A tech platform making life difficult for internet fraudsters and money launderers

The spike in Internet fraud and money laundering activities in many countries across the world has a major concern of big corporations, policymakers and government.

In what looks like concerted efforts towards curtailing this trend, the Kompli-Global technology has developed a platform known as Kompli-IQ™, a multi-lingual, licensed software as a service (SaaS) search platform.

According to the company, the platform would serve as an alternative to manual searching of the web, which is considered time-consuming and often misses important information regularly overlooked or hidden from researchers.

Kompli-Global CEO Jane Jee stated that: "Companies will be questioning how they can comply efficiently and cost effectively with the new legislation, particularly the new level of searching/monitoring. The starting point has to be to want to tackle money laundering because it is the right thing to do."

On how the software would affect the business of the underworld, Ms Jane noted that it has integrated a more rigorous approach to Customer Due Diligence and background check on Political Exposed Persons (PEPs) across 66 countries and 158 regions.

Furthermore, the platform would cross reference the name of a company or individual against hundreds of search terms such as court, fine, bribery or scam. All these data would be filtered, sorted and assessed.

“To compile these reports, Kompli-Global interrogates multiple data sources and draws on the local expertise of its extensive advisory community in 66 countries covering 158 regions.”

Also, these searches would be carried out in the foreign language where the individual or company has close associations outside of his/its jurisdiction.

“With this level of input Kompli-Global can provide the most in-depth information on which companies can base their risk-based decisions and, importantly, provide the audit trail that a Regulator will demand,” Jane said.

Individuals or companies whose activities are appropriately captured by this platform includes Credit and financial institutions including banks and building societies; Auditors, external accountants and tax advisors; Notaries and other independent legal professionals; Trust or company service providers; Estate agents; Persons trading in goods to the extent that payments are made in cash in an amount of €10,000; Casinos and New and emerging financial products, such as e-money products.

It is hoped that security agencies in Nigeria and other African countries would deploy this tool to forward strengthen their fight against corruption, money laundering and e-fraud which are currently ravaging in the country.

A tech platform making life difficult for internet fraudsters and money launderers

The spike in Internet fraud and money laundering activities in many countries across the world has a major concern of big corporations, policymakers and government.

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