How does Ongoing Monitoring compare to Socure Document Verification?

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.

Socure Document Verification, known as Predictive DocV, is an automated service that expedites onboarding and reduces fraud by verifying government-issued IDs. It combines machine learning with computer vision to authenticate documents and match them with user-provided information, delivering auto-decisioning rates as high as 98% in seconds. This solution enhances security by detecting deepfakes, fake IDs, and fabricated identities.

• 🏆 Best AI-based Solution for Fraud Prevention by AI Breakthrough Awards (2024)

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.

Identity verification and fraud prevention