Inpay’s expansion has earned it recognition as one of Denmark’s fastest-growing companies and one of Europe’s most rapidly advancing FinTechs. However, this growth brought challenges that meant the company needed to re-evaluate its approach to compliance. 

The limits of building in-house

Inpay started out with an in-house compliance solution built when the company was founded. This solution was based on simplistic transaction thresholds. As the company gained more customers and processed more transactions, the limitations of this approach became clear. 

Continually altering payment screening and transaction monitoring parameters to cope with increasingly complex transactions created a huge strain on Inpay’s IT capabilities. A lack of flexibility in the existing system threatened to restrict further growth, with resources constantly diverted to make the necessary adjustments. 

“We came from an in-house solution that essentially took ten years to build. The moment we started having a larger inflow of transactions and more complex scenarios, we were limited in what we could design.”

Lukas Andersen, MLRO and Head of Financial Crime Risk, Inpay

Inpay decided to look for external vendors so they could remain a growing company and turn compliance from a drain on resources into a competitive advantage. 

ComplyAdvantage offers streamlined implementation 

Important criteria in Inpay’s search for a RegTech vendor were: 

• Accuracy and flexibility when screening and monitoring customers and transactions. 
• Comprehensive, customized data dashboards. 
• An intuitive user interface. 
• Maximum uptime during the implementation process. 
• Secure data handling. 
• Cost per transaction. 

As Inpay conducted its selection process, our platform came out on top in each of these categories, with the ability to adapt its service to Inpay’s needs being a crucial differentiator. 

Inpay needed its compliance solution to integrate with a complex proprietary payments system and approached the partnership with a list of requirements, scenarios, and intended outcomes. The company’s compliance team worked closely with us to tailor a solution that satisfied these, with our team providing additional scenarios to enhance Inpay’s coverage without compromising its control over its tech stack. 

Since implementation in 2017, our teams have continued to work together to optimize Inpay’s regulatory compliance, with regular check-ins and feedback allowing any changes to be made quickly. 

“What really set ComplyAdvantage apart from the competition was the ease of implementation and the service level. Even in the introductory meetings, it was clear that we would be listened to and that we could set the direction of what we wanted, but with really great feedback from the ComplyAdvantage implementation team.” 

Lukas Andersen, MLRO and Head of Financial Crime Risk, Inpay 

Enhanced flexibility makes the difference

Thanks to fully customizable screening and monitoring parameters, Inpay has been able to tailor financial crime controls to its evolving risk profile and appetite. As the company targets new industries and markets, Inpay can adapt to changing risks by creating nuanced rules for different customer segments and customizing search profiles for ongoing monitoring purposes. 

This ability to make changes with minimal disruption is informed by in-depth dashboards allowing Inpay’s compliance team to analyze its performance, with our team on hand to create additional reporting capabilities if any gaps emerge. 

Comprehensive data has also been instrumental in helping Inpay build strong relationships with regulators. Enhanced data points have strengthened its suspicious activity report (SAR) filings, while real-time customer data updates ensure compliance with evolving sanctions lists and regulatory requirements for instant payments and verification-of-payee capabilities.

Demonstrating the value of compliance 

Since partnering with us, Inpay has seen improvements across all areas of transaction screening and monitoring, from effective risk management to enhanced operational efficiency. Inpay’s most recent regulatory audit identified zero areas of non-compliance, testifying to the effectiveness of our solutions. 

“ComplyAdvantage has not only been able to reduce the number of false positives we see, but also the time we spend on each alert.”

Lukas Andersen, MLRO and Head of Financial Crime Risk, Inpay 

In addition to mitigating risks and avoiding regulatory action, our partnership has enabled Inpay to streamline its compliance workflows. With a data-driven understanding of how long certain scenarios take to resolve, Inpay has optimized its resource allocation and staff training to the point where it can handle thousands of alerts with a relatively small team of analysts. 

This means Inpay has been able both to achieve specific compliance outcomes and refine its wider strategy. Equipped with data on the time and money saved on alerts, the company’s compliance team can clearly demonstrate efficiency and value in discussions with key internal stakeholders, showing how investing in compliance can drive growth.

“If you’re evaluating whether you want to build or you want to buy, what’s easy to forget is the return on investment. Any business that needs a reliable but innovative solution that can adapt to the dynamic landscape of cross-border payments should consider ComplyAdvantage.”  

