Regulatory Solution Intended for Small and Medium Enterprises
In a significant move to address the growing regulatory demands faced by the finance and insurance sector, ComplyAdvantage, a global financial crime risk detection technology provider, has launched a new e-commerce platform.
The platform, designed to provide proven enterprise compliance software to smaller businesses within regulated industries, comes as global, regulated SMEs encounter a range of sophisticated financial threats that could compromise their operations and leave them exposed to reputational damage.
The new platform empowers businesses to access compliance services directly through the website, paying only for what they need. This is a departure from the traditional model where large banks spend up to $1 billion annually on regulatory compliance, while regulated SMEs often lack the resources to access modern AI-native platforms and still rely on manual processes.
The launch of the e-commerce platform is timely, given the increasing emphasis on ESG and Net Zero regulations, which add an additional layer of compliance requirements for insurance brands. The GDPR, considered the biggest change in regulation for the finance and insurance sector in the last decade, is also a key area of focus for the platform.
ComplyAdvantage's CEO, Vatsa Narasimha, stated that the new platform is the evolution of their commitment to making enterprise-grade compliance accessible to all. The platform includes ongoing monitoring, transaction monitoring, and payment screening, offering comprehensive coverage.
In a related development, Mphasis, an IT solutions provider, has partnered with Be Informed to provide a digital transformation platform for the intelligent automation of public sector compliance. The partnership aims to combine their capabilities for complex decision making in compliance.
Javid Khan, CTO at LayerV, argues that continuous compliance in The Cloud is necessary because data is constantly active. This sentiment is shared by regulators in various markets, who are introducing new rules, laws, and guidance that require full-time effort from a team of experts to ensure insurance brands remain 100% compliant.
It is important to note that there is no specific information available about the countries in which ComplyAdvantage's e-commerce platform is already offered. However, the platform delivers the same data quality, real-time monitoring, and user interface that powers compliance operations for major financial institutions worldwide.
Estimates suggest that an estimated 2-5% of global GDP is laundered each year, roughly $800 billion to $2 trillion. The platform's focus on addressing financial crimes and ensuring regulatory compliance is therefore crucial in the fight against money laundering and other financial crimes.
In conclusion, ComplyAdvantage's e-commerce platform is set to revolutionise the way smaller businesses access enterprise-grade compliance tools. By making these tools more accessible and affordable, the platform is set to play a significant role in enhancing the regulatory compliance landscape for regulated SMEs globally.
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