ComplianceWise provides a KYC solution, Grub, that utilizes automation and machine learning to ensure full compliance with the Money Laundering and Terrorist Financing Prevention Act. This software enables over 400 companies to efficiently manage compliance requirements, reducing operational costs and time while ensuring audit readiness.
Funding
Funding not disclosed
Founders
Product
Problem
Financial institutions, accountants, and tax offices face increasing pressure to comply with the Money Laundering and Terrorist Financing Prevention Act (Wwft) and other integrity risk regulations. Existing compliance processes are often complex, time-consuming, and may provide a false sense of security due to partial adherence to guidelines. This creates a need for solutions that ensure full compliance, reduce administrative burden, and provide demonstrable proof of adherence to regulatory bodies.
Solution
ComplianceWise offers Grub, an AML (Anti-Money Laundering) SaaS solution designed to provide complete control over Wwft compliance and integrity risks. Grub automates key processes through machine learning, continuous monitoring, and up-to-date data, ensuring adherence to all AML guidelines. The platform delivers real-time risk assessments, e-Verifications, and UBO (Ultimate Beneficial Owner) structure analysis, streamlining client due diligence. Grub also offers integration with CRM systems like AFAS, AdminPulse, and Simplicate, providing a consolidated view of client compliance status.
Target Audience
The primary target audience includes accountants, administration offices, tax advisors, and financial service providers who are obligated to comply with the Wwft and require a comprehensive solution for AML compliance.
Features
- Automated client screening and risk assessment based on up-to-date data from the Chamber of Commerce (KvK)
- Continuous monitoring and alerts for changes in client risk profiles
- e-Verification functionality for secure and reliable client identification
- Risk Safety Net feature to identify and mitigate potential compliance breaches
- UBO structure visualization to map ownership and control
- Integration with AFAS, AdminPulse, and Simplicate for seamless data flow
- SIRA (Systematic Integrity Risk Analysis) support for accountants
- Detailed reporting capabilities for audit readiness
- Transactiemonitoring
- Management measures