Lukas Andersen, MLRO and Head of Financial Crime Risk, Inpay 

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Based in Singapore, Tazapay accepts payments from 173 countries across a diverse array of payment rails and channels. These span local payment networks such as PayNow, FedWire, and SEPA Instant Credit Transfers, as well as international channels like Visa, Mastercard, and Swift. Additionally, the company supports on- and off-ramp cryptocurrency transactions, allowing customers to exchange fiat currency for stablecoins or vice versa. 

With its extensive range of payment options, global customer base, and cross-border payment capabilities, Tazapay faces inherent risks associated with money laundering, terrorist financing, and sanctions violations. In light of these risks and the inefficiencies of its previous solution, Tazapay sought a more advanced transaction monitoring system that could streamline compliance, reduce its reliance on manual processes, and improve visibility into customer risk.

Manual solutions hold back compliance

As a rapidly growing innovator in cross-border payments, Tazapay operates in a complex regulatory environment where expectations vary significantly across jurisdictions. Streamlining compliance across diverging anti-money laundering (AML) regimes, therefore, is a front-and-center concern for Tazapay, as well as finding cost-effective solutions to help it meet its obligations effectively.

Initially, Tazapay relied on a blend of manual processes and limited in-house automation for transaction monitoring. While this approach allowed for basic compliance coverage, it became increasingly unsustainable as transaction volumes grew. 

The limitations of this manual-first approach became evident as Tazapay expanded into new markets and supported a broader range of payment channels. Key challenges facing the company included: 

• Analyzing alerts: The distribution of data across multiple locations hindered compliance analysts’ ability to evaluate alerts and customer risk profiles. 
• Alert overload: Identifying false positives relies on high-quality data – up-to-date, accurate, complete, and not duplicated. An overreliance on manual systems that could not automatically refresh data or tailor searches meant the company saw a spike in its false positive rate and a limited ability to address true positives.  
• Delayed alert escalation: Alert prioritization proved difficult with manual systems, reducing the speed of alert triage and escalation.  
• Limited customization: Tazapay could not automatically apply rules as part of its transaction monitoring, which meant compliance procedures were not tailored to its risks and suspicious transactions could be missed. 

The cumulative effect of these issues was a compliance process that could not scale alongside Tazapay’s growing business.

ComplyAdvantage meets evolving needs 

Recognizing the need for a more advanced transaction monitoring solution, Tazapay based its search on a defined list of criteria: 

• Advanced automation capabilities to reduce the risk of human error. 
• Improved efficiency via a holistic view of all customer risks on a single platform. 
• Minimize risk exposure by screening counterparties in real-time and against the most recent data. 

The company’s search for a more advanced solution led it to ComplyAdvantage’s Transaction Monitoring software, which delivers on all of these counts. Tazapay can now access ComplyAdvantage’s proprietary data, which is updated in real-time by automated systems to ensure red flags can be detected. To improve efficiency, integrated datasets allow Tazapay to view complete customer profiles on a single screen, removing the need to switch between different systems and datasets to understand customer risks in depth. 

Whereas a manual approach led to inefficient workflows, ComplyAdvantage has helped Tazapay adopt a precise, risk-based approach to compliance. Automated alert prioritization allows the company to tackle higher-risk cases first, and ComplyAdvantage’s comprehensive rules library – complemented by its self-serve rules builder – has enabled Tazapay to reduce false positives through customized transaction monitoring. 

Other decisive factors for Tazapay stakeholders were a pricing structure that delivered a strong return on investment, ComplyAdvantage’s strong reputation with regulators across different global markets, and a straightforward integration process.

The power of effective integration

With ComplyAdvantage, Tazapay now monitors transactions between its global merchants and the merchants’ customers, vendors, and suppliers. The company’s need to continue serving an international client base and growing its business made a streamlined onboarding process essential. ComplyAdvantage’s flexible, API-first integration with modular architecture allowed Tazapay to connect its new monitoring software to its existing tech stack and workflows. 

Setup took around two months from start to finish – faster than Tazapay anticipated – thanks to effective collaboration between ComplyAdvantage and Tazapay’s engineering team, with comprehensive API documentation ensuring business continuity. Since then, ComplyAdvantage’s combination of high-quality proprietary data and in-depth support with implementation has been key in upgrading Tazapay’s transaction monitoring. 

