ComplyAdvantage, a global data technology company focused on financial crime detection, has announced the North American expansion of ComplyLaunch.
As part of the free program for fintech startups, the company will provide qualified startups with free access to its AML and Know Your Customer (KYC) tools plus resources needed to reduce the threat of money-laundering activities.
Michael Cramer, Vice President of Operations, Routefusion commented: “Our business is growing rapidly and we knew that early risk management would help to prevent unexpected issues related to money-laundering. When we found ComplyLaunch, it was a no brainer to join the program – and we’re glad we did.”
Furthermore, it comes at a time when fintech in North America is experiencing significant growth. According to KPMG’s Pulse of Fintech report on fintech investment trends, the overall global fintech funding soared to a new high with funding increasing from $87.1 billion in H2’20 to $98 billion in H1’21 with the US accounting for almost half of the total global investment in fintech.
In spite of funding availability, accelerated service adoption or regional startup concentrations, fintech founders in any location must be mindful that as their businesses grow so will their risks related to financial crimes.
“It’s amazing to see all the incredible fintechs that have signed up to our program,” added Charles Delingpole, founder and CEO of ComplyAdvantage. “Not only is ComplyLaunch good for all the great companies that are participating but, it’s also great for our ecosystem. How a company addresses risk management is becoming a growing factor for everything from investment to partnerships. We want our fellow startups to be successful and that’s why we continue to make our AML tools and training free.”