FullCircl partners with ComplyAdvantage

Tuesday 4 July 2023 12:55 CET | News

UK-based Customer Lifecycle Intelligence platform FullCircl has partnered with financial crime intelligence company ComplyAdvantage to facilitate AML and KYC screening.  

As a result of this partnership, companies integrating with FullCircl and ComplyAdvantage will have access to AML and compliance solutions.

FullCircl – ComplyAdvantage collaboration details

According to the official press release, the new approach to AML and risk management that this partnership extends can enable businesses to onboard and monitor their workforce, whilst reducing false positives by 70%. 

The main offerings that the partnership makes available to financial institutions are global PEP and sanctions watchlist screening, real-time adverse media updates that are calibrated to the FATF and the EU money laundering directive (6MLD) for AML, as well as dynamic live credit and risk profiles. 

When discussing the reasonings behind this partnership, as per the press release, an official from ComplyAdvantage noted that the solution made available by the joint venture has the potential to assist financial institutions in identifying multiple risks and enabling quicker onboarding procedures. Simultaneously, it guarantees compliance and facilitates risk assessment. Ultimately, this is expected to translate into providing a good customer experience. 

The partnership comes at a time when efforts are being made to deter fraudulent activities. With the rapid expansion of technology, more and more people and businesses become victims of these attacks. From a business’s perspective, in addition to the potential financial consequences and reputational damage such an attack might cause, fraudulent activities can also undermine customer trust in a particular brand. 

To combat these risks, businesses have to proactively protect themselves against fraud by adopting tailored solutions aimed at addressing this problem. This becomes increasingly crucial in the present circumstances, as experts predict a rise in the occurrence of fraudulent attacks, given the enduring economic insecurity.

Customer Lifecycle Intelligence platform FullCircl has recently announced it has partnered with ComplyAdvantage in a joint effort to enable AML and KYC screening.


FullCircl and ComplyAdvantage’s strategies and past developments

FullCircl is a customer lifecycle platform that extends its products to financially regulated businesses. The company provides solutions ranging from building and maintaining customer profiles to automating AML, KYC, UBO and credit checks as part of the onboarding process.  

ComplyAdvantage offers financial crime intelligence solutions that leverage AI tools to improve compliance workplace efficiency, reduce false positives by 70% and shorten the onboarding cycle.  Strategy-wise, the company has shifted its efforts towards developing new products that address a pain point in the market: fraudulent attacks. 

More to this point, earlier in 2023, the company announced it launched a fraud detection solution that  made use of machine learning algorithms to identify and prevent fraudulent transactions. 

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Keywords: partnership, artificial intelligence, machine learning, identity verification, identity fraud, AML, KYC, compliance, digital onboarding
Categories: Fraud & Financial Crime
Companies: ComplyAdvantage, FullCircl
Countries: United States
This article is part of category

Fraud & Financial Crime




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