Regtech specialist Kompli-Global has launched a new know your customer (KYC) solution to help financial services firms combat money laundering and fraud.
Kompli-Outsource uses augmented intelligence and human expertise to provide up to date KYC information to regulated entities during customer onboarding. An initial due diligence report will flag any irregularities and verify the identity of the customer.
The launch comes as UK Finance warned that online fraud cases are rising across the UK.
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Impersonation scams nearly doubled in the first half of 2020, and £207.8m was lost to authorised push payment (APP) fraud in the first half of 2020. APP fraud occurs when a customer is tricked into making a payment to an account that is controlled by a criminal.
“In these challenging times, companies have enough on their plate ensuring they generate revenue for their businesses,” said Martin Pashley, chief commercial officer at Kompli-Global.
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“Our technology and expertise in KYC due diligence will enable such organisations to remain compliant and focus on what they do best.
“By giving us some basic client information, our technology and expertise delivers comprehensive onboarding reports that mean regulated entities, whatever their sector, can be more confident that they keep criminals out and avoid fines for non-compliance.”
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