South African-founded RegTech firm RelyComply has officially launched in the UK, marking a major step in its mission to transform how financial institutions combat financial crime.
The end-to-end anti-financial crime platform, known for its advanced AI and machine learning (ML) capabilities, specialises in Anti-Money Laundering (AML), Know-Your-Customer (KYC), and Know-Your-Business (KYB) processes.
RelyComply’s expansion comes at a time when the UK faces escalating levels of financial crime. According to recent figures, criminals stole £1.17bn through fraud in 2024, while banks prevented an estimated £1.45bn. The Financial Conduct Authority (FCA) has introduced several measures, including the Failure to Prevent Fraud law, the APP Fraud Reimbursement Regime, and Consumer Duty, to protect customers. However, the company argues that the complexity and sophistication of modern financial crime demand more proactive, technology-led solutions.
RelyComply’s unified compliance platform provides enhanced identity verification and perpetual KYC, incorporating regional government ID checks, bias mitigation, and real-time transaction monitoring. Its explainable AI technology helps financial institutions detect fraud earlier and reduce false positives—an area where traditional, rules-based systems often fall short.
RelyComply CEO Bradley Elliott said, “Trust is in our DNA, and it is what our platform underpins – trustworthiness. The UK is becoming a hotbed for financial crime and desperately needs modern solutions. The sector is slowly facing the reality that fintechs are now operating at the same scale and risk level as traditional banks, but are still playing catch-up.”
Elliott added, “This is a clear signal that reactive controls are not enough. Financial crime has become a headache for the majority of financial institutions and fintechs still using legacy, rules-based compliance tools that generate biased, false positives. Reimbursing victims is liability management; preventing fraud is protection. The cheapest fine FIs will ever get is the fraud they never let through.”
Already, major institutions such as Standard Bank—Africa’s largest bank by assets under management—and leading FinTech firms across Southern Africa are leveraging RelyComply’s technology. Clients have reported a 40% reduction in false positives, a 30% decrease in compliance costs, and onboarding times shortened by up to 300%.
Elliott concluded, “RelyComply won’t be content with rebuilding the wheel; the purpose is to deliver a holistic platform that FIs can implicitly trust without doing the legwork needed throughout not just compliance, but risk as an entire function. We are confident in our ability to add value to the UK’s financial ecosystem from London to Edinburgh, and everyone in between.”
RelyComply’s entry into the UK market positions it among a growing wave of RegTechs addressing global financial crime challenges through automation, explainable AI, and cross-industry data collaboration.
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