“The ComplyAdvantage team has been exceptionally responsive and proactive in addressing our questions and requests for assistance. Their willingness to go the extra mile made the entire process much smoother and I was consistently impressed by their depth of knowledge and expertise. Their insights and knowledge were invaluable and truly stood out.” 

Toh Hwee Min, MLRO, Tazapay 

Streamlined compliance and enhanced insights 

Since partnering with ComplyAdvantage, Tazapay has benefitted from real-time updates to sanctions lists and politically exposed person (PEP) data. Rather than manually double-checking the accuracy of the data themselves, Tazapay’s compliance staff receive periodic notifications from ComplyAdvantage alerting them to the latest updates. 

The new system provides enhanced visibility into transactional patterns, enabling Tazapay to track trends at both the individual customer level and across its entire customer base. This insight helps the company take proactive steps to manage risk, ensuring better case escalation and faster compliance decision-making.

For Tazapay’s compliance team, success is defined by a period-on-period improvement in the quality of their work, leading to a simplified customer onboarding experience, accurate risk identification and scoring, and effective implementation of measures to mitigate those risks. 

ComplyAdvantage’s platform flexibility has also empowered Tazapay to create customized rules that address the specific risks it faces, enabling the detection of suspicious activity with greater accuracy. Key stakeholders also appreciated the ability to easily integrate monitoring with payment screening, allowing Tazapay to immediately deal with its exposure to customer risks, particularly around sanctions, without having to move across siloed datasets and systems. 

“ComplyAdvantage’s transaction monitoring solution is exactly what we were looking for. The results have been accurate monitoring and the ability to stop specific transactions in real time. We are now confident that all transactions are screened and monitored, and we are aware of many more transactions that require further investigation.”  

Toh Hwee Min, MLRO, Tazapay 

The expanding reach and complexity of the payments industry, bolstered by new and innovative payment rails, continues to offer both challenges and opportunities to Tazapay – making smart transaction monitoring crucial in unlocking revenue opportunities while achieving regulatory compliance. 

The post Tazapay implements advanced transaction monitoring in just two months appeared first on ComplyAdvantage.

Given the volume of transactions it screens and new real-time payments regulations, PXP needed a customer and payment screening solution that could keep up with daily sanctions and watchlist updates. This was critical in maintaining compliance and the integrity and speed of their payment processes. 

Compliance builds the foundation of trust, and in the realm of financial services, particularly with instant/real-time cross-border payments and eCommerce, trust is paramount.

Roman Gutchenko, Compliance Manager & MLRO at PXP

Prioritizing precision, efficiency, and global expertise

During the vendor selection process, PXP prioritized suppliers known for their solid reputation, quality customer support, flexible solutions, and global presence. The company chose ComplyAdvantage because it excelled in these areas compared to competitors.

PXP was particularly drawn to ComplyAdvantage because its solutions use fuzzy logic to identify potential risks, reduce false positives, and correctly identify true positives. Additionally, ComplyAdvantage’s fast API response times were key in PXP’s choice, allowing them to keep operations smooth and dependable even when sanctions lists change very quickly. 

Increasing operational efficiency

By implementing ComplyAdvantage’s solutions, PXP was able to add an extra layer of due diligence to its compliance workflow, which was crucial for maintaining the integrity of its operations without slowing down the payment processes. This allowed for a smoother verification process, streamlining operations and making it significantly easier for PXP to manage its business model and operational processes more effectively.

Additionally, incorporating adverse media screening into the compliance process has provided PXP with deeper insights for know your customer (KYC) activities, helping its compliance team make informed decisions and maintain the integrity of its operations.

Adverse media is a great source of relevant insights for KYC or partner due diligence. It adds much more value than Google search results.

Roman Gutchenko, Compliance Manager & MLRO at PXP 

Navigating international sanctions regimes

To ensure sanctions compliance, PXP uses ComplyAdvantage’s solutions to screen payments across multiple global sanction lists in real-time, including the UK HM Treasury’s consolidated list, the Office of Financial Sanctions Implementation (OFSI) asset freeze targets list, and the Office of Foreign Assets Control’s (OFAC) specially designated nationals list. 

Given our connections with entities outside the European Economic Area (EEA), it’s critical for us to comply with international sanctions regimes. To address this, we determine which watchlists impact us and leverage ComplyAdvantage to ensure our compliance with the relevant regimes.

