Comply Advantage Financial Crime Risk Intelligence provides comprehensive solutions for identifying and managing financial crime risks. It utilizes advanced algorithms and data analytics to detect potential threats and ensure compliance.
| Product | Mindshare (%) |
|---|---|
| Comply Advantage Financial Crime Risk Intelligence | 0.2% |
| Finimize Daily News API | 0.3% |
| Genesis VNA | 0.3% |
| Other | 99.2% |
Designed for financial institutions, Comply Advantage Financial Crime Risk Intelligence delivers a strategic approach to mitigate risks associated with fraud, money laundering, and terrorist financing. By leveraging cutting-edge technology, it offers real-time insights and robust monitoring capabilities, enabling businesses to adhere to regulatory requirements and protect their reputation from criminal activities.
What are the unique features of Comply Advantage Financial Crime Risk Intelligence?In banking, Comply Advantage Financial Crime Risk Intelligence integrates seamlessly with existing systems to enhance AML practices. Insurance companies leverage its capabilities to prevent fraudulent claims, while fintech firms use it to comply with international regulations and protect against evolving threats.
| Author info | Rating | Review Summary |
|---|---|---|
| Compliance Lead at Sinegy DAX Sdn. Bhd. | 4.5 | I use Comply Advantage for essential PEP/AML user screening, its API automating risky onboarding prevention. Though expensive and needing an interface update, it's stable, scalable, with great support, achieving ROI. I rate it 9/10. |
| Network Web Technician at a non-profit with 11-50 employees | 4.0 | I find Comply Advantage useful for assessing financial crime risk by tagging entities as high/medium/low risk. Its interface is easy to use, speeding up my work. I'd like to see faster load times and improved accuracy. Overall, I rate it 8/10. |
| Financial Crime Associate at a financial services firm with 201-500 employees | 1.5 | While Comply Advantage helped us catch true positives in PEP screening, I find it unstable and prone to false positives due to poor name matching and repeated alerts, creating manual work. Customer service couldn't resolve lagging issues. |
My main use case for Comply Advantage Financial Crime Risk Intelligence is user screening and ensuring users are not on PEP lists.
For user screening or checking against the PEP list, we have a database that we go through to check during onboarding, and it is checked on the lists to see if they are flagged or not. If they are fine, then we onboard the user.
That is the main way I am using Comply Advantage Financial Crime Risk Intelligence.
The best features Comply Advantage Financial Crime Risk Intelligence offers are easy API access, easy navigation, and easy management and review of all flagged users.
Out of the features I mentioned, API usage has made the biggest difference for my team because it allows our automation.
Comply Advantage Financial Crime Risk Intelligence has positively impacted my organization by allowing us to screen and prevent onboarding of any users that are flagged in the FATF or AML systems.
Since implementing Comply Advantage Financial Crime Risk Intelligence, it has prevented users from being onboarded and has identified the necessary PEPs accordingly.
Comply Advantage Financial Crime Risk Intelligence can be improved on the interface to bring it up to more modern standards.
I have been using Comply Advantage Financial Crime Risk Intelligence for nine years.
Comply Advantage Financial Crime Risk Intelligence is stable.
The scalability of Comply Advantage Financial Crime Risk Intelligence is good and it is scalable.
The customer support has been good so far as we have a direct contact with a business contact.
I would rate the customer support a 10 on a scale of 1 to 10.
My experience with pricing, setup cost, and licensing is on the expensive side, but it seems to work.
I have seen a return on investment since fewer employees are needed, but other than that, it is a requirement, so it is necessary.
Before choosing Comply Advantage Financial Crime Risk Intelligence, we did not evaluate other options because there was none that provided the service at the time.
Comply Advantage Financial Crime Risk Intelligence seems good enough for what it does as a screening software and I have no advice for others looking into using it. I would rate this product a 9 out of 10.
The main use case for Comply Advantage Financial Crime Risk Intelligence is to cross-check both individuals and companies on the database to determine whether they are high risk, low risk, or medium risk.
If it is a business enterprise, I check if they are bankrupt or if they have filed any motion for bankruptcy. For individuals, I check if they are politically exposed personnel or if they have any links or dealings with financial crimes.
I can provide an instance when I was working with Telus International and we were outsourced for a crypto firm. We ran Comply Advantage Financial Crime Risk Intelligence against different company records, databases, publications, and newspapers, and through that process, we were able to find that they had once applied for bankruptcy in one of the publications that was somewhat hidden. I also ran checks on the proprietors of the company. Although one person was silent in the records, with the help of Comply Advantage Financial Crime Risk Intelligence, we were able to obtain the names of the other people that were part of the company. When we ran those names, we found out that they were actually related to politically exposed personnel. With that information, we deemed it a high risk and we did not onboard that particular company.
