Charles Delingpole from ComplyAdvantage talks about the significant role AI and machine learning is playing in Regtech and Fintech industry.
1. Tell us about your role at ComplyAdvantage?
I am the Founder & CEO at ComplyAdvantage.
2. Can you tell us your journey into this market?
ComplyAdvantage was born out of frustration I experienced first-hand. Despite trying tool after tool to manage my responsibilities as an MLRO, they all had the same issues: being difficult to integrate, hard-to-use, and poor at providing relevant alerts.
3. Can you explain how RegTech is easing compliance and risk management?
Regtech is easing compliance and risk management by automating the compliance process.
Before machine learning was able to integrate with compliance software, meeting regulatory obligations was an extensive and time consuming process which required hundreds of compliance professionals all manually performing data entry and manual searches in order to build a picture of a client for onboarding or to understand transactional behavior. Machine learning has worked to collate this information and build a strong customer profile without taxing the time of compliance officers so they can focus on doing the investigatory work and deciding whether or not a customer fits their business’s risk profile.
4. How has AML and fraud changed during Covid-19?
Countless scams and cons have also cropped up thanks to the pandemic, often focused on the copious amounts of cash made available by governments to cope with the crisis. The growth of such funds – often under relatively loose control – have made defrauding public finances a more attractive opportunistic proposition. Indeed, there is plenty of evidence of these funds being targeted by criminals; for example, reports indicate that funding application websites in Germany have been spoofed, meaning that there has been no way to identify just how much money was illegitimately claimed by criminal enterprises through fraud.
5. Can you explain to our audience in detail about how the RESTful API works?
Our developers have spent a great deal of time creating a cutting-edge API that integrates seamlessly into AML/CFT workflows. On average it takes our clients about two hours to improve their AML processes by implementing our API. Our customers go from using outdated data and sanctions lists to a workflow that’s fully integrated with our dynamic data and connects to all relevant information immediately.
6. Congratulations on being named Europe’s 6th fastest growing fintech company! Can you tell us about the journey that led ComplyAdvantage to achieve this milestone?
We have been extremely proud in the last six months to have achieved so much, including being named a Technology Pioneer by the World Economic Forum and named the Advanced Technology Award winner in Celent’s KYC Solutions report.
In order to get to this point we have been investing heavily in the further development of our product suite, ensuring we are delivering to our over 500 clients that we now have, across 75 countries in four regional hubs, New York, London, Singapore and Cluj-Napoca. Our recent Series C funding will allow us to accelerate the development of our industry-leading data and suite of products to serve institutions with diverse clients and complex risk exposure.
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