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ComplyAdvantage Partners with sync. On Financial Crime Compliance

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Screening specialist ComplyAdvantage has won a new mandate with fast-growing digital banking app sync. to improve the latter’s AML and anti-fraud capabilities using the RegTech’s AI-driven platform.

The partnership will allow the open banking app to run its compliance and risk management processes more smoothly, and to better monitor its customers’ activity; while the relationship that ComplyAdvantage holds with UK regulators has also helped sync. to obtain its own regulatory license.

Ricky Lee, founder and CEO of sync. and former head of product design and strategy at Revolut, says: “Security is incredibly important to us at sync., whether that is adding enhanced security options to our product, like our cards without printed CVC numbers, or ensuring we are completely AML and Counter-Terrorism Financing (CTF) compliant.

It’s been a big year for ComplyAdvantage, and the latest partnership comes hot on the heels of several other client wins including with Canadian FinTech Apt Pay in July, and an expansion into Asia Pacific at the end of last year. The firm hired Vatsa Narasimha as COO and CFO in January, and continues to expand rapidly with a major board expansion announced just this month including Narasimha, along with the addition of Elizabeth Bramlage as Chief Marketing Officer and Amanda Ward as Vice President of People.

Earlier this month, ComplyAdvantage closed a successful round of Series C funding to raise $50 million, and looks to be embarking on a major year of expansion.

“ComplyAdvantage sits at a fascinating intersection of data and technology. Focused on machine learning and natural language processing, the company has the ability to revolutionize data risk management,” says Bramlage.

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