ComplyAdvantage and FullCircl Team to Boost AML Services
ComplyAdvantage has teamed with FullCircl to offer a new onboarding/customer lifecycle management solution.
The partnership, announced in a news release Monday (July 3), offers customers a suite of know your customer (KYC) and anti-money laundering (AML) tools courtesy of fraud prevention firm ComplyAdvantage and customer lifecycle intelligence platform FullCircl.
FullCircl Director of Channels and Revenue Partnerships Stuart Boardman said in the release the partnership lets financial institutions avoid potential risk as the regulatory environment grows increasingly complicated.
“Organizations can protect their business — and customers — from potential exposures and reputational damage with a comprehensive understanding of their risk landscape and the advanced data intelligence to make informed decisions,” he added in the release.
The partnership offers financial institutions global continually updated politically exposed persons (PEP) and sanctions watchlist screenings, as well as “real-time adverse media updates calibrated” to the Financial Action Task Force (FATF) and European Union money laundering directive.
The partnership comes at a time when — according to PYMNTS’ research — 71% of businesses say they need additional digital fraud solutions.
“It’s time for FinTechs to kind of grow up,” SendFriend CEO and Co-founder David Lighton said in an interview here in February. “In a post-FTX environment with higher regulatory scrutiny, we need to get really serious about compliance if we want to make it.”
Those organizations that still depend on manual and reactive anti-fraud tools suffer from slower growth than those using proactive and automated solutions, according to PYMNTS data.
Earlier this year, ComplyAdvantage announced it was using artificial intelligence (AI) to ferret out financial crime with Fraud Detection, a tool that uses machine learning algorithms to detect and prevent scammers.
“Banks and other financial institutions are constantly playing catch-up,” Chief Product Officer Oliver Furniss said in a news release at the time. “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.”
The company said this tool identifies more than 50 of the most common payment fraud scenarios facing banks and other financial institutions, such as account takeover (ATO) fraud, authorized push payment (APP) fraud and relationship fraud.
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