FlexM has unveiled FlexComply, a cloud-based solution designed to simplify know your customer (KYC) and anti-money laundering (AML) compliance for banks, fintech companies, and other regulated financial institutions worldwide.
The Singapore-based fintech-as-a-service platform said that the launch follows a period of heightened regulatory scrutiny, with substantial fines recently imposed on major banks in Singapore, Canada, and India.
FlexComply addresses KYC compliance issues by offering an end-to-end compliance platform that provides comprehensive AML risk assessments, from customer onboarding through ongoing monitoring and periodic reviews.
The integrated solution is said to ensure that financial institutions meet all regulatory requirements within a single system, keeping them audit-ready while significantly reducing compliance costs and time.
FlexM said that financial institutions across the globe spend billions on KYC and AML efforts, with a significant portion dedicated to labor-intensive manual processes, fragmented data systems, and adapting to evolving regulations.
FlexComply’s key features include comprehensive identity verification and screening, artificial intelligence (AI)-driven risk scoring, transaction monitoring, improved due diligence for high-risk customers, ongoing monitoring, and periodic reviews.
It also has centralised alert management, automated regulatory reporting, and optimised workflow management for compliance teams. These features work together to simplify the KYC process, reduce false positives, and ensure that institutions comply with the latest regulations.
FlexComply enables institutions to lower KYC-related expenses, shorten onboarding times, and enhance overall customer satisfaction and operational efficiency by integrating data from multiple sources, lessening false positives, and confirming compliance with the latest regulations.
FlexM chairman Rune Nilsson said: “FlexComply empowers financial institutions to significantly reduce the time and costs associated with KYC compliance.
“Our solution not only simplifies compliance but also helps institutions focus on enhancing customer satisfaction by minimising the administrative burden and ensuring faster, more accurate onboarding.”
