• ComplyAdvantage uses a data-driven approach using AI to identify risk events in real time
• It operates in 45 countries with 400 customers and has grown an annual recurring revenue by 300%
• The company recently set up its regional office in Singapore to strengthen its presence in the Asia-Pacific (APAC) region and partner with more institutions

Growth in digital transactions and new collaborations of financial institutions towards ecosystem services has resulted in considerable real-time movement of money across multiple organisations. Monitoring transactions in this evolving scenario and managing regulatory compliance is becoming a key challenge for institutions, especially in the Asia Pacific region with its rapid fintech boom.

Regulatory technology companies (regtech) operate in this niche segment, leveraging the power of emerging technologies to monetise value from data. ComplyAdvantage, a UK-based regtech company, offers artificial intelligence (AI)-based solution to enable institutions to meet the regulations for anti-money laundering (AML) and counter financing of terrorism (CFT).

Adoption of AI-based real time analysis of transactions

Institutions worldwide battle with thousands of ‘false positives’ that impair their ability to stop financial crimes. They need to swiftly upgrade their IT infrastructure and data analysis capability to meet compliance. But for institutions with legacy infrastructure, this can be time consuming and expensive, especially with evolving regulatory directives which are becoming more stringent. In APAC, several regulators such as the Hong Kong Monetary Authority, Japan’s Financial Service Agency and People’s Bank of China have recently come out with updated AML/CFT guidelines. The risk in not doing so is not just heavy penalties but also reputational damage.

“Value and money move around using phone with speed and in real time. Inst...

Categories:

Keywords: