ComplyAdvantage extends AML program to US and Canadian FinTechs

Financial crime detection firm ComplyAdvantage has expanded its anti-money laundering (AML) program ComplyLaunch to help FinTech startups in the US and Canada.

According to ComplyAdvantage, the ComplyLaunch program provides qualified startups with free access to the company’s AML and KYC tools plus resources needed to uncover and reduce the threat of money laundering, so they are able to onboard customers with greater trust and lower risk.

The firm hopes to help North American FinTech startups tackle money laundering, which will be one of the biggest challenges they will face as a business. Early-stage FinTech startups will no institutional funding are invited to apply for the program.

ComplyAdvantage said, “If transacting startups want to maximize their competitive advantage with new or expanded services, then they need intelligent AML and risk management data solutions to prevent the unintended consequences from unknowingly onboarding criminal entities.”

ComplyAdvantage CEO and founder Charles Delingpole added, “It’s amazing to see all the incredible fintechs that have signed up to our program. Not only is ComplyLaunch good for all the great companies that are participating but, it’s also great for our ecosystem.  How a company addresses risk management is becoming a growing factor for everything from investment to partnerships.  We want our fellow startups to be successful and that’s why we continue to make our AML tools and training free.”

ComplyAdvantage provides its customers with a hyperscale financial risk insight and AML data solution that uses machine learning and natural language processing to help regulated firms manage their risk obligations and prevent the possibility of financial crime.

Earlier this year, ComplyAdvantage secured $20m from Goldman Sachs Growth Equity through an extended Series C round. The investment was an extension of the firm’s earlier oversubscribed Series C in July last year, where the company raised $50m.

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