"New Regulatory Solution Targeting Small to Medium-Sized Enterprises"
In a significant move to bolster the compliance capabilities of smaller businesses within regulated industries, ComplyAdvantage, a leading financial crime risk detection technology provider, has announced the launch of a new e-commerce platform. The platform, designed to be accessible through the website, allows businesses to directly access compliance services, paying only for what they need. This evolution is a continuation of ComplyAdvantage's commitment to making enterprise-grade compliance accessible to all. The finance and insurance sector, particularly in the digital age, requires continuous updates to maintain compliance, especially in The Cloud. Recognising this need, Javid Khan, CTO at LayerV, argues that continuous compliance in The Cloud is necessary because data is always active. The platform includes a range of features designed to combat sophisticated financial threats and avoid reputational damage for regulated SMEs. It offers ongoing monitoring, transaction monitoring, and payment screening, providing comprehensive coverage. The platform also delivers data quality, real-time monitoring, and a user interface similar to those used by major financial institutions worldwide. In addition to the new e-commerce platform, ComplyAdvantage is estimated to help combat the global issue of money laundering, with an estimated 2-5% of global GDP being laundered each year, amounting to approximately $800 billion to $2 trillion. Moreover, the platform features AI-powered compliance, real-time verification, risk assessment, automated UBO identification, monitoring, and reporting capabilities. This makes it an ideal solution for businesses seeking advanced KYC and AML checks. The platform's launch comes at a time when regulators in various markets are introducing new rules, laws, and guidance that require a full-time team of experts to maintain compliance for insurance brands. Notably, the introduction of GDPR in the last decade and the recent emergence of ESG and Net Zero regulations add a new layer of compliance requirements for insurance brands. In a strategic move, Mphasis, an IT solutions provider offering services in cloud and cognitive technologies, has signed a partnership with Be Informed, a digital transformation platform for intelligent automation of complex decision-making. The partnership aims to combine their capabilities to improve public sector compliance. Sinpex, another e-commerce platform, also offers advanced KYC and AML checks for small and medium-sized enterprises in regulated industries. This platform, along with ComplyAdvantage's, underscores the growing need for accessible and efficient compliance solutions for businesses in regulated industries. In conclusion, the launch of ComplyAdvantage's e-commerce platform marks a significant step towards making enterprise-grade compliance solutions accessible to smaller businesses within regulated industries. The platform's features, coupled with the strategic partnerships, promise to enhance compliance capabilities, combat money laundering, and support businesses in navigating the complex regulatory landscape.
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