Jumio and ComplyAdvantage Team Up to Fight Against Money Laundering

Jumio has launched an anti-money laundering service through a new partnership with ComplyAdvantage. The platform is called Jumio Screening, and it combines Jumio’s award-winning Netverify identity verification solution with ComplyAdvantage’s extensive watchlist for financial crime.

“As more and more companies onboard new customers remotely, it’s increasingly important for online businesses to flag individuals who appear on sanctions lists in order to tackle money laundering and terrorist financing,” said Jumio Chief Product Officer Philipp Pointner. “This equips our clients to make the right decisions with automated customer onboarding and ongoing monitoring.”

ComplyAdvantage maintains a database of companies and individuals that are considered to be likely perpetrators of financial crime, including regulatory watchlists, politically exposed persons, and adverse media. Jumio Screening integrates ComplyAdvantage into the Netverify dashboard, matching the profile against the database whenever a new customer is added to a company’s system.

The solution is geared towards financial organizations that need to comply with regional anti-money laundering and counter-terrorism regulations. The platform flags any suspicious customers and sends an alert to a company’s compliance team, at which point they can conduct a review to assess the actual risk. Jumio Screening then provides ongoing monitoring to allow companies to remain vigilant once the onboarding is complete.

Netverify has previously been used to confirm an individual’s work eligibility in the UK and reduce the risk of hiring violations. The partnership with ComplyAdvantage will lower a company’s exposure to financial crime in a similar fashion.