LONDON–(COMMERCIAL THREAD) –ComplyAdvantage, a global leader in AI-powered financial crime risk detection and detection technologies, today announced that the company has added Know Your Business (KYB) data to create the first unified data graph and more comprehensive industry regarding individuals and business entities. KYB is the process of verifying the identity and understanding the risk of a business client before or during their integration into a service.
With the addition of KYB data, ComplyAdvantage now has a knowledge graph that includes over 400 million companies and associated administrators spanning over 200 countries and territories, derived from over 20,000 active data sources. This places the technology innovator in the unique position of having the only AI-based solution that can truly contextualize the relationships between individuals and business entities to uncover the hidden risks of financial crime with the utmost precision.
“In the never-ending war on financial crime, anti-money laundering and sanctioning officials recognize the growing imperative to enrich data for greater agility, effectiveness and efficiency,” says Chuck Subrt, senior analyst at Aite Group. “The COVID-19 pandemic has only amplified the need for and reliance on high quality data. With high insight into individual and business risks, organizations can gain a more holistic understanding of parties, enabling them to optimize financial crime detection, investigation and due diligence, and decision making. faster and more enlightened.
According to United Nations Department of Economic and Social Affairs, it is estimated that every year governments lose at least $ 500 billion from companies whose profits are transferred; $ 7 trillion in private wealth hidden in safe haven countries, with 10% of global GDP held abroad; Money laundering of about $ 1.6 trillion per year, or 2.7% of global GDP. The opacity of beneficial ownership and commercial control has blocked global regulators and compliance teams in their ability to find, mitigate or prevent financial crimes from occurring.
The reality is that traditional methods of valuing beneficial ownership using siled data sources and human analysts are no longer able to quickly uncover the unforeseen financial crime risks associated with corporate structures obscured by front companies and tax havens. But now, by unifying risk data sets and linking information, ComplyAdvantage ComplyData ™ offers global compliance teams a comprehensive, large-scale, AI-powered solution that uncovers hidden threats and associated risks due to them. connections between suspicious entities such as individuals and businesses.
“Our vision has always been to take charge of and neutralize the risk of money laundering and all other global financial crimes by creating the world’s leading, connected database of people and businesses powering money laundering detection tools. Leading financial crimes, ”said Charles Delingpole, Founder and CEO of ComplyAdvantage. “Now, with our new KYB data integration, we are seeing this vision come true, allowing us to extend our global reach, depth of coverage and the ability to dramatically increase the accuracy of our real-time, customer-driven information. risks. ”
Already the preferred choice of some of the world’s largest high-growth banks, corporates and fintechs, ComplyAdvantage uses machine learning and natural language processing to help regulated organizations manage their risk obligations and prevent crime. financial. The company’s proprietary database is derived from millions of data points that provide dynamic, real-time information on sanctions, watch lists, politically exposed persons and negative news. This reduces reliance on manual review processes and legacy databases by up to 80%, and improves the way businesses filter and monitor customers and transactions.
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ComplyAdvantage is the financial industry’s leading source for financial crime risk data and AI-based detection technologies. ComplyAdvantage’s mission is to neutralize the risk of money laundering, terrorist financing, corruption and other financial crimes. Over 500 companies in 75 countries rely on ComplyAdvantage to understand the risk they do business with through the only global, real-time database of people and businesses. The company actively identifies tens of thousands of risk events every day from millions of structured and unstructured data points.
ComplyAdvantage has four global centers located in New York, London, Singapore and Cluj-Napoca and is supported by Ontario Teachers’, Index Ventures and Balderton Capital. Learn more about accordavantage.com.