London, 27th September 2016: Contego, the multi-source identity verification and risk-scoring platform, today has been appointed by Kuflink, the peer-to-peer lending platform, where loans are secured against UK based property, to carry out checks on individuals to help ensure compliance with Anti-Money Laundering (AML) regulation.
As the P2P and property markets are experiencing ever greater regulatory scrutiny, implementing effective fraud mitigation and risk management is crucial for Kuflink in a highly competitive market. For Kuflink, complying with AML regulation is a top priority.
Kuflink selected Contego’s identity verification and risk-scoring platform, to support its complex, checking requirements as part of its lender onboarding process. To comply with AML regulation, Kuflink has to verify the identity of its lenders, screening against PEP and sanction lists, and checking identity documents. Contego is working with Kuflink to create a bespoke risk scorecard to manage the complexity of onboarding, checking both people and companies simultaneously, combining results from multiple sources accurately – all delivered in real-time via a single API.
Kuflink is also able to perform AML checks quickly and efficiently to rapidly onboard new lenders and improve the overall engagement experience. Strong growth in the sector is based on lenders completing property deals quickly and easily to avoid missing out on investment opportunities.
Tarlochan Singh Garcha, CEO, Kuflink said: “After looking into various identity verification providers, we have chosen Contego because the platform is the only one that provides comprehensive access to all the data sources we need, delivered via a single platform to meet our regulatory requirements. Contego’s platform enables us to make timely and informed decisions about who we do business with and onboard them quickly.”
He added: “Contego’s platform is working really well for us as we are gaining reliable lenders. Contego has been exceptionally responsive from day one. Implementation of the platform has been seamless and technical support is always first-class, allowing us to concentrate on continuing to grow our strong P2P platform.”
Adrian Black, CEO, Contego, said: We are very excited about the partnership with Kuflink. Our goal is to help Kuflink embed customer onboarding processes efficiently, making them as straightforward as possible – reducing costs, whilst ensuring Kuflink fulfils its regulatory obligations.”
Sarah Durrani / Robert Pinto-Fernandes, Streets Consulting
Tel: 020 7959 2235
Launched in 2011, Contego is the only comprehensive risk scoring platform that can handle complex multi-source fraud detection and compliance checks at high speed, delivered in a single view, through one easily-integrated API.
For the past five years, Contego’s team of fraud and technology experts has helped the banking, FinTech and property sectors to reduce the risk of fraud and make compliance checks and processes, such as AML (Anti Money Laundering) and KYC (Know Your Customer), as frictionless as possible.
Contego delivers a comprehensive and holistic view of both people and companies, so that banks, FinTech and property firms can instantly make crucial, data-driven decisions about how and with whom they do business.
To find out more, please go to: www.contego.com or follow us on Twitter @Contego.
About Adrian Black, Founder & Chief Executive Officer, Contego
As Founder and Chief Executive Officer, Adrian is the driving force behind Contego, working hard to reduce the risk of fraud and compliance costs in the banking, FinTech and property sectors. Contego provides a comprehensive risk scoring platform that can handle complex multi-source fraud detection and compliance checks at high speed, and deliver a single view via an easily integrated API.
Adrian has built a strong leadership team of business development, operational and technology experts, and has secured partnerships with a number of well known, household brands including: Regus, LendInvest and Westfield Shopping Centre.
Kuflink is a peer-to-peer lending platform part of The Kuflink Group.
Authorised and regulated by the Financial Conducts Authority (FCA), the lending platform is offering lenders the opportunity to lend on specific deals in residential and commercial property across the UK.
The Kuflink Group also comprises Kuflink Bridging and operates exclusively in the intermediary sector providing bridging loans for property professionals.