By Aisling Finn on Tuesday 6 October 2020
ComplyAdvantage will help the digital bank to detect financial crime and become fully anti-money laundering compliant.
ComplyAdvantage uses machine learning to spot risks across the databases of financial companies and help prevent money laundering and financial crime.
Users of the platform can look up over 10 million people and organisations and, in just a few clicks, see if there are any links to financial crime on the regtech’s radar.
Vatsa Narasimha, COO of ComplyAdvantage, said: “ComplyAdvantage was built for high-growth fintechs and complex financial institutions. OakNorth Bank needed a solution that was fundamentally different than anything on the market.”
“With ComplyAdvantage, OakNorth Bank has a trusted data and financial risk management technology partner that will be able to support them as they scale further. We are proud of the solution we have today and are excited to partner with one of the top digital banks in the world.”
James Cashmore, chief risk officer at OakNorth Bank, said: “As a fast-growing business we are always looking for ways to innovate, and achieving robust compliance is a key factor in supporting our innovations.”
“In ComplyAdvantage, we have a partner that understands our business objectives and their solutions seamlessly integrate into our systems. We look forward to finding new synergies as we grow our partnership going forward.”