Bofin partners with ComplyAdvantage to mitigate fraud and money laundering risks

UK-based technology marketplace for financial services firms Bofin partnered ComplyAdvantage to lower its risk of financial crimes and money laundering.

Under the partnership, Bofin will integrate ComplyAdvantage’s screening and monitoring technology for AML data, adverse information and published media.

Given how businesses need to update their processes for fraud defence along with keeping up to the on-going shifts positioned in local and global regulatory regulations, the partnership will ensure its users increased security, the firm said. Additionally, automating AML risk monitoring will help Bofin maintain the highest level of compliance oversight.

Bofin’s mobile app enables users to get access to financial products or services directly provided by financial institutions in line with their regulatory obligations.

ComplyAdvantage uses machine learning to help regulated organisations manage their risk obligations, detect any form of adverse events and uncover hidden risks during customer onboarding and throughout the client lifecycle.

Commenting on the association, Bofin founder and CEO Mohamed Dafea said, “We selected ComplyAdvantage because of the company’s gold standard approach for using data and advanced machine learning techniques to provide highly accurate money laundering signals in real-time.

“When battling money laundering or related financial crimes, the key is to unearth insights with speed and accuracy. ComplyAdvantage’s technology supplies us with the necessary intelligence gathering to mitigate our risks.”

Furthermore, ComplyAdvantage founder and CEO Charles Delingpole added, “Having access to real-time global ‘Know Your Customer’ data services with comprehensive AML data and monitoring technology is vital for any online entity to ensure they are retrieving the most accurate insights of risk.

“This partnership will provide Bofin with a real-time, high-quality KYC, adverse media and transaction monitoring solution, allowing them to make more informed decisions on their customers relative to their risk-based approach.”

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