ComplyAdvantage offers Anti-Money Laundering screening and monitoring technology that helps companies meet the regulatory requirements. The company operates in over 200 countries and actively monitors 10,000s of data sources. In order to monitor the profiles effectively, the company uses various sources including global sanctions and watchlists such as OFAC, HMT and UN. Furthermore, ComplyAdvantage uses a proprietary global database of Politically Exposed Persons in over 200 countries and continuously checks for updates. Sometimes, these lists aren’t enough to identify profiles that might carry AML risk. For such cases, the ComplyAdvantage also monitors a database of entities with adverse media. ComplyAdvantage analyzes about 5 to 8 million media pages a day in different languages.
ComplyAdvantage allows users to screen and monitor customer profiles as well as payments and transactions
What really sets ComplyAdvantage apart from other AML screening providers is its use of modern technology and big data analytics. This way, the AML exposure data is no longer compiled manually but is done quickly and effectively. The modern technology allows ComplyAdvantage to automatically monitor tens of thousands of sources that include the watchlists and media articles mentioned above. The machine learning technology also allows the company to identify entities that carry AML risk more effectively. Once such entities are identified, the company builds their profile and finds connections to other entities to compile a fuller report for decision-making.
Besides the proprietary AML data feed the company also offers automated customer onboarding and monitoring. The customers simply have to choose the types of risks they want to screen the customer for. Then, the user runs the search and reviews the results. “Manage cases, team workflow and maintain your audit trail in the platform, whilst syncing seamlessly with your internal systems via our API,” – states the company. The users of the service also get alerts for any ongoing important changes, which is crucial in order to always be compliant with the corresponding regulations.
The list of ComplyAdvantage’s services also includes payment screening for AML compliance. Similarly to the case above, the user chooses the types of risks to screen for, the system screens the payments and allows the user to review and manage the results. Yet another service provided by the company is AML transaction monitoring to spot suspicious behavior. This consists of several steps. First, the user configures monitoring scenarios, then sends the data to the platform, analyzes data in order to identify the risks and manages the results.