In this latest podcast episode, “Decoding AML Compliance with Bradley Elliott”, Darren Franks chats with Bradley Elliott, CEO at RelyComply.
In this podcast episode the team at RelyComply shed light on their groundbreaking efforts in the anti-money laundering (AML) compliance space. The discussion centres on the challenges faced by financial services businesses in streamlining AML processes amid evolving regulations, with a particular focus on greylisting.
The Birth of Rely Compliant: A Tech-Driven Solution
RelyComply’s journey began with a keen observation of the industry’s manual AML compliance processes. Recognizing the need for automation to enhance efficiency and accuracy, RelyComply set out to revolutionize AML compliance using cutting-edge technology, including data science, machine learning, and artificial intelligence (AI).
Automating and Consolidating AML Compliance
AML compliance traditionally involved various fragmented tools for different aspects of the process, leading to inefficiencies and friction. RelyComply stepped in to provide an all-in-one solution, offering a unified view of customer data throughout the compliance journey. This consolidation not only streamlined processes but also made compliance teams more efficient.
Tackling Data Challenges with Machine Learning
The podcast delved into the complexity of verifying customer information, including politically exposed status and sanctions checks. RelyComply addressed the challenge of assessing data accuracy by incorporating machine learning into the process. This innovation aimed to reduce false positives and enhance the overall effectiveness of AML compliance.
KYC and KYB: Unraveling the Layers of Business Compliance
The discussion extended to Know Your Customer (KYC) and Know Your Business (KYB) processes, highlighting the importance of assessing ultimate beneficial ownership in businesses. RelyComply showcased how its technology simplifies these complex tasks, providing businesses with risk assessment scores and minimizing the burdensome onboarding experiences for both clients and institutions.
Onboarding Simplified: A Single Integration Point and Automation
One of RelyComply’s standout features is its single integration point, allowing businesses to seamlessly integrate AML compliance into their existing systems. The platform’s high level of automation, with checks completed in under 200 milliseconds, reduces the time and effort required for onboarding. This capability particularly benefits fintech companies seeking faster, more accurate, and seamless customer onboarding.
The Future: Enhancing Flexibility and Customization for Non-Digital Touchpoints
Looking ahead, RelyComply is poised to launch version 2.0 with a strong focus on addressing the needs of businesses without digital touchpoints. By creating a flexible and customizable front end, the company aims to empower law firms and other entities to build digital touchpoints, thereby improving customer onboarding experiences.
Rely Compliant’s Vision for a More Efficient and Secure Financial Landscape
As regulations continue to evolve, the role of innovative solutions like RelyComply becomes increasingly crucial. By combining advanced technologies, consolidation of compliance processes, and a commitment to simplifying onboarding experiences, RelyComply stands at the forefront of reshaping AML compliance in the dynamic landscape of financial services.
