, the leader in AI-driven fraud and AML risk detection solutions is creating a difference. Realizing the fact that businesses need real-time financial crime insight to put them in control, ComplyAdvantage is a dedicated company that enables organizations to understand the real risk of their partnering companies and vendors, through the world's only global, real-time risk database of people and companies. As a risk detection company, ComplyAdvantage actively identifies tens of thousands of risk events from millions of structured and unstructured data points - every single day. In a nutshell, ComplyAdvantage acts as a system that supports both business goals and compliance obligations. “We are the only global AI-driven RegTech source of high-risk entities and profiles. We help all our client companies detect and prevent money laundering, sanctions, evasion, and other associated risks,” points out Charles Delingpole, Founder, and CEO, ComplyAdvantage.

Building a Repository of Data and Insights
With various waves of corruption across financial businesses, banks and payment companies have had to ensure that they deal with terrorists, motorists, or corrupt foreign politicians. To deal with such challenges, typically people collate and maintain a database. However, CompliAdvanta is the first company to create and establish a powerful and seamless database via algorithms and machine learning. Its ComplyData is a persistent repository of data and insights. The database enables to seamlessly explore the connections between individuals and business entities in a single, simple relationship structure to “identify the unseen” while continuously enriching profiles through linking and integrating siloed data. “We automatically in real-time collate data using algorithms based on the type of different risks and signals, which means better and more up-to-date data,” adds Delingpole. This means, with CompliAdvantage, businesses get accurate data which provides results in lower false negatives and false positives. “So, you get fewer misses of people you're meant to catch that you don't catch and fewer irrelevant hits,” he explains.

In addition, ComplyAdvantage also offers a transaction risk management solution. This way, the company’s customers could process any transaction with confidence, and monitor and screen all transactions in real-time to enable holistic detection of financial crime. The solution is uniquely designed to monitor billions of transactions at 100 TPS with a sub-second response time. As a result, businesses can not only reduce false positives but also reduce the time to build risk scenarios with a no-code rule builder.

With ComplyAdvantage, businesses can identify transaction frauds by leveraging data and a flexible, AI-powered rules engine to identify fraudulent transactions in real-time. Moreover, transactions can be monitored over time to identify suspicious behavior. The solution is uniquely crafted to identify risk before it materializes and stop transactions in real-time by screening all elements of a transaction including name, address, bank details, BIC, and reference notes.

Streamlining KYC
ComplyAdvantage is also a pioneer in enabling businesses to streamline KYC programs. It enables to screen against the world’s only real-time risk database of people and companies. Companies can also automate customer onboarding and monitoring with the company’s real-time AML risk database. As a result, businesses can not only reduce dependence on manual review processes and legacy databases but also dramatically boost their customer experience.

When it comes to the crypto industry, principally, ComplyAdvantage is helping with two things, including identity verification and transaction monitoring. The solution can analyze the behavioral pattern of different types of movements and detect the precise risks even when the entity involved is unknown.

Another innovative offering from the company is ComplyLaunch, an offering that helps businesses to Set up and scale compliance programs with free access to award-winning AML and KYC tools and resources. The program offers startups free access to the tools and resources needed to grow with integrity and confidence while keeping costs under control. With this cutting-edge offering, startups will have access to award-winning AML data that facilitates sanctions, and connect politically exposed persons, relatives, and close associates. While providing start-ups with ongoing monitoring alerts related to relevant changes in risk status via a single API call, the offering also helps to establish operations with configurable cloud solutions in UI or API form and seamlessly integrate into an existing workflow.

The Game-Changing Solution
Since opening its doors, ComplyAdvantage has been a game-changer in delivering cutting-edge anti-money laundering and fraud prevention companies. Charles is a technology entrepreneur who has extensive executive experience in financial services across the U.S., Europe, and Asia. Under the leadership of Charles Delingpole, the company is set out to redefine the way fraud prevention and regulatory requirements are managed.

Delingpole points out that the company’s biggest investment is its people. As part of its evolution plan, the team is also spending over $70 million this year on the best technologists, and product managers to build the right solution that covers every unique client requirement. “We're constantly expanding the breadth, depth, scope, accuracy, and timeliness of the data, and systems with the correct language matching logic embedded into the API. To do it, you should know every language in the world. Though that's kind of a huge task, and many people thought it was impossible. We've done great progress in that, making the impossible, possible,” explains Delingpole.

Today, ComplyAdvantage has its presence in over 80 countries. Going forward, the company’s ultimate goal is to have a database of every person and every company in the world spanning credit for identity and risk.

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