Comply Advantage responds to wave of evolving money laundering and terrorist financing threats

London - 18 January 2015

Compliance data provider Comply Advantage today announced a significant milestone with the release of its data platform. After over a year in development, the data platform has now processed over £1bn of payments for over 70 FCA and HMRC institutions, in addition to a range of other checks for large corporations in a variety of sectors.

Money-laundering, terrorist financing and significant issues in the finance industry today. Compliance is often focused on after the event correction activities, rather than a compliance system that is alive, flexible, responsive, and that proactively addresses the risks posed by criminals. Regulators and institutions as such are pushing towards a compliance system that is smarter rather than simply a heightened level of supervision.

Dovetailing with the this regulatory push, Comply Advantage believes that it is necessary to have an approach that raises standards across the financial industry, prevents transgressions and responds effectively to ever evolving criminal methods. Promoting the right standards encompasses raising standards across the industry as well improving the regulatory structures that govern participants. Banks and other providers are often proactively attempting to comply, but lack the necessary tools to do so. Rather than adopting a tickbox approach, compliance professionals need to be responsive and change behaviours as situations evolve.

George Osborne, Executive Director of Infrastructure at Comply Advantage commented: “Having spent many hours with regulated entities I know directly the problems faced by the individuals in charge of combating this wave of evolving threats. They tell me that the systems that they use are outdated and they struggle to invest effectively in mitigating the problems they face on a daily basis. Upcoming regulations such as AMLD4 only add to the complex issues that they face”.

Toby Fischer, Senior PEPS and Sanctions advisor at Comply Advantage commented: “Having previously worked with a range of foreign exchange companies, I know the problems that companies face with regards regulation. The intensification of international globalisation means that threats today are ever more global rather than local, and financing boundaries are becoming ever more porous. Compliance is competitive advantage for many companies, because of the existential threat that they face”.

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