ComplyAdvantage has released ComplyTry, a new tool that lets anyone verify prospective customers by leveraging live sanctions, politically exposed people (PEPs) and adverse media data.
The free tool lets users search, verify and assess context around identities.
ComplyAdvantage stated that the success of an anti-money laundering (AML) program is not only down to accurate identity verification but also the context surrounding the identity and whether this signals any form of illegal behaviour, intent, history or association.
Compliance teams are tasked with analysing, extracting and validating identities with elevated risk signals. ComplyTry simplifies this whole process.
A user simply inputs the details of a customer, selects the data sources they want to screen against and search. Results will be presented by a card, which reveals the full body of the profile with all relevant information.
Benefits of ComplyTry include smarter research, deeper news insights and quicker onboarding.
ComplyAdvantage head of ComplyLaunch Kanisha Patel said, “We decided to offer ComplyTry after having an incredible response to our ComplyLaunch program which offers free access to AML and KYC tools for startups.
“And like ComplyLaunch, our goal is to continue to democratise access to vital AML tools and information to better prepare startups and to help fortify our ecosystem against the threat of financial crimes. By making these sorts of programs and tools accessible, everyone benefits.”
The current crisis in Ukraine has shown how quickly sanction lists can change. Periodic reviews in KYC processes are not enough to keep up with the rapid change of risks. This need is helping the adoption of perpetual KYC, which ensures continuous assessments of customer risk.
Quantexa, a financial crimes solution developer, recently spoke to FinTech Global about what future perpetual KYC has in the compliance world.
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