ComplyAdvantage launches tool to weed out sanctioned customers

ComplyAdvantage has launched a new anti-money laundering tool that helps companies filter out prospective customers who are subject to sanctions or who are ‘politically exposed’.

The financial crime detection technology company said its new solution, ComplyTry, gives firms the ability to search, verify and assess the context that surrounds identities using the company’s real-time database of sanctions, watchlists, politically exposed people (PEPs) and adverse media.

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A number of fintech firms, enterprises and banks use ComplyAdvantage’s services to support their anti-money laundering checks. ComplyAdvantage said that the task of identity verification and contextual analysis has become increasingly complex for compliance teams.

ComplyTry uses AI-driven negative news insights that would not be found in search engines, and speeds up onboarding times with live dynamic data and insights.

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“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,” said Kanisha Patel, head of ComplyLaunch at ComplyAdvantage.

“And like ComplyLaunch, our goal is to continue to democratize access to vital AML tools and information to better prepare start-ups and to help fortify our ecosystem against the threat of financial crimes. By making these sorts of programs and tools accessible, everyone benefits.”

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