The anti-money laundering programme is checking the context that surrounds an identity and whether this context signals any form of illegal behaviour, intent, history or association.
Compliance teams throughout the financial services industry must analyse, extract, and validate identities with elevated risk signals with the ultimate goal of preventing financial crimes before they happen. Given the volume, velocity, and complexity of financial crimes, the task of identity verification and contextual analysis has become increasingly complex and time-consuming, as per the press release.
However, with advances in data and machine learning, ComplyAdvantage has aimed to optimise this process, making it free. With ComplyTry, anyone has the ability to search, verify, and assess the context that surrounds identities using the company’s real-time database of sanctions, watchlists, PEPs, and adverse media.
To operate the tool, institutions must input the details of their customer, select the data sources they want to screen against, and search. Each result will be represented by a card. Once clicked, the card reveals the full body of the profile with all relevant information included.
The benefits of ComplyTry include the ability to conduct smarter research with matches found by existing screening providers, leveraging AI-driven negative news insights which are aligned to the latest Financial Action Task Force and EU AMLD recommendations, and speeding up onboarding times with live dynamic data and insights so businesses can scale with integrity.
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