ComplyAdvantage adds KYB data to create financial risk detection graph of individuals and businesses

Global financial crime risk data and detection technology provider ComplyAdvantage has added Know Your Business (KYB) data to create a unified data graph of individuals and business entities to double down on financial crime risks.

KYB is the process of verifying the identity and understanding a business customer’s risk either before or during their onboarding to a service. With the addition of KYB data, ComplyAdvantage now has a knowledge graph that includes over 400 million companies and related directors covering over 200 countries and territories that has been derived from over 20,000 active data sources.

As a result, the company can contextualise relationships between individuals and business entities to uncover hidden financial crime risks with greater accuracy.

Until now, the process of identifying businesses during the onboarding process has been complicated, inefficient and inaccurate. As a result, companies have had to buy different siloed data sets, add the data and rely on human analysis to uncover relevant insights. Using siloed data makes it extremely difficult to contextualise links.

By contrast, ComplyAdvantage offers a large collective database of companies and individuals, and this means a company’s data stream has effectively gotten smarter as they can now automatically link companies to individuals.

Commenting on the new launch, ComplyAdvantage CEO Charles Delingpole said, “Our vision has always been to take on and neutralize the risk of money laundering and all other global financial crimes by building the first global, connected database of people and companies powering world-leading financial crime detection tools.

“Now, with our new KYB data integration, we are seeing this vision fulfilled, allowing us to expand our global reach, depth of coverage and the ability to significantly increase the accuracy of our real-time, risk-focused insights.”

According to the United Nations Department of Economic and Social Affairs, it’s estimated that each year governments lose at least $500bn from profit-shifting enterprises; $7tn in private wealth hidden in haven countries, with 10% of world GDP held offshore; Money laundering of around $1.6tn per year, or 2.7% of global GDP. The opacity of beneficial ownership and business control has stymied global regulators and compliance teams alike in their abilities to find, mitigate or prevent financial crimes from happening.

ComplyAdvantage ComplyData offers global compliance teams an AI-enabled solution that uncovers hidden threats and associated risks by unifying risk datasets and linking information due to connections between suspect entities such as individuals and corporations. The company’s proprietary database is derived from millions of data points that provide insights across sanctions, watchlists, politically exposed persons and negative news.

It uses machine learning and natural language processing to help regulated organisations manage their risk obligations and prevent financial crime. The company’s proprietary database is derived from millions of data points that provide dynamic, real-time insights across sanctions, watchlists, politically exposed persons, and negative news.

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