UK RegTech ComplyAdvantage has opened a base in New York as it seeks to expand into the United States’ financial services market.
The firm, headquartered in Westminster, has also opened a commercial office in Covent Garden. A third office in the Asia-Pacific region is slated for later this year with a further two global offices also planned.
ComplyAdvantage uses data science and machine learning to neutralise the risk of global financial crimes.
Since July 2018, the company has grown in ARR by 300 per cent and more than doubled its headcount, now employing more than 200 people around the world.
Founder Charles Delingpole told BusinessCloud earlier this year that he plans to grow headcount to 300 by the end of the year and outlined his rapid rise in tech: he also founded The Student Room and FinTech MarketInvoice.
“We’re strengthening our foothold in major global financial markets as we continue to build the world’s only global AI-driven database of people and companies to power anti-money laundering and financial crime detection,” said Delingpole.
“Following the 2018 money laundering scandals such as Danske and Swedbank, compliance is now seen as it should be—as a business enabler, and with the right technology, it doesn’t need to be a painful or expensive process.”
Despite stronger regulations, the United Nations Office on Drugs and Crime estimates that $2 trillion is laundered globally every year, while less than one per cent of these funds are ever detected.
Delingpole added: “As banks and other organisations work to curb financial crime and get ahead of increasingly complex regulatory demands, they’re looking for an efficient and effective solution that’s tailored to their needs.
“We’re thrilled to be expanding our business, opening new offices and making key hires so we can help more global companies address their financial crime risk.”