Roman Gutchenko, Compliance Manager & MLRO at PXP

In addition to screening payments, PXP uses ComplyAdvantage to thoroughly vet the merchant entities involved in these transactions. This vetting process includes a detailed examination of the entities’ directors, shareholders, ultimate beneficial owners (UBOs), and authorized signatories to identify potential risks of money laundering, terrorist financing, or other illicit financial activities.

As a result, PXP’s Compliance Manager & MLRO Roman Gutchenko “absolutely recommends” ComplyAdvantage to similar firms looking to increase the effectiveness and efficiency of their compliance programs.

To other companies considering using ComplyAdvantage’s solutions, I’d say this: If you are in doubt and still looking, you can stop here. This solution is a golden standard in the industry.

Roman Gutchenko, Compliance Manager & MLRO at PXP 

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With operations spanning key global routes, Hafnia serves a diverse customer base, including leading oil companies, trading houses, and energy sector participants.

The challenges of historical customer screening

Before working with ComplyAdvantage, Hafnia carried out customer screenings with lesser automated systems, which presented challenges for the business. This included delays in obtaining ultimate beneficial ownership (UBO) information from clients unaccustomed to providing it, and with obtaining real-time data on its customers.

We previously had trouble in getting people across the shipping industry to comply and ensure transparency, especially when it came to obtaining UBO data.

Sinclair Coghill, Manager – Compliance and Executive Projects, Hafnia

Given that Hafnia trades in over 100 countries, including high-risk jurisdictions, the company moved forward with implementing an improved adverse media and sanctions screening solution to deepen its understanding of its risk exposure and protect the business from reputational damage. 

In its search for a customer screening partner, Hafnia prioritized ease of use, security, and the ability to access real-time data – factors that led the firm to partner with ComplyAdvantage. Consolidated screenings on a single platform, access to ongoing support, and the potential to develop a customized solution over time were also key in the decision-making process.

A significant improvement in results

ComplyAdvantage’s screening capabilities built upon Hafnia’s risk detection, giving customer risk profiles a granular level of detail and uncovering new business insights.  

Since working with ComplyAdvantage, Hafnia has seen a major boost in productivity. A range of stakeholders can easily use a dedicated customer screening tool, which has reduced onboarding times, false positives, and time spent responding to alerts. 

With ComplyAdvantage, an initial screening search can be completed in as little as five minutes, which is a significant improvement. 

Sinclair Coghill, Manager – Compliance and Executive Projects, Hafnia 

The importance of ongoing support 

Hafnia benefitted from a close working relationship with the ComplyAdvantage team, allowing the company to refine its screening solution based on results. Feedback across the company on ComplyAdvantage’s customer screening setup, functionality, and capability was positive. Stakeholders specifically praised the simplicity of the search functionality, the clear API documentation and supporting materials, and the responsiveness of the ComplyAdvantage team. 

Setup has been very easy, involving only a few 30-minute onboarding calls. The simplicity of the search functionality made it easy to onboard people and explain the necessity of client references and ongoing monitoring. 

Sinclair Coghill, Manager – Compliance and Executive Projects, Hafnia

Hafnia now looks forward to expanding its use of Mesh further, making full use of the available data, and turning compliance into a business advantage. 

The post Hafnia guards against sanctions risks with optimized customer screening appeared first on ComplyAdvantage.

Navigating the complexities of the international art market presents distinctive challenges for art market participants (AMPs) like Phillips. The primary challenge lies in maintaining the integrity of high-value transactions and safeguarding against money laundering and other financial crimes.

Scrutinizing complex ownership structures 

The auction industry revolves around intricate, cross-border transactions frequently executed by diverse entities, including corporations and trusts. This complexity necessitates an efficient, rigorous customer screening process capable of handling varied ownership structures within the framework of international regulations.

Because a lot of our consignors or buyers are transacting via trusts or companies, that means looking at multiple layers and multiple individuals to make sure that everyone associated with the company, or everyone associated with the client, is somebody we would be happy to transact with.

Susanna Brockman, Head of Service Operations, Europe and International

As a result, Phillips needed a robust customer screening solution that could effectively screen a wide variety of entities and scale with the auction house’s expanding volume of transactions. 

ComplyAdvantage differentiates itself from competitors

Phillips’ decision to partner with ComplyAdvantage for customer screening was initially motivated by the solution’s user-friendly interface and simple data presentation. The ability to consolidate critical data from various sources, including sanctions lists and adverse media reports, was also critical. Following the seamless integration of ComplyAdvantage’s API, and the fact that “minimal training was required,” various members of Phillips’ front-line team were able to get up and running with the solution quickly.

