By Aisling Finn on Thursday 27 August 2020
ComplyAdvantage will help sync. make its platform counter-terrorism financing and anti-money laundering compliant.
The partnership will allow the open banking app to run its compliance and risk management processes more smoothly.
As well as streamlining its security, sync. has also been able to use the fact that ComplyAdvantage is recognised by the UK’s regulators to help it obtain its own regulatory licensing needed to operate in the UK.
Charles Delingpole, founder and CEO of ComplyAdvantage, said: “ComplyAdvantage’s vision is to take on and neutralize the risk of money laundering, terrorist financing, corruption and all other global financial crimes.”
“We are always excited to partner with other innovative products and provide our scalable solutions to sync. as they expand.”
The integration will help sync. to better monitor its customers’ activity on its app and protect against financial crime.
Ricky Lee, founder and CEO of sync. and former head of product design and strategy at Revolut, said: “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.
“We’re proud to have a partner that is as fast-moving as ComplyAdvantage. Their real-time updates and new innovative features mean that our AML and CTF monitoring is always the best it can be.”
The fintech also collaborated with payment processor Global Processing Systems (GPS) to power its unique debit cards.
ComplyAdvantage also made headlines late last month when it closed a $50m Series C funding round led by Ontario Teachers’ Pension Plan Board, one of the largest pension plans in the world with over $207bn in net assets.