RelyComply, an anti-financial crime platform based in South Africa, has launched its AML, KYC, and KYB solutions in the UK.
The platform prevents financial crime using improved identity verification, with integrated bias mitigation and region-based government identification, perpetual KYC, and transaction monitoring capabilities through its AI and ML solutions. The expansion will allow the company to focus on solving overlooked but significant global problems that can save financial institutions and fintechs millions of pounds.
Supporting financial institutions and fintechs
Pressure from government bodies requires institutions to have robust AML, KYC/KYB for improved customer support, especially to help those considered vulnerable. As financial crime becomes increasingly sophisticated in the UK, with criminals stealing GBP 1,17 billion in 2024, the FCA has overhauled regulations concerning customer protection. The Failure to Prevent Fraud, APP Fraud Reimbursement Regime, and Consumer Duty have been launched over the past 26 months, and yet these regulations may take a prolonged time to yield results for those impacted by financial crime.
RelyComply believes that this is a sign that reactive controls are not sufficient. Financial institutions and companies that still use legacy, rule-based compliance tools that can generate false positives should not focus on reimbursing victims, which falls under liability management, but on preventing fraud altogether.
With cross-industry data and explainable AI, RelyComply helps PSPs and banks stop fraud before it starts. Additionally, those who cannot prove fairness for vulnerable customers can’t meet Consumer Duty. The company aims to help by removing this bias in onboarding and monitoring, ensuring that every customer gets a fair chance.
RelyComply’s goal is to deliver a holistic platform for businesses looking for compliance solutions, risk management, and help with fraud detection and prevention processes. Leveraging its expertise in helping African institutions, the company aims to add more value to the UK’s financial ecosystem.
