ComplyAdvantage, an international data technology company that uses machine learning for financial crime detection, announced today that it has released ComplyTry, a new tool that enables anyone to better understand the risk profiles of prospective customers using live sanctions, Politically Exposed Persons (PEPs) and adverse media data for free.
Backed by financial giants like Goldman Sachs, ComplyAdvantage aims to neutralize the risk of money laundering and other financial crimes through innovative technologies like artificial intelligence and machine learning.
The launch of ComplyTry gives its users the ability to run background checks using a database that is tailored to detect and prevent illegal financial activities.
"We decided to offer ComplyTry after having an incredible response to our ComplyLaunch program which offers free access to AML and KYC tools for startups," said Kanisha Patel, the Head of ComplyLaunch at ComplyAdvantage. "Like ComplyLaunch, our goal is to continue to democratize access to vital AML tools and information to better fortify our ecosystem against the threat of financial crimes. By making these sorts of programs and tools accessible, everyone from startups to established financial firms will benefit."
Earlier this month, ComplyAdvantage announced the selection of Mark Watson, an industry veteran with more than 26 years of technology management experience, as the company’s Chief Technology Officer (CTO).
Financial Crime Detection
With the growing popularity of innovative financial products, the risks associated with the sector have also increased. According to ComplyAdvantage, ComplyTry will conduct smart searches to detect suspicious activities.
"Compliance teams throughout the financial services industry are challenged daily to analyze, extract and validate identities that have elevated risk attributes with the ultimate goal of preventing financial crimes before they happen. Given the growing volume, velocity and complexity of financial crime, the task of identifying the potential for risk exposure through contextual analysis has become increasingly complex and time-consuming," the company noted.
