New Guide Provides A Breakdown From Common Terminology, Know Your Customer Overview, Digital Identification Guidance, Regulatory Updates To Choosing The Right AML Tools
ComplyAdvantage, a global data technology company transforming financial crime detection, announced the release of a new Anti-Money Laundering Essentials Guide for Startups. The new guide was developed as part of ComplyLaunch, a program that provides qualified startups with free access to ComplayAdvantage’s award-winning AML and Know Your Customer (KYC) tools plus additional resources.
For many early-stage firms, implementing anti-money laundering compliance tools and processes can be a challenge. This guide is designed to offer startups with practical tips in order to build a compliance function that can scale with their business needs.
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The Anti-Money Laundering Essentials Guide for Startups will explore the following including:
- What are KYC and Digital ID processes, and why do they matter?
- What is the latest on the regulatory landscape in the UK, US and European Union?
- How should firms look to appoint an MLRO?
- How can the ComplyLaunch program help early-stage firms?
For firms wanting to maximise their competitive advantage through rapid service deployment then they need access to trusted AML information and tools in order to implement best regulatory practices. This is why the mandate for ComplyLaunch is to provide fintech startups with free world-class tools and information so they can transact with trust and grow with confidence.
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“It’s amazing to see all the incredible startups that have signed up to our program through 2021 and now into 2022,” said Kanisha Patel, Head of ComplyLaunch. “How startups address risk management is becoming a growing factor for everything from investment to partnerships. That’s why we continue to make our AML tools and training free as it’s not only good for the startups that join our program but it’s ultimately a benefit for our entire ecosystem.”
ComplyAdvantage offers a true counter risk intelligent solution that leverages machine learning and natural language processing to help regulated organisations manage their risk obligations and prevent financial crime. The company’s proprietary ComplyData™ knowledge graph is derived from hundreds of millions of data points that provide dynamic, real-time insights across sanctions, watchlists, politically exposed persons, and negative news. This reduces dependence on manual review processes and legacy databases by up to 80% and improves how companies screen and monitor clients and transactions.
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