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SEON acquires Complytron to fight FinCrime fraud

SEON, an international fraud prevention company, is acquiring compliance and anti-money laundering (AML) specialist firm Complytron, adding AML capabilities to SEON’s fraud fighting toolkit to focus on holistic FinCrime prevention. 

As a result of the acquisition, SEON now offers a vital single source for FinCrime intelligence combined with decision functionality to help address evolving regulatory requirements.

The deal, which officially completed in January 2023, also signifies SEON’s expansion since its record-breaking $94M Series B investment in early 2022.

This move by SEON is in direct response to an urgent demand for robust AML solutions, as the world adjusts to an increasingly volatile political and humanitarian landscape.

 The innovative combination of fraud, AML, and data enrichment solutions is set to help nations and businesses to break down obstructive information silos.

SEON’s existing anti-fraud APIs, together with new AML functionality, creates a powerful united platform.

This will monitor financial transactions in real-time to 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, according to the vendor.

SEON's rule editing options, together with Complytron's data, will also bring a significant competitive advantage in the money laundering prevention market.

By leveraging powerful machine learning AI automation and real-time checks, the company is eliminating the need for separate searches across different databases, by combining intelligence from multiple sources.

This includes all the international sanctions and crime lists, a global Politically Exposed Persons (PEP) database, and watch lists of supervisory authorities and national law enforcement from more than a hundred sources around the globe, such as Interpol and the FBI.  

The new solution, which is already available for use, is quick to install and delivers immediate benefits, combining APIs for essential real-time insights, instantly sending out notifications should an individual’s risk status change.

Offering a sophisticated know-your-customer (KYC) check, SEON’s platform can now discover hidden, risky relationships on behalf of clients by assessing not only customers, but the people they’re connected to. The easy to integrate solution has been built with legacy and digital native systems in mind and features an intuitive product dashboard for ease of use in any environment. 

As part of the deal, SEON acquires full rights to Complytron’s innovative technologies, as well as the company’s staff, including its dedicated AML team.

Notably, Complytron’s co-founder and CEO, Oliver Lebhardt, will join SEON along with co-founder and UX lead, Abris Gryllus and his expert team. SEON is now perfectly positioned for further growth in 2023, including its inception into the US and bolstering its 300 strong team growth.

 For more information about this news, visit https://seon.io.

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