SEON buys Complytron to add new anti-financial crime capabilites

Monday 6 February 2023 10:04 CET | News

Hungary-based fraud prevention company SEON has acquired AML company Complytron to launch a unified fraud, AML, and fincrime platform.


As a result of the acquisition, SEON now offers a vital single source for FinCrime intelligence combined with decision functionality to help address evolving regulatory requirements. The deal, which officially completed in January 2023, also signifies SEON’s expansion since its USD 94 million Series B investment in early 2022.

SEON buys Complytron to launch a unified fraud, AML, and fincrime platform.


Staying on top of AML compliance

This move is in direct response to an urgent demand for robust AML solutions, as the world adjusts to an increasingly volatile political and humanitarian landscape, as per the press release. This shift is clearly underlined by a global surge in AML fines, which rose by 50% in the in 2022 alone.

The innovative combination of fraud, AML and data enrichment solutions is set to help nations and businesses to break down obstructive information silos. SEON’s existing anti-fraud APIs, together with new AML functionality, creates a powerful united platform. This will monitor financial transactions in real-time to detect signs of fraud and money laundering, all while enabling onboarding checks to run silently in the background, minimising false positives and improving the experience of genuine transactors.

SEON's rule editing options, together with Complytron's data, will also bring an advantage in the money laundering prevention market. By leveraging machine learning AI automation and real-time checks, the company is eliminating the need for separate searches across different databases, by combining intelligence from multiple sources. This includes all the international sanctions and crime lists, a global Politically Exposed Persons (PEP) database, and watch lists of supervisory authorities and national law enforcement from more than a hundred sources around the globe, such as Interpol and the FBI.

SEON’s officials stated that tather than building an AML solution from the ground up, it made perfect sense for them to acquire Complytron’s extensive and innovative algorithms and worldwide databases, as well as the expertise of its talented team. By completing this acquisition, they have increased their total addressable market by approximately USD 6 billion. This means they are instantly able to solve the challenges of risk and compliance management for even more businesses.

Updating checks in real time

The new solution, which is already available for use, is quick to install and delivers immediate benefits, combining APIs for essential real-time insights, instantly sending out notifications should an individual’s risk status change. Offering a sophisticated know-your-customer (KYC) check, SEON’s platform can now discover hidden, risky relationships on behalf of clients by assessing not only customers, but the people they’re connected to. The easy to integrate solution has been built with legacy and digital native systems in mind and features an intuitive product dashboard for ease of use in any environment.

For more information about SEON, please check out the company profile in The Paypers Company Database.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: SEON, AML, fraud prevention, compliance, acquisition
Categories: Fraud & Financial Crime
Companies: Complytron, SEON
Countries: World
This article is part of category

Fraud & Financial Crime




Discover all the Company news on Complytron and other articles related to Complytron in The Paypers News, Reports, and insights on the payments and fintech industry: