Complyadvantage Issues New Anti-Money Laundering Guidelines For Cross-Border Payments And Remittance

In an era of increased regulation, the new guide provides a practical, much-needed resource for financial compliance professionals working in the cross-border payments and remittance industry.

Fremont, CA: ComplyAdvantage is the premier provider of AI-driven financial crime risk data and detection solutions to the banking industry. ComplyAdvantage aims to reduce the danger of money laundering, terrorist financing, corruption, and other financial crimes. Through the world's only worldwide, real-time database of persons and corporations, more than 500 enterprises in 75 countries rely on ComplyAdvantage to understand the risk of who they're doing business with. The organization discovers thousands of risk occurrences daily from millions of structured and unstructured data points. ComplyAdvantage has published a new Anti-Money Laundering (AML) Guide for Cross-Border Payments and Remittances.

According to a 2021 Ernst & Young analysis, cross-border payments are likely to exceed $156 trillion this year, with the remittance sector expected to reach $774 billion by the end of 2022. Because of the sheer magnitude of both markets, the AML compliance picture for cross-border payments and remittance is becoming increasingly complex as financial crime typologies, payment use cases, and regulatory technology advance rapidly around the world.

ComplyAdvantage developed this new guide in response to these concerns, based on conversations with organizations operating in this market and related in-depth industry analysis. It was created to assist remittance and cross-border payment compliance teams in designing, implementing, and scaling their anti-money laundering programs using proven best practices.

ComplyAdvantage, which is already the preferred choice of a few of the world's leading banks, companies, and high-growth fintech, combines machine learning and natural language processing to assist regulated firms in managing their risk commitments and preventing financial crime.

"Given the enormous size of both markets and their direct impact on our global economy, we felt it was important to develop this guide to help cross-border payments and remittance compliance teams implement the best compliance programming possible," said Charles Delingpole, Founder and CEO of ComplyAdvantage. "As a company, we are committed to the ongoing development of strategic resources such as this guide and others, including our State of Financial Crimes 2022 Report or Evolving Use of Sanctions 2022 Guide to help growing financial firms navigate through the global complexities of anti-money laundering regulations."