Kompli-Global taking it to money launderers

Regtech company Kompli-Global’s new search platform is designed to help financial institutions comply with strict new regulations on customer due diligence related to money laundering.

Kompli-IQ combines the expertise and technology needed to meet those challenges, CEO Jane Jee said.

“Companies will be questioning how they can comply efficiently and cost effectively with the new legislation, particularly the new level of searching/monitoring. The starting point has to be to want to tackle money laundering because it is the right thing to do.”

The significant growth of information available on the internet has made it unfeasible to store it in one place. Manual web searches are sporadically effective at best. A licensed SaaS search platform, Kompli-IQ employs artificial intelligence to search global data sources for published adverse information. Those searches can be conducted in foreign languages commonly spoken in regions where the searching company conducts business.

“In today’s world, it is virtually impossible to conduct the required searches without harnessing the power of artificial intelligence,” Ms. Jee said. “If you try it will be expensive, inefficient and inconsistent. Above all, adverse information will be missed.”

New regulations feature stricter approaches to customer and enhanced due diligence while also broadening the definition of politically exposed persons to include those living in the United Kingdom and their relatives and close associates.

“To address this, in addition to licensing Kompli-IQTM, Kompli-Global offers Due Diligence reports tailored to our clients’ specific requirements based upon their risk based policies,” Ms. Jee explained. “To compile these reports Kompli-Global interrogates multiple data sources and draws on the local expertise of its extensive advisory community in 66 countries covering 158 regions. With this level of input Kompli-Global can provide the most in-depth information on which companies can base their risk based decisions and, importantly, provide the audit trail that a Regulator will demand.”

 

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