RegTech firm kompany announced the launch of a new anti-money laundering compliance solution in a bid to ease ultimate beneficial ownership (UBO) discovery for regulated entities across the world. The company developed its latest product to simplify the search and discovery process of shareholders through its application of their category-leading artificial intelligence engine.
“Shareholder information mainly consists of unstructured data, often hidden in PDFs, with little to no consistency in how it’s collected, recorded or stored.” describes kompany CEO and Co-founder Russell E. Perry. “An estimated 80% of all company information in registers around the world is only available as unstructured data. As the costs and risks of non-compliance increase, the market is very much craving a solution like UBO discovery to enable smarter, faster and complete compliance.” added Perry, “Our goal is to maintain our reputation as an industry leader in RegTech and stay ahead of the regulatory burden through technology.”
According to kompany, features include the ability to break down jurisdictional barriers to display cross-border ownership information in real-time and on-demand. It also includes the intuitive visualisation of the ownership structure, which presents complex shareholder networks in an easy-to-read format.
UBO discovery is also available via API, allowing it to scale according to the client’s requirements and transforms the currently manual, time-intensive and costly process to an automated and efficient one.
Recently, RegTech TruNarrative teamed up with German FinTech kompany for enabling faster anti-money laundering compliance for regulated businesses across the world. TruNarrative’s decisioning and orchestration solution will now include kompany’s global register network for AML compliance. The RegTech is partnering with kompany to add the latter’s business verification and digital onboarding solutions to the TruNarrative App Store.