RegTech AML specialist, Kompli-Global, announced the launch of a comprehensive remote corporate onboarding platform Kompli-QED to combat fraud and money laundering.
The Covid-19 pandemic creates opportunities for criminals to carry out financial fraud and scams as they become better at finding loopholes in existing systems. With proper analysis of the data, the criminal intent could be identified and prevent, however manual analysis would be to costly to execute. Kompli-QED can handle the analysis of the data within minutes, identify the compliance gaps and ensure that remote on boarding is safe and compliant.
Kompli-QED harnesses augmented intelligence to facilitate the activities that regulated entities, such as banks, payment providers, accountants, estate agents and law firms, must utilize as part of their compliance strategy. The platform provides access to a complete suite of software modules, some of which are proprietary to Kompli-Global and others from third-party providers, that address a specific need in the market.
Companies House carries out no validation of the data filed. Kompli-QED offers Kompli-QED – the world’s first and only ‘connected’ global company registry, which analyses millions of corporate records and accompanying data on persons of significant control. The platform automatically searches for the information which allows regulated entities to instantly identify links between individuals with other corporate entities, as well as persons of interest. Kompli-QED is able to verify connections with known bad actors, which enables businesses to prevent or limit the impact of financial crime.
Money launderers usually pass the Know Your Customer (KYC) checks as they know what the onboarding team is looking for. In a similar way, fraudsters know how risk profiling works and use ‘sleeper strategies’ before conducting their money laundering activities. However, Kompli-QED can implement a range of other checks that are essential to a comprehensive KYC onboarding process. To identify links to financial crimes, the platform incorporates existing Kompli-IQ and 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 any adverse information on new and existing customers. The technology is able to perform automatically 24 /7, so human compliance managers can be alerted when any new relevant information is found.
The platform uses technology built for analysts and is designed to leapfrog existing legacy systems that can constrain banks and other entities. Kompli-QED is API-first platform and does not require starting from scratch but can be integrated in or enhance existing platforms, allowing users to integrate easily and build upon the existing technology. Kompli-QED can also operate as a batch driven system and produce a nightly feed of data for organisations that still want to run their legacy platforms.
Kompli-QED can also perform checks on new and existing customers that traditionally had to be sourced from a host of providers such as Identity verification, age and mortality; Identity document authentication; Digital image and video capture; Politically Exposed Persons (PEPs) and sanction screening; Flag and alert risk indicators; Enhanced Due Diligence (EDD) research reporting and video interview recording; Secure document and file transfer.
Combined in a single platform, all these functions assist regulated entities in keeping criminals out and avoid non-compliance fines.
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 optimising 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.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.