Our customers asked; we listened. As modern businesses are under growing pressure to meet 6AMLD requirements, we regularly hear about the following challenges:

• How can we reduce AML costs?
• How can we break down data silos between KYC and AML?
• How can we deploy frictionless fincrime checks – especially as customers’ statuses evolve?

The answer is something we’ve been working on at SEON for the past few months.

Today, we’re proud to announce the official launch of our new AML module, made possible by our acquisition of the anti-money laundering specialist firm Complytron. 

Complytron Acquisition – Building on a Solid AML Foundation 

Complytron was founded in 2019 by Oliver Lebhardt, Abris Gryllus, and Zoltan Varju. It received Google DNI funding to develop a series of compliance tools for KYC onboarding, AML/CTF processes, and other due diligence applications. 

Financial institutions, insurance brokers, law firms, and bookkeepers soon started relying on Complytron to meet regulatory requirements. It established a stellar reputation as a way to enable continuous customer monitoring and reduce the risk of fincrime. This is why SEON approached its founder. Oliver Lebhart explains:

“Complytron established itself as a solid AML tool for a wide range of industries. I am proud to see the company get integrated into a solution as powerful as SEON, with its focus on innovative technologies designed to help businesses of every size.”

Commenting on the acquisition, SEON CEO Tamas Kadar said:

“Our goal at SEON has always been to deliver the best products to our customers with maximum efficiency. Rather than building an AML solution from the ground up, it made perfect sense for us to integrate Complytron’s proprietary algorithms and worldwide databases – as well as the expertise of its talented team.”

After a few months of tireless efforts from the engineering team, we are now proud to announce that all SEON customers, including those on the Free plan, can immediately begin using our AML API.

AML API – The Key to Fighting Fincrime 

The new SEON AML API is designed to aid your 6AMLD compliance. At the time of writing, you can check names for matches and similarities across a growing number of lists, including:

• a global list of Politically Exposed Persons (PEP checks)
• Relatives and Close Associates (RCA checks)
• crime and sanctions lists 
• and many more

Simply type in your customer’s first, middle and last name, and date of birth. The results are displayed in a structured, easy-to-understand manner in the SEON Admin Panel.

Finding a match lets you block suspicious customers, add them to custom monitoring lists, or export the data for your Suspicious Activity Reports. The optional continuous monitoring feature allows you to stay up-to-date with any changes with recurring checks of the database sources – while staying in control of your number of API calls. 

SEON’s existing anti-fraud APIs together with the new AML functionality create a powerful united platform to monitor financial transactions in real-time and detect signs of fraud and money laundering, all while enabling onboarding checks to run silently in the background, minimizing false positives and improving the experience of genuine transactors. 

The ultimate goal, of course, is to help you meet AML requirements, boost your compliance, and reduce the risk of regulatory fines in the long run. 

Building Your Complete Risk Management Toolkit

While SEON will always have fraud prevention as part of its core DNA, we are seeing an increasing need for companies to combine risk management and compliance features. In today’s modern landscape, a 360° view of individuals and business partners isn’t an option – it’s a competitive advantage. 

Our combined fraud prevention and AML tools will allow you to reduce information silos, run more thorough onboarding checks, and centralize customer data in one place. It’s a crucial first step on our journey to offering SEON customers a complete risk management toolkit.

Tamas Kadar offered his concluding thoughts on the announcement: 

“Our acquisition of Complytron and the launch of the AML API demonstrates that SEON is tirelessly deploying new solutions to solve the challenges of risk and compliance management. It’s a milestone for our company and a strong signal for our customers and partners that we will continue evolving our product to meet their future business needs.”

To see the new functionality and discuss how it can benefit your business, ask an expert today.