Kompli-Global Limited

Kompli-Global Launches Corporate Onboarding Platform to Combat Fraud and Money Laundering

Kompli-Global Limited - CorporateKompli-Global Limited, the UK based RegTech AML specialist has announced the launch of a comprehensive remote corporate onboarding platform built by leveraging IBS Intelligence to combat fraud and money laundering. This newly launched platform labeled “Kompli-QED” allows regulated firms with access to software from third parties and Kompli Global to address customized firm-specific demands. The platform’s data analysis which leverages AI tech enables firms to identify links between individuals and other corporate entities, thus verifying any potential connections to known individuals or entities that facilitate financial crime. Criminals continue to carry out financial fraud and scams as they continue to remain experts in identifying and manipulating loopholes in existing systems. Komply Global believes that most such activities can be avoided via proper analysis of the data as it helps in recognizing the criminal intent and help in making preventive measures. While the process, when carried out via manual analysis, would be to costly to execute the firm claims that its Kompli-QED platform can handle the analysis of the data within minute and identify the compliance gaps at a fraction of the original cost allowing its clients to enjoy is the safe and compliant remote onboarding process.

Kompli-QED AI process focuses on facilitating the activities that regulated entities such as banks, payment providers, accountants, estate agents and law firms must abide by as part of their compliance strategy. Kompli’s statement claims that Companies House to carry out validation of the data filed by the registered firm. Kompli global on the other hand states that it can eliminate the risks from lack of verification in Companies House data as its newly launched platform is the world’s first and only ‘connected’ global company registry. The AI tech in the platform analyses millions of corporate records and accompanying data on persons of significant control by automatically searching for information that allows regulated entities to instantly identify links between individuals with other corporate entities, as well as persons of interest. Given the ever-evolving nature of criminals in identifying loopholes to stay ahead of the system regardless of KYC and Compliance measures which are regularly updated in the industry, QED platform has opted for an unorthodox risk verification process to stay one step ahead of fraudsters and money launderers.

It achieves this goal by using the firm’s IQ plus solutions with over 500 search terms in more than 65 languages to perform real-time searches of the web, deep web and global government, regulatory and institutional databases to identify clues and information on both new and existing customers to verify if they any connection in financial crimes and practices. The platform is designed to work around the clock automatically across the year so that compliance managers can be alerted when any new relevant information is found. Given the design and structure based on which the risk prevention and onboarding software has been created, Kompli-QED is leaps and bounds ahead of legacy systems which are currently in use across major banks and financial service providers with near to no limitation theoretically. In order to gain increased market share and hasten its implementation at firms even considering handicaps that come along with out-dated legacy technology the platform has been created as an API-first tech so that it can be integrated in existing platforms. The Kompli-QED platform also has a feature which allows it to operate as a batch driven system and produce a nightly feed of data for firms that still want to run their legacy platforms.

Speaking about the launch of this new platform, Jane Jee, CEO of Kompli-Global said “Money laundering and fraud are serious crimes with significant negative consequences for businesses and individuals and society as a whole. If they want to ensure they are not enabling financial crime, it is imperative that regulated businesses do all they can to enhance their KYC processes to both keep criminals out and report suspicious existing customers. A comprehensive platform like Kompli-QED is ideal for this, streamlining and optimizing searches to make sure there is no risk of vital information about customers falling through the cracks. As a result, businesses can fully understand who their customers are and they can act appropriately when adverse intelligence is found”.