How does Ongoing Monitoring compare to Abrigo BAM+ Anti-Money Laundering?

ComplyAdvantage's Ongoing Monitoring solution provides continuous oversight of customers, transactions, and business relationships to detect emerging risks. This solution automates the monitoring process, ensuring that businesses remain informed of changes in risk profiles without the need for manual intervention.

The platform uses real-time data updates from global sanctions lists, politically exposed persons (PEP) databases, and adverse media sources to ensure comprehensive coverage. Organizations receive instant alerts when a monitored entity is flagged, enabling timely action to mitigate potential risks. Customizable settings allow businesses to focus monitoring efforts on high-risk areas, optimizing resource allocation.

With robust reporting capabilities and audit trails, ComplyAdvantage's Ongoing Monitoring solution supports compliance efforts and helps organizations maintain a proactive approach to risk management.

BAM+ is a configurable anti-money laundering (AML) software tailored to an institution's unique risk profile, customers, and needs. It enhances the detection, management, and resolution of suspicious financial activities. Key features include:

- Data Validation: Ensures accurate ingestion of customer and transaction data.

- Direct Filing: Allows batch filing of Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs) directly to FinCEN, streamlining compliance processes.

- Automated Risk Rating: Customizes risk tolerances and applies them across the BSA program for consistent risk assessment.

- **Advanced Reporting**: Provides insights into the AML program, aiding data-driven decision-making.

- OFAC Screening: Integrates watchlist screening to identify alerts from over 25 scanned watchlists, ensuring compliance with sanctions.

- Machine Learning Scenarios: Utilizes AI to uncover anomalies and gain insights about customers or members.

- Customer Due Diligence: Keeps CDD/EDD and Know Your Customer programs compliant and efficient with Due Diligence Manager.

- Cannabis-Related Business Management: Offers tools to navigate the complex landscape of CRBs/MRBs, supporting unique risk profiles.

BAM+ is supported by a team of experts, including former bankers, regulators, and BSA Officers, providing institutions with the expertise needed to maintain compliance and effectively combat financial crime.

ComplyAdvantage, founded in 2014, is a RegTech company that specializes in providing AI-driven financial crime risk detection and anti-money laundering (AML) solutions. ComplyAdvantage leverages artificial intelligence, machine learning, and natural language processing to offer real-time risk insights and AML data solutions.

The company provides a range of services, covering:

- AML onboarding and monitoring
- Transaction monitoring
- Payment screening
- Politically exposed persons (PEPs) and adverse media screening
- Real-time sanctions and watchlist screening

ComplyAdvantage has experienced significant growth since its inception, raising $88.2 million through three rounds of venture capital funding and expansion of its operations with offices in the United States, Singapore, and Romania. The company serves over 1,600 businesses across the globe, including major financial institutions like Santander and Affirm, and clients have reported a 70% reduction in false positives and a 50% decrease in onboarding cycle time.

brigo, founded in 2000 and headquartered in Austin, Texas, is a prominent provider of compliance, credit risk, and lending software solutions tailored for financial institutions. The company's mission is to "Make Big Things Happen," emphasizing its commitment to assisting community financial institutions in navigating complex regulatory landscapes, resource constraints, and evolving market dynamics.

Over the years, Abrigo has strategically expanded its capabilities through several key acquisitions:

2018: Acquired MainStreet Technologies (MST) and Sageworks, leading to the rebranding as Abrigo in January 2019.
2019: Integrated Farin Financial Risk Management into its portfolio.
2022: Purchased Valuant and BankLabs' Construct and +Pay construction loan administration and funding solutions.
2023: Added DiCOM Software to enhance its service offerings.
2024: Welcomed TPG Software, further expanding its mission-critical solutions for financial institutions.

These acquisitions have bolstered Abrigo's product suite, enabling the company to offer comprehensive solutions that automate processes such as anti-money laundering, fraud detection, credit risk management, and lending services. By integrating these diverse capabilities, Abrigo empowers financial institutions to mitigate risk, streamline workflows, and make informed decisions with confidence.

As of 2024, Abrigo employs approximately 768 individuals across multiple locations, including Austin, Texas; Madison, Wisconsin; and Raleigh, North Carolina.