The best features of Comply Advantage Financial Crime Risk Intelligence help you make decisions easily. It helps you determine how to tag the different cases as low risk, medium risk, or high risk, which is a very advantageous tool to be used in the financial crime scene.
I would say the interface is easy to understand. The different sections of Comply Advantage Financial Crime Risk Intelligence give you the opportunity to click on those sections, run automations, and perform other functions. The interface is self-explanatory and enables you, even if you are not an IT personnel, to become proficient with a few training sessions.
Comply Advantage Financial Crime Risk Intelligence has helped in offloading the queue and making the queue shorter. The shortening of the queue with Comply Advantage Financial Crime Risk Intelligence is about speeding up onboarding. The rough estimates could probably help speed up queues from hundreds. If you have about 100 cases, you would be able to complete them in about two days or three days maximum.
The user interface of Comply Advantage Financial Crime Risk Intelligence is perfect for me currently. The areas I would suggest for improvement are to increase the load time and the speed at which it processes data.
The accuracy of Comply Advantage Financial Crime Risk Intelligence can always be worked on. The reliability of output on a scale of one to ten, I would give it an eight.
I have used Comply Advantage Financial Crime Risk Intelligence for three years while I was in Ireland.
Comply Advantage Financial Crime Risk Intelligence is stable.
Comply Advantage Financial Crime Risk Intelligence is very scalable.
Customer support for Comply Advantage Financial Crime Risk Intelligence is good. I would give that a seven out of ten.
The advice I would give to others looking into using Comply Advantage Financial Crime Risk Intelligence would be to make sure they watch the training videos first, because that gives them an in-depth knowledge of how to navigate through the environment and the user interface. They should pay key attention to those videos and with that, they will be ready to proceed. I give this product an overall rating of eight out of ten.
My main use case for Comply Advantage Financial Crime Risk Intelligence is for PEP screening. I do not have anything else to add about my main use case or how it fits into my team's workflow.
The best features Comply Advantage Financial Crime Risk Intelligence offers are difficult to identify because I have not really been working with anything else in terms of tools for PEP screening. I do not particularly favor Comply Advantage for many reasons. The database that keeps coming in sometimes gets mixed up. There are so many different false positives and there are just not strong distinctions being made between clients. There are hundreds and even thousands of the same name that come in, and most of the time, alerts are actually repeating themselves, creating a really manual and long task for the company.
That is part of the reason we actually migrated to Match, and we are also trying to implement some AI in order to resolve these false positives faster due to the large number of alerts that actually come in.
Comply Advantage Financial Crime Risk Intelligence is impacting my organization positively because we did catch true positive cases over the years, many true positive cases. On that regard, Comply Advantage was a really good addition in terms of managing risk for the company. To be truthful, I do not particularly favor Comply Advantage and the way it is built, but most of the tech companies are using them currently.
If I could change anything about Comply Advantage Financial Crime Risk Intelligence to improve it, I would definitely focus more on how the alerts are being generated. For example, name matches are an issue because Comply Advantage is not doing the best job in terms of exact name matches. Comply Advantage tends to say it was an exact name match, but in reality, it was not because it was just part of the name. I think that is a big issue and that could reduce the number of alerts significantly that come in if the exact name match was actually an exact name match.
In terms of bulk discount, you cannot really bulk discount them unless you go into each alert, and then each alert has most of the time multiple tiles, and then you cannot really discount them in bulk. That would also speed up the entire process and become more efficient. These are definitely two areas that I would improve within Comply Advantage.
I have been using Comply Advantage Financial Crime Risk Intelligence for just about three years, since I started.
In my experience, Comply Advantage Financial Crime Risk Intelligence is not stable. Most of the time it was not stable. Comply Advantage tends to lag a lot, and there was nobody on their team to resolve this issue for us. We had a lot of issues with Comply Advantage in terms of efficiency and speed.
I am not sure about the scalability of Comply Advantage Financial Crime Risk Intelligence. I do not know whether the increased alerts was the reason it was lagging or freezing up. I do not know whether the backlog has anything to do with that. I am not sure how to answer this question.
I have had to interact with customer support for Comply Advantage, and they answered and were fairly responsive. I am not trying to belittle them. However, nobody was able to resolve the lagging issues on our end. It was an ongoing email back and forth with them, but no solution or resolution was ever made.
The advice I would give to others looking into using Comply Advantage Financial Crime Risk Intelligence is that they do their research properly, whether it is something that suits their need in terms of what the company actually needs. Comply Advantage is pretty much the only tool for customer screening that I have ever known. I do not particularly favor Comply Advantage. I think there are better platforms and tools for customer screening. The interview was okay, and I think you could improve on what has been said in one question and try to sync up all the questions because you were asking questions that I already gave an answer to previously. I would rate this review a three.
