- On September 28, 2016
KUFLINK has hired fraud detection firm Contego to bolster its anti-money laundering checks.
The peer-to-peer platform, where loans are secured against property, said that implementing effective fraud mitigation and risk management is crucial for them to stay competitive.
It chose Contego as its identity verification and risk-scoring platform will support Kuflink’s complex checking requirements, the P2P lender said on Tuesday.
To comply with anti-money laundering regulation, Kuflink has to verify the identity of its lenders, which includes screening them against politically exposed person and sanctions lists.
Contego is working with Kuflink to create a bespoke product whereby it can check the credentials of both people and companies simultaneously.
The checks will be done quickly to avoid missing out on investment opportunities, Kuflink said.
“After looking into various identity verification providers, we have chosen Contego because the platform is the only one that provides comprehensive access to all the data sources we need, delivered via a single platform to meet our regulatory requirements,” said Tarlochan Singh Garcha, chief executive of Kuflink.
“Contego’s platform enables us to make timely and informed decisions about who we do business with and onboard them quickly.”
Adrian Black, chief executive of Contego, added: “We are very excited about the partnership with Kuflink. Our goal is to help Kuflink embed customer onboarding processes efficiently, making them as straightforward as possible – reducing costs, whilst ensuring Kuflink fulfils its regulatory obligations.”