ComplyAdvantage Launches Anti-money Laundering Guide for Digital Banks

ComplyAdvantage, a RegTech company providing anti-money laundering technology, today announced the launch of its new Anti-Money Laundering (AML) Guide For Digital Banks. 

The guide provides firms – including neo and challenger banks – offering digital-first services with a clear understanding of the regulatory challenges they may face; how best to structure an effective, customer-centric AML program and; real-world examples of success stories from digital-first banks.

CMC Markets Connect's Andrew Wood Talks How Volatility Indicator Helps Institutional Clients

The phenomenon of emerging banks offering digital-first services is redefining how consumers and businesses around the world access, manage, invest or transact with their money. And, while these services that have been designed around speed and convenience have attracted hundreds of millions of customers en masse, they have also become attractive hotbeds for financial criminals. Criminal organizations have shown their willingness to exploit the compelling features and benefits that digital-first banks offer to line their own pockets, launder illicit money and fund terrorism worldwide. As a result, regulators have begun to step up their scrutiny of the industry.

As a leading reg tech innovator, ComplyAdvantage​ is dedicated to helping digital-first banks navigate through the growing complexities of the AML/CFT regulatory landscape so they can meet their regulatory requirements while delivering a seamless customer experience.

"As the provider of an innovative money app, we recognized the importance of implementing rigorous AML and risk management processes right from the start," said Chisato Kamimura, Head of Compliance at sync. "By working with ComplyAdvantage, we not only have a better understanding of the regulatory landscape but we also have the right tools and program strategies to ensure the highest level of customer vetting and transactional integrity."