What was really interesting in terms of differentiating itself from competitors was just the simplicity of the presentation. The ability to navigate through the software was really straightforward.

Martin Wilson, Chief General Counsel & Head of Fiduciary Services at Phillips

Operational efficiencies

Since partnering with ComplyAdvantage, Phillips has experienced significant improvements in its customer screening process. The technology has been a game-changer for the company, allowing staff members from the front desk and bids department to conduct swift client screenings with a simple “click of a button.” This has streamlined the registration process for potential buyers and consignors and augmented the screening for money laundering risks, directly enhancing transaction integrity.

Phillips particularly values ComplyAdvantage’s whitelisting capability, which allows the auction house to differentiate between new clients and previously vetted entities or those that require further examination. 

The whitelisting function is really useful to us. Every time we screen a client, the results are a little bit easier to digest and we can rely on ComplyAdvantage results.

Susanna Brockman, Head of Service Operations, Europe and International

Collaborating for success

At first, Phillips’ Chief General Counsel & Head of Fiduciary Services, Martin Wilson, was uncertain about the need for post-implementation communication with ComplyAdvantage. However, Wilson quickly came to appreciate the value of regular discussions with Phillips’ Account and Customer Success Managers. These conversations helped the auction house refine its screening practices according to its risk appetite and business objectives.

The customer success team has been really helpful to us. When we have a question, or we want to explore more sophisticated solutions, or if we want to tweak the way we’re searching, they have offered us some really helpful advice and some useful guidance in helping us streamline what we’re looking for and how we view our results.

Susanna Brockman, Head of Service Operations, Europe and International 

The post Phillips auction house enhances customer screening efficiency to navigate complex ownership structures appeared first on ComplyAdvantage.

Overcoming regulatory and operational challenges

For global FX firms, one of the primary challenges is keeping up with ever-changing regulatory requirements across different jurisdictions. Ensuring the client experience isn’t negatively impacted in the process adds a further layer of complexity.

Before partnering with ComplyAdvantage, Monex’s payment screening process was not efficient. The company had an over-reliance on manual efforts and used generic rule sets that failed to address the specific needs of its diverse client base. This lack of customization and automation resulted in operational inefficiencies, leading to delayed transactions and an increased risk of overlooking potential matches that could indicate fraudulent or suspicious activities. 

We were using monitoring rules that were not tailored to our client base. This meant the process felt like a tick box exercise, rarely producing ‘real’ alerts that indicated suspicious behavior.

Dean Smith, Financial Crime Manager & DMLRO at Monex Europe

As the company expanded into new territories and diversified its product offerings, Monex needed a solution that could scale and continuously update without additional development work. 

Enabling a transition to automation

Monex decided to partner with ComplyAdvantage for customer screening and transaction monitoring due to the seamless initial integration that ComplyAdvantage offered. Having a single provider for both services meant the company benefited from a unified point of contact at ComplyAdvantage, accelerating the process of iterating and updating operational processes in line with the evolution of Monex’s products and offerings.

As our company has expanded into new countries and regulatory requirements have changed, ComplyAdvantage has scaled its support to meet our growing needs.

Rheann Randall, Projects Manager, Compliance at Monex Europe

Since implementation, Monex has transformed its transaction monitoring and customer screening approach. Where the process once involved extensive manual effort, stretching over undefined periods, ComplyAdvantage enabled a transition to automation that allowed Monex to get up and running with its new solutions within two weeks. The ability to quickly adapt and implement necessary transaction monitoring rules means Monex can now manage its compliance obligations and mitigate financial crime risk more effectively than ever. 

Enhanced operational workflows

Monex’s integration of ComplyAdvantage’s customer screening and transaction monitoring solutions has transformed its approach to compliance, thanks to the flexibility to tailor rules and thresholds. This customization has led to a noteworthy decline in the rate of false positives encountered by the compliance team – a pivotal improvement highlighted by Projects Manager, Compliance Rheann Randall. 

Monex attributes this success to several key factors, including the precise customization of screening lists to better meet jurisdictional regulatory expectations and the capability to refine adverse media screenings, focusing on particular categories of relevance. The solutions also demonstrate an “enhanced proficiency in recognizing Chinese names,” a feature that helps increase screening accuracy. 

Randall also highlighted the system’s efficiency in streamlining alert management. She emphasized the platform’s comprehensive design, consolidating pertinent data for payment and client activities to facilitate a faster response to alerts.

The transaction monitoring platform contains all the necessary information related to the payment and client activity needed for an analyst to manage an alert. This has helped reduce the time taken to resolve alerts.

Rheann Randall, Projects Manager, Compliance at Monex Europe

Monex’s Financial Crime Manager & DMLRO, Dean Smith, also noted that the partnership had significantly improved their handling of alert escalations. Where responses to critical issues might have previously followed a less structured path, ComplyAdvantage’s solutions provided a framework that streamlined these processes, “ensuring urgent issues were addressed and resolved with increased efficiency and effectiveness.” 

A strategic partnership

Monex’s extended partnership with ComplyAdvantage has been vital to its growth and success. The tailored support from ComplyAdvantage’s technical and customer success teams and the platform’s ability to segregate data and workflows for different jurisdictions have played a crucial role in Monex’s expansion into new markets and compliance with diverse regulations. 

ComplyAdvantage has played a significant role in supporting Monex’s expansion into countries such as Canada, Luxembourg, Spain, and Singapore. Each jurisdiction has different screening and monitoring needs and requirements, which we have been able to quickly meet thanks to the customizability of ComplyAdvantage.

Dean Smith, Financial Crime Manager & DMLRO at Monex Europe

When asked why Monex has chosen to stay partnered with ComplyAdvantage since 2018, Smith pointed to the platform’s reliability and the opportunity for continuous development. With “virtually zero downtime,” the platform has supported Monex’s operations seamlessly, allowing it to expand confidently into new markets, including ventures such as securing an e-money license in the UK. This expansion required a sophisticated transaction monitoring system capable of adapting to new types of payments and managing higher volumes without the need for increased staffing, “something our previous vendors wouldn’t have been able to do.” 

The post Monex achieves global growth with enhanced customer screening and transaction monitoring appeared first on ComplyAdvantage.

No news isn’t always good news

Operating within the intricate web of EU regulations, Allianz Benelux must conform to strict rules when selling life policies to individuals, group insurance policies to companies, and granting mortgage loans. These include complying with the European anti-money laundering directives (AMLDs), which require insurance companies to report any suspicious activity related to money laundering or terrorist financing to the relevant authorities.

Effective adverse media screening is crucial in upholding these obligations. Before meeting with ComplyAdvantage, Allianz Benelux could only conduct minimal, manual media investigations. This made adverse media screening slow, potentially leaving the company vulnerable if a threat wasn’t detected quickly.

The company needed a robust solution that would enable it to quickly scour global media sources for adverse reports and designations involving clients or partners. Its objectives were to: 

• Fulfill enhanced due diligence (EDD) obligations.
• Proactively address compliance lapses.
• Minimize the impact and delay of its underwriting and management process.
• Pre-empt reputational damage that could impact client relationships and its brand.

After conducting a comprehensive process to find the right partner, Allianz Benelux met with ComplyAdvantage’s representatives in 2022. When Allianz Benelux tested ComplyAdvantage’s solution against its current approach, the team was impressed with the results.

We were looking for an efficient tool to perform adverse media checks. It had to be easy to use, with efficient support, and the price was also important.

Yves Declercq – AMLCO Compliance Officer, Allianz Benelux

Easier adverse media screening at Allianz Benelux’s fingertips

By implementing ComplyAdvantage’s natural language processing-powered adverse media screening solution, Allianz Benelux now benefits from an adverse media tool with instant, relevant alerts. The solution also provides the company with an accurate AML/CFT-focused taxonomy aligned to its regulatory requirements and structured profiles, including year of birth, known organizations, and other essential information. This has enabled Allianz Benelux to modernize its processes and optimize its workflows to improve efficiency and free up its compliance team’s time.

Clear, actionable insights on clients and partners, such as sanctions lists and regulatory non-compliance mentions, have streamlined file handler workflows, allowing more time for client onboarding and other essential tasks.

Once the contract with ComplyAdvantage was signed, it was only a matter of days before all users could use the tool. We found it to be easy, flexible, and fast.

Yves Declercq – AMLCO Compliance Officer, Allianz Benelux

Allianz Benelux and ComplyAdvantage: Partnership highlights

Fortifying Allianz Benelux and its customers for the future

Since successfully integrating the adverse media solution, Allianz Benelux’s customer success manager has arranged regular meetings to ensure the solution operates smoothly. They are also working on keeping the firm’s KYC procedures up-to-date as its needs evolve. 

ComplyAdvantage’s adaptability and prompt responsiveness have empowered Allianz Benelux analysts to quickly learn how to use the solution, enabling the company to maintain effective adverse media screening despite inevitable staffing changes.

All technical issues are solved in hours, not days. We have never seen such fast and professional support for an IT tool. In-house, we consider the support we receive from ComplyAdvantage to be the best we have ever received.

Yves Declercq – AMLCO Compliance Officer, Allianz Benelux

In a world where criminals are becoming increasingly sophisticated, the partnership will continue to grow, fortifying Allianz Benelux and its customer base with AI-supported solutions.

If you’re looking for an adverse media solution, it would be a mistake not to explore ComplyAdvantage’s proposed solution.

Yves Declercq – AMLCO Compliance Officer, Allianz Benelux

The post Allianz Benelux improves adverse media screening efficiency with AI  appeared first on ComplyAdvantage.

An effective and dynamic partner

Given Australia’s stringent regulatory and audit requirements, Beem required a solution to help it stay compliant while screening high volumes of customers daily.

Previously, the company had struggled with several screening issues that were slowing down customer onboarding times, reducing customer satisfaction. Manual processes, for example, had led to a backlog of alerts, consuming too much analyst time.

To combat this, Beem needed a dynamic solution that offered effective customer screening services suitable for its business and jurisdiction. After searching the market, the firm met with ComplyAdvantage in 2019 and began a long-term partnership. 

“During the vendor qualification process, we were particularly impressed with the search levers, search profiles, and the easy application programming interface (API) integration that ComplyAdvantage offered.”
Jason Backhouse, General Manager Open Payments 

Reducing alert remediation times to increase efficiency 

ComplyAdvantage’s implementation specialists collaborated with Beem from the outset to understand its business model and unique challenges. Once they finished their deep dive, they presented the firm with a bespoke suite of solutions based on their findings.  

Before partnering with ComplyAdvantage, Beem was experiencing high match rates of eight percent. However, after adopting a risk-based approach using ComplyAdvantage’s customer screening and transaction monitoring solutions, Beem reduced its match hit rate to 1.2 percent by December 2023, contributing to a 10 percent increase in its AML program’s efficiency.

Automated workflows via ComplyAdvantage’s RESTful API were also introduced to improve the firm’s overall operational efficiency by freeing analysts’ time. This enabled them to resolve legitimate sanctions hits within one working day, resulting in faster onboarding and improved customer satisfaction.

Beem & ComplyAdvantage: Key benefits in numbers

• Lowered the time taken to clear new customers to within one business day.
• Lowered match hit rate to under 1.2 percent.
• Minimized time to clear new cases.
• Increased overall efficiency by 10 percent. 

Taking new risks

While both parties are pleased with the ongoing success of the partnership, new risks are always emerging. With this in mind, ComplyAdvantage’s customer success and Beem’s compliance teams continuously review their operational efficiency and hold enablement sessions to equip Beem with the latest product and feature releases – creating a positive and sustainable experience for its customers.

“Through our years of partnership, ComplyAdvantage has enabled Beem to perform at the top of our compliance game. Their commitment to excellence and our business allows us to focus on providing a better experience for our customers while maximizing security and trust in our platform and meeting the requirements of our regulators.”
Jason Backhouse, General Manager Open Payments

A collaborative approach, combined with ComplyAdvantage’s dedicated account management and support, has led to a thriving long-term partnership that has helped Beem save time, stay compliant, and continue to scale and grow as a business.

The post Beem boosts analyst efficiency and customer satisfaction with automated workflows appeared first on ComplyAdvantage.

Protecting its customers while remaining compliant with regulatory requirements has always been a priority for Banxa. Its compliance team was looking to solve two problems in searching for a new compliance solution: scaling ongoing monitoring for existing customers as the business grew and improving efficiency when onboarding new customers.

Focusing on true positives 

As a scale-up during the cryptocurrency boom in 2020, Banxa’s compliance team experienced challenges in scaling to keep pace with the rate at which the business grew, coupled with a high percentage of false positives when screening new and existing customers. They were searching for a way to improve the operational efficiency and effectiveness of their AML screening. 

As the company expanded into new markets, its sanctions obligations also became more complex, amplified by global events, including the Russian invasion of Ukraine. Banxa selected ComplyAdvantage due to the breadth of its data and the flexibility of its configurations. This enabled the firm to access up-to-date global sanctions and politically exposed person (PEP) data while tailoring its monitoring and screening to its risk profile. 

Banxa also deployed tailored adverse media searches to refine its approach further. The compliance team deployed ComplyAdvantage’s adverse media taxonomy alongside tailored search levers and configured match settings. By refining the scope of its screening, Banxa had a 43.5 percent reduction in adverse media matches, enabling the team to focus on those that present the highest risk to the business. 

A growing partnership

ComplyAdvantage is committed to supporting Banxa’s goal of safeguarding its customers, business, and the crypto ecosystem from money laundering and terrorist financing risks, regardless of economic conditions. The partnership began in 2019 and has endured as the crypto market grows and evolves.

Consistent engagement between Banxa and ComplyAdvantage has helped the compliance team manage the unpredictability of the shifting cryptocurrency industry. With the help of ComplyAdvantage’s customer success and technical support teams, Banxa has achieved a range of efficiencies. These include revised search profiles and optimized monitoring volumes. Today, Banxa is well-positioned to flex with the demands of its customers and the cryptocurrency market.

“Despite challenges in recent years, Banxa has been committed to protecting its customers and the cryptocurrency ecosystem. ComplyAdvantage has been an invaluable and reliable compliance partner, allowing us to focus on growing our business.” 

– Teresa Lau, Head of Compliance, Banxa

The post Banxa improves PEP and adverse media screening efficiency with ComplyAdvantage appeared first on ComplyAdvantage.

Before working with ComplyAdvantage, BigPay had a manual, ad hoc screening process. It needed to implement a more efficient one – fast – to meet its regulatory obligations. The reliance on manual processes also meant the firm faced the challenge of cumbersome batch processing during its annual customer rescreening, something that became increasingly difficult as the firm – and its customer base – grew.

BigPay also needed a solution that could be tailored in line with its risk-based approach:

“We had issues with customizability, as most platforms offer a standardized list of searches. We planned to have full control over the range of lists we used depending on the use case, transaction type, and country.”

Ashwin Nazareth, FinCrime Operations & Disputes Principal, BigPay

Integrated, customized screening and monitoring

The firm needed a flexible, unified platform that could scale across multiple markets and handle volume spikes during periods of peak demand. But with its previous solutions, streamlining these complex processes wasn’t possible – it involved too many touchpoints and manual processes. What’s more, BigPay needed a solution to automate workflow processes for name screening and adverse media searches, freeing up analyst time for more in-depth investigations.

That’s where ComplyAdvantage’s customer screening and transaction monitoring came in. BigPay was able to custom-build a single proprietary interface connecting multiple tools, trackers, and databases via a single API. The financial services firm also set up unique screening profiles for its individual markets, providing proportional controls for different products and transaction types – such as remittance and e-money. Accessible search profile configuration and fuzziness fine-tuning streamlined the process of aligning with new regulations.

“We now have the benefit of researching sanctions, PEPs, and adverse media all at the same time from a large number of sources rather than using multiple tools and databases. The time saved comes from only having to research the alerts, rather than wasting time looking for them.”

Ashwin Nazareth, FinCrime Operations & Disputes Principal, BigPay

Collaborative risk management

Throughout the process, BigPay has been able to partner with its customer success manager at ComplyAdvantage, who applies industry-wide best practices to ensure the solution is performing well and saving time in key areas.

“Customer support has been fantastic, especially with a dedicated account manager who resolves our issues promptly and keeps us up to date on our account performance,” said Nazareth. This included advice on “where we should be focusing our innovation and technological enhancements. In fact, two of our major time-saving innovations came directly from recommendations during the account review cycles.”

In the next few years, BigPay wants to sharpen its focus on key typologies affecting virtual financial services, such as fictitious identities, mule accounts, and scams. Nazareth also noted the increasing importance of collaborative data in financial crime risk management, both within the financial services industry and between financial firms, law enforcement, and regulators. Trends like these will only increase the need for the kind of high-quality, holistic data ComplyAdvantage provides.

“There’s no other solution currently on the market quite like ComplyAdvantage,” commented Nazareth. “And what it can do, it does exceptionally well.”

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