RelyComply’s AML innovation recognised by the newly launched FinCrimeTech50

RelyComply inclusion in the FinCrime Tech50 main banner

We’re proud to announce that RelyComply has been included in the first edition of the FinCrimeTech50 list, founded by specialist research company FinTech Global. The list celebrates trend-setters and pioneering technology companies reinventing the anti-money laundering (AML) and fraud prevention space.

The timing is perfect: an estimated 50% of financial institutions are searching for new solutions under intense regulatory scrutiny, evolving criminal typologies, and tight compliance budgets. They are “increasingly turning to AI to improve their fraud prevention, biometrics, risk management tools, process automation, and data analytics,” says Richard Sachar, Director of FinTech Global.

Both before and after RelyComply’s beginnings in 2019, we’ve seen extensive financial services face massive inefficiencies. They must juggle separate data points across disjointed systems for ID verification, client risk assessment, and PEPs and sanctions. Workflows get overloaded, customer onboarding times are lengthy, and inaccuracies abound when trying to match customer data against PEPs and sanctions watchlists.

We wanted to craft a single customer view where business and data workflows are fully configurable to meet customer needs, as when human error is likely, so are rising cases of false positives that can paint a faulty impression of the state of money laundering.

It’s challenging in PEP data that requires public, third-party, and first-hand research data: “Financial institutions rely on their watchlist providers to ensure this data is thorough,” says RelyComply CEO Bradly Elliott, “the most robust sanction/PEP monitoring processes generally use a combination of technology and human capital. Technology can be a key enabler in assisting compliance teams to identify and work through potential risks.”

This dual attack of platforms and people can lead the way to battle tricky financial criminals. Backed by quality provider data, machine learning-backed processes can automatically scan watchlists for PEPs or sanctioned entities and rescreen them against current watchlists every 24 hours. Human analysts can focus on accurate suspicious alerts that are raised to then report real financial crime threats to regulators rather than nullified risks. In this light, RelyComply’s unique advantage for PEPs and sanction screening provides a rigorous, complex proprietary algorithm for name matching, which has seen an 80% reduction in false positives in most cases.

It’s a privilege to join many other innovators in this inaugural FinCrimeTech50 list. Thank you to FinTech Global for the inclusion, and watch this space! Our mission continues to create human efficiency through technology enablement for AML—from onboarding to PEPs, sanctions checks, and transaction screening and monitoring—with cutting-edge machine learning in the driving seat.

More news and resources

Streamline your Customer Onboarding: Navigating KYC and CDD using Innovative Technology

How Criminals Exploit KYC Vulnerabilities and Loopholes

Revolutionising AML Compliance: The Impact of AI-Powered Transaction Monitoring