ComplyAdvantage will provide UK business lender Hampshire Trust Bank (HTB) its suite of AML solutions.
HTB’s rapidly expanding client base and expansion into new markets means the risks of financial crime it is now facing have increased, the bank says.
ComplyAdvantage’s anti-money laundering (AML) solutions include Customer Screening and Onboarding, Adverse Information & Media, Transaction Monitoring and Transaction Screening.
These real-time AML capabilities provide better control and scalability and work to uncover hidden risks throughout the customer lifecycle, helping banks maintain compliance oversight.
Headquartered in London, the company uses artificial intelligence, machine learning and natural language processing to help organisations manage risk obligations.
It claims it can reduce dependence on manual processes and legacy databases by up to 80%.
HTB chief compliance officer, Nick Hawke, says: “ComplyAdvantage represents a key step in maturity by consolidating all screening and transaction monitoring into a single hosted platform, which delivers a robust and reliable solution.”