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Partnership to address compliance, anti-money laundering and terror financing

25 Sep 2017

Australian fintech startup Airwallex and UK-based AI regtech provider ComplyAdvantage are on a campaign to stop the risks posed by anti-money laundering and terror financing, all through the use of artificial intelligence.

Airwallex recently raised $13 million in Series A funding with Tencent, Sequoia and Mastercard leading the round. That funding has been used to partner with ComplyAdvantage, allowing Airwallex to conduct real-time transaction screening for suspicious activities.       

“This is a great example of fintech and regtech working together to quickly and efficiently improve customer outcomes without compromising on security and compliance. Our new partnership with ComplyAdvantage enables us to provide the speed and efficiency our customers expect, while ensuring that robust safeguards are in place to protect against the risks of money laundering and terrorism financing,” comments Airwallex VP – Europe Expansion, Michael Stachowiak.

The artificial intelligence, machine learning and big data analytics in the platform helps organisations make intelligent choices to manage their compliance and risk obligations, as well as to prevent financial crime.

“As the barriers to international trade continue to be broken down by technology, there’s a greater impetus for companies to further fortify their platforms and secure each and every financial transaction. Airwallex recognises the important role that compliance plays in this, and ComplyAdvantage is excited to partner with them to help solve some of the unique compliance challenges of operating in Asia. We look forward to helping protect the company and its customers from financial crime, as they move into new markets and connect a growing number of people and companies internationally,” comments ComplyAdvantage CEO Charlie Delingpole.

The Commonwealth Bank of Australia was recently caught up in money laundering claims that put more than $14 million at stake, Airwallex sees greater potential for regtech organisations to play crucial roles in the future of compliance, legality and security in financial services.

“Fintech and Regtech work hand in hand. In light of the recent challenges within Australia’s major banks, it’s clear compliance can no longer be seen as a tick box exercise, but rather should be a source of innovation and productivity,” comments Airwallex head of product and operations, Steven Deglas.

Airwallex is based in Melbourne. ComplyAdvantage is based in the US with offices in London, UK.

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