Anti-money laundering specialist Kompli-Global has launched a new regtech solution called Kompli-Reveal to help weed out “bad actors” and fraudsters.
By using a combination of augmented intelligence (AI) and human expertise, Kompli-Global said that it will screen existing client bases for organisations to reveal their real-time status and to flag any irregularities.
The tool has been designed for use by regulated entities such as banks, payment providers, accountants, estate agents and law firms.
Read more: Crypto exchange launches P2P lending tool
“It is understandable that fraudsters don’t want financial organisations to understand this technology or use it widely,” said Jane Jee, chief executive of Kompli-Global.
“It is accurate, cost effective and takes minutes to provide regulated entities with the most complete and update information on their customers. We’re pleased to be taking the fight to fraudsters, money launderers and suspicious customers that once onboarded proceed to get up to no good.”
It comes at a time when more individuals and businesses are applying for coronavirus relief loans – according to the latest Treasury figures, more than £50bn has now been distributed by lenders who have been accredited to offer government-backed loans.
Jee added that Kompli-Global has already had positive feedback from companies using the system.
“Typically, for the companies we have worked with, 10 per cent of their customer base have details that have changed and by using Kompli-Reveal we can ensure they remain compliant and free of potentially damaging